ProACT Sam offers 5 questions to consider for a service business bank account
If you operate as an Expat contractor overseas using a UK or other offshore company as a service company there are a number of considerations regarding a bank account.
In todays online World a merchant service and delivery connection service can assist.
You also need to be consistent with your personal tax residence and that of the company
Here are 5 questions to consider for a service business bank account
1.Consider you clients; the source and number of incoming payments in a year, the average balance. Which bank account fits best?
2. For retail customers you are better with a merchant service to collect funds, while corporate customers means a bank account is usually needed.
3. Do you need a Merchant service? Costs can vary widely, but unlike 5 years ago , merchant services don't have to be expensive and complicated, they are there to serve you collect payments to your business. Set up online, on your website and make it easy for customers to pay you.
4.Where are you based? What is your business currency? The bank account charges can vary greatly where currency exchange is involved. UK banks have some obligations to be able to handle Euro but with EU Brexit this will likely disappear.
Keep it simple, have a business bank account in the currency of your customer, even if this is an offshore bank account for you.
5. Who signs for the account? The company director and secretary must sign to open the bank account. You can appoint employees or family workers as signatories to assist operating the bank account for the business. Banks are obliged to verify all people connected to the bank account and company including the ultimate beneficial shareholders. This means original or verified name and address ID and tax reference numbers.
ProACT Partnership Tax Saving Expat Experts offer Free Reviews and Bank Account Opening Service for professionals, contractors, business and the retired living and working abroad or investing and contracting overseas
ProACT Sam Orgill
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