01 / PRACTICAL PRODUCT DETAILS
Accounts for a UK Ltd Company Abroad
For an English company, it is normal to receive EUR through a European account, PLN through a Polish bank, CZK through a Czech bank, CHF through Switzerland, SGD through Singapore and HKD through Hong Kong. This is especially convenient when counterparties or the director are connected with the relevant country.
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 as the result. 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, so to speak, 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, as one says in English. 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.
The first account is selected for the main revenue. A second account can be opened for another currency, a payment reserve or a separate region. This banking geography does not require changing the UK Ltd: the company number, contracts and corporate package remain English.
For selection, it is enough to state the countries of buyers and suppliers, currencies, average payment and required functions. Specific banks and account-management methods can then be compared.
Do not limit the company to a bank in its country of registration. For a UK Ltd, the banking country can be selected for PLN, CZK, EUR, CHF, SGD, HKD or USD.