Biz Bank account & got VAT questions, too

[MissLaughlin]

Hello UkBF-Members,


I'm an Indian national (with Irish ancestors - that explains my last name), born in Bahrain, grew up in the US and live the last few years in India.

I'm happy to have found this forum and hope you can help me out.

I've had a business idea about a year ago, have done all related market research, compiled a database of potential customers and wrote a business plan.

Now about a year later I feel that I'm finally ready to get started, but there are still some question left open.

Let me explain:

I have the idea to publish a B2B magazine, which would be distributed and published internationally free of cost.

The print of this mag will be done in India, the content creation outsourced over the Internet to freelance writers and the layout done by myself.

The only income of this mag will be generated from the sale of advertisement space.

Now, for several different reasons, I intend to register a UK Limited Company and I have found only two seemingly reliable companies which can do this via the Internet, without me being present in the UK.

The Questions:


1. Of course, I'm aware of the possibility to use 3rd party payment processors like moneybookers etc. ..., but they are costly, many times unreliable (PayPal) and it looks very unprofessional to give our customers only a single way of payment mode .

So, after registering my Limited company, I would like to open a regular business bank account; preferably without an opening fee or an unrealistic high minimum opening balance (5000 Pounds required by ALLEN CARTER Private Bank-the only good thing is they almost accept anyone who can deposit this huge sum) and additionally a debit card would be nice as well. The main problem is that I'm not a UK resident and I won't be visiting the UK in the next couple of month. Currently, here in India, I have a personal account with Citibank.

Is there anyway of opening a business bank account in the UK, without being actually present and being a NON-Resident LTD.Company Director? Perhaps my Citibank or an HSBC branch here in India could confirm my Identity? (along with the certificate of registration and maybe a certificate of "goodstanding") I wouldn't mind a UK based only bank,if they survive the credit crunch/global recession and billions of retirement payouts to former managers.-So please not RBS ;-) etc.




2. It is to my understanding that my proposed LTD. Company would only have to register for VAT if the total turnover exceeds a certain amount per annum, but may do the same before that limit has been reached.

I expect 100% of our customers to be cooperate clients mainly from the UK, USA and European countries.

DO I HAVE TO CHARGE VAT ON ADVERTISEMENT SPACE, WHICH I SELL?

Will my Corporate clients automatically ask for my VAT Reg. Number?



3. Can someone recommend a competent company helping me to register a LTD. Company ?

(I know there are plenty to choose from when I google, but after spending many days of analyzing those companies I've found only two, which seem to be reliable.)




I hope I haven't forgotten anything and I would be most thankful for some good advice & clarification.


Kind regards, Miss Laughlin

 

[winelight]

Nobody will ask for your VAT number. If your clients are VAT registered, they don't care whether or not you're VAT registered because if you are, they can normally reclaim the VAT anyway. The invoices go to an accounts department who type them into a computer. If you are VAT registered then your invoices must show your VAT number, but your clients do nothing with this information, only with the amount of VAT shown on the invoice.

 

[Dessembrae]

In response to point 1. I believe most banks have fairly strict account opening requirements. You don't have to be resident in the UK but you will need to provide them with adequate ID for anti-money laundering purposes. This is usually photo ID and 2 proof of address, either originals or solicitor-certified copies. Given that there will be no face to face contact they probably won't accept banker authentication. If there are any other directors/secretary or shareholders of your company they will have to be fully identified as well as above, although minority shareholders under a certain % will be OK without ID.

I did notice you mentioned Citbank & HSBC in your post - as Citibank/HSBC operate in the UK then I think you should approach them (via your local office) to ask about this, as they may be able to refer you to someone in the UK, and possibly may help you with your ID verification as they are part of the same group. It is also more likely that they will accept your business in a UK branch if you already have a relationship with their organisation.