Local Bank for Local Payments
An English company does not have to keep its account only in the United Kingdom. Bank Pekao expressly coordinates the opening of corporate accounts for residents and non-residents, while Komerční banka offers corporate accounts in CZK and foreign currencies. If a UK Ltd receives PLN or CZK, these are natural banking directions.
Did secret offshore companies in England always exist? In general — yes, this was possible. For example, if offshore companies in Panama have existed for almost 100 years since 1927, nothing prevented two Panamanian offshore companies from opening a company in England earlier, for example in the City of London, as an LP or LLP partnership, and obtaining a 100% British offshore structure. Especially in those good old days when there was no internet, no public registers and everything was kept on paper. It simply attracted little attention and isolated cases went unnoticed. Now everything has changed. But offshore structures remain. Banks, however, require more work: accounts are no longer opened for clients from the street, or walking clients. The bank must be persuaded that the business intentions are proper and that there is no intention to optimise taxes. But the essence remains the same.
In Asia, OCBC offers a Business Foreign Account to companies registered outside Singapore, while DBS separately works with foreign incorporated companies. Standard Chartered Hong Kong publishes a separate list of documents for companies incorporated in other countries.
- ✓ GBP — British account details
- ✓ EUR / SEPA — European account
- ✓ PLN — Polish bank
- ✓ CZK — Czech bank
- ✓ CHF / SGD / HKD / USD — separate account by market
One UK Ltd — Two Bank Accounts
The first account is usually opened for the main revenue. A second is convenient for another currency, a separate market or payment reserve. For example, a UK Ltd can have a EUR company account in Europe and an SGD company account in Singapore, or a PLN company account in Poland and a USD account for international trade.
If the director lives in the country of the bank and the company has local payments, a local traditional bank is often the simplest and most convenient option. For selection, tell us the countries of buyers and suppliers, currencies and average payments.