If HSBC has declined your application for a new UK business bank account then there is not much you can do to have that decision reversed.
What you can do is try to understand the reason why HSBC declined my application for a Business Account and then look for an alternative.
What would the reasons be why HSBC declined my application for a business account?
If you reside in Spain then that could be a the reason, as you are obviously not living in the UK.
Most high street banks here don’t have an appetite for any non UK residents, so that could be the reason.
If they will consider an application you will almost certainly have to present yourself in person, which could also be problematic for some applicants.
What is the nature of your business?
The mainstream banks here in the UK do have quite a strict risk profile, so depending on what you actually do could also be a factor.
So any business that is involved in gaming, crypto currencies, money service, adult entertainment or anything else considered high risk will also be declined.
For those who are consultants, online sellers and other similar low risk activities, then they would not have the same problems.
Where are the ultimate beneficiaries living?
So there are times when a UK Limited Company is run by one individual but is owned by either another person or non UK entity.
In those circumstances it can also cause a problem as if the majority shareholder lives in a high risk country, then most banking providers will wish to avoid.
Also if the UK company is owned by another company, that can cause issues too, as proving ownership of a foreign entity is not as easy as it is in the UK.
What if the turnover is either too low or too high?
Yes, there can be times when the turnover of a business will have a determine factor on acceptance.
If turnover is too low then the charges will not make it worth their while.
If the turnover is too high then there could be additional risks involved.
As such this could cause more problems when considering any application form a resident of Spain.
What if all the mainstream banks in the UK decline an application, how can I transact my UK payments?
Well there are options available, regardless of your circumstances, however you will need to look outside of the mainstream banks.
There are a number of alternatives so it will be wise to look for one that will accept your application and offer you all the banking facilities the business needs.
If you would like some advice on your options, then contact us and we will see which of those available will work best for you & your business.
Contact us on +44 20 32 86 39 29 or make an application online and we will get back to you – Apply Here
Recent Comments