What banking solutions are available for a US company with no UK company established to have a business account in UK to cater domestic payments both receive and send.
Is a UK director mandatory? Trying to keep it US to avoid dual taxation
Hello,
If you are having EIN number for your LLC (I supposed Delaware you are having registered), you wouldn’t have no problem to open business account at TransferWise. Procedure opening business account can be done in few days, of course if KYC was approved by TransferWise.
After you complete successfully and account opened you will get European IBAN (Belgian I think)
For any further question that you may have, please do not hesitate to ask.
Kind regards,
Igor
I already have a transferwise account
I am unsure about the limits and all. Because traditional bank accounts are different
Do i need to register a company in UK but that adds an additional tax liability
When you have been submited application for opening TransferWise account you are for sure fulfill KYC and said how much money you will have turnover. Just be compliance with it.
I dont know why should you need UK company?
What is it that you are trying to do? Are you a US company that has customers in the UK?
We are an advertising and celebrity management agency with global customers and clientele. So we are looking at both tax benefits and compliances for operation in EU and UK
If you are just sending and receiving payments I would avoid setting up a UK company and just use a platform like Payoneer or Transferwise. Both would be able to let you send and receive payments from UK and EU clients.
Yes, Just regular clients and just avoiding huge forex losses, UK seems to be really highly taxed compared to US
I really would recommend you get some advice from a CPA in the US and an accountant in the UK. Corporate taxes in the UK are tiny - you can set up a company for £50 and tax is a maximum 19%. Accountany fees are half and unlike the IRS the HMRC do pay refunds to foreign directors. your last comment concerns me that you have not been advised.
Both the US and the UK will look at both where the control is based (where the directors live, work, meet etc) as well as where the trades occur. They will also look at where company’s investment came from…Unless you are Google or MS I would suggest a few hundred dollars / pounds would be well spent. The IRS especially are unforgiving.
If you have a UK company there are many banks that will facilitate you/ Santander and the coop are cheap, Starling is the best on line IMHO.