Bank account for SPV - EXPAT

[ivan j 10]

Hi everyone,

 

I am buying a property using a limited company. The limited company is set up but I need to open a bank account (this is a lender requirement). 

I am an expat and am the sole director of the company. 

 

Any advice on decent business accounts - low fees, online banking and most importantly available for an expat!

 

As always, any advice gratefully received. 

 

Cheers,

JJ

[ivan j 10]

Actually, seems this is easier than I expected. I am going with my existing personal bank like many offer free banking for 18 months

[ivan j 10]

Coming back on this - it seems I can open an account easily enough - but I need to go into branch to do so. 

 

Does anyone know of a UK bank in which I can open a SPV account without visiting the branch?

[marcin k 2]

Try Cater Allen, I don't know how they treat expats but you can open a business bank account remotely. They have no account fees but also no interest on money held in the bank. Service over the phone is really good though, Online banking does its job.

[craig lee 2]

Hi JJ,

 

Hope you managed to get all set-up?

 

I am in Australia and thinking of setting up a limited company in the UK with the view to buying property in the UK.  Did you have any issues (apart from setting up a bank account) with this?  Are there lenders out there willing to lend to you?

 

Any help will be greatly appreciated.

 

Cheers

 

Craig

[ivan j 10]

Hi Craig,

 

I had no issues setting up the company itself. Companies House website worked fine for me. 

The bank account took some time. I used HSBC and I was asked to come to the branch to sign certain documents. Not an issue for me, but would be for you!

 

As for lending, the options are severly limited. 

As a UK citizen, living overseas but with a UK company, I found only Shawbrook willing to lend. They are expensive, require separate lawyers and therefore fees. Of coure a personal guarantee is required. 

 

Because lending is so expensive, I am buying some properties with cash and when the portfolio is a little larger, I believe that some more lenders may be available. 

 

I'll let you know how I get on!

 

Good luck with it all. 

 

[craig lee 2]

Thanks JJ_Investor - appreciate the reply.

 

I will let you know how it pans out for me.

 

Cheers

 

Craig

[ivan j 10]

no worries. Yes, let me know if you find a good lender!

[daniel1906 0]

Hello Everyone!

 

I am planning to open a Ltd company with bank account in coming weeks. I am wondering if you have any experience with any banks that lend money to non resident investors from outside UK.

 

Many thanks,

Daniel

[ivan j 10]

No need to open an account you intend to borrow through. 

I bank with HSBC who are reasonable, although I had to go into branch in the UK to open the account. 

 

Lenders to expats with UK Ltd companies are typically Shawbrook, Connect, Landbay - but I think more may have come into the market. I would recommend speaking to a broker. Rates are high - 4-5% and fees are high. 

 

 

 

 

[fern4brit 0]

Hi all,

im scratching my head about this one.. I have a mortgage ready to deposit the funds but won’t until I send them my “business bank details” we don’t ha e one and we live in Singapore.. please tell me there is a bank that provides expats with business bank accounts in the UK without us going into the branch (which won’t be able to happen for months atm!).

 Thanks 

[sunken 0]

On 5/21/2020 at 7:16 PM, fern4brit said:

Hi all,

im scratching my head about this one.. I have a mortgage ready to deposit the funds but won’t until I send them my “business bank details” we don’t ha e one and we live in Singapore.. please tell me there is a bank that provides expats with business bank accounts in the UK without us going into the branch (which won’t be able to happen for months atm!).

 Thanks 

Hi - did you get a solution to this.  I am in the same position (based in Dubai) about to go through the process of setting a company up and also need a business bank account.