Open Bank Account

[Battersea Bulldog]

Banks refuse to open an account for sole trader/limited company to trade import/export in the developed world, advise a bank to open an account.

[fkofilee]

Ok well which bank did you try?

[Battersea Bulldog]

Ok well which bank did you try?

 

All main banks to include working through a list submitted by the Bank of England

[martin2006]

Battersea this is already an unclear thread.

 

Are you saying that you have been refused a bank account for the purposes stated or that banks in general will refuse these types of accounts for anyone.

 

Could you clarify in order to receive correct advice?

[Battersea Bulldog]

Martin, any small company, Limited or Sole Trader, cannot from my experience, open a bank account if they are trading in the Developing World, because, so say the banks, under the Money Laundry Act, they cannot be certain of the origin of the transmitted funds from the Developing World. However this outrageous, because the banks will happily allow medium to large companies, such as Shell, to trade in the Developing World without the knowledge of the origin of the transmitted funds. This grossly unfair and confirms Government does not support small companies (SME). If you have any ideas to get around this problem I will be delighted to hear hence my original request to Consumer Action Group knowing there are some very bright people who are members of the Consumer Action Group.

[Conniff]

You have to see it from the Banks point of view. There are strict laws relating to money laundering and an unknown business from another country wanting to open an account with a UK bank has to be risky. It is the bank that will get done not the company should they in fact launder money.

You don't need a uk account, open an account with an international banking company in your own country and that will allow you to trade in the UK as well with banking facilities.

 

You cannot compare a large well established company such as Shell with a company that no one has ever heard of before.

[san_d]

Banks refuse to open an account for sole trader/limited company to trade import/export in the developed world, advise a bank to open an account.

 

Cut the middleman and get paid in bitcoin.

[Conniff]

Cut the middleman and get paid in bitcoin.

 

I think the OP would prefer money in his hand not some monopoly money, besides that won't go down well on a business plan.