Bank Accounts & Mortgagees
We offer full range of banking services, including:
Arrangement of bank accounts for individuals and businesses
Business Account – Opening Process
Opening of a business account usually takes approximately 3 to 4 weeks and consist of the following stages:
- Gathering of documents and information
- Answering bank’s additional queries
- Meeting with the bank’s representatives
- Opening of a business account
Most often we assist with the opening of business accounts at HSBC, Santander, Metro Bank. However, we are happy to assist and advise you should you choose any other bank. In order to open a business bank account you will have to provide the following information and documents:
Company’s or a group of companies’ registration documents
Proof of ID for all directors and shareholders of a company or a group of companies
Disclose corporate structure and ultimate ownership
Once you have provided the above, we will be able to start negotiating with the chosen bank. At this stage, you should be prepared to provide answers to various questions. For example, which currency you would like to have your business account in, describe activities of the business, where you expect to receive payments from, which facilities your business may need to use (overdraft, loan) and many others. When the questions are answered, the director of your company will have to meet with the bank’s representatives and us, your lawyers, in our office at 78 Pall Mall in London. During the meeting, the company’s director would need to talk about the company’s business, its activities, turnover and prospects in details. The above list of information and documents is not exhaustive. It is important to remember that requirements may vary from bank to bank.
Personal Account – Opening Process
In order to open a personal bank account you would need to provide the following:
- Proof of address for the last 3 months;
- Current Passport;
- Information about your job, salary, any expected cash deposits and your expenses.
Assistance with loan arrangements for business development
Loan for Business Development
Our qualified and experienced business consultants will assist you with obtaining the best loan for your business needs regardless of whether you are a self-employed person or have a company registered in the UK. Documents you have to provide:
1. Business plan
It is necessary to provide a detailed Business Plan. If you do not have one, our consultants will prepare it for you. A typical business plan includes the following information, though it may vary on case-by-case basis:
- Business Strategy – what the business is about and how you envisage its development
- Economic Case – risk management, how your activities are to be funded, how you are going to operate the business, information on premises, marketing, staff etc.
- Financial Section – you have to show your financial projection for at least 3 years
- Project Plan– you have to demonstrate how you are going to implement the business strategy
You have to provide accounts for the last 3 years. If your business has existed for less than 3 years, then the accounts have to cover the whole period of the existence of your company.
3. Management Accounts
4. Bank statements for the last 3 months
Bank statements from your company’s bank account or your personal bank account if you are self-employed.
5. Personal Statement of Means
We will assist you with completing the Personal Statement of Means. It is a special form which has to contain information about your personal assets and liabilities. Depending on your circumstances, you might have to provide fewer or more documents, than listed above. Please contact us for more information.
Assistance with mortgage arrangements
Assistance with Mortgage Arrangements
Our experienced consultants will be happy to assist you with securing your mortgage whether you are buying a residential property or a business.
On average, to obtain a mortgage for a residential property might take between 8 and 12 weeks. You might need to provide:
- Proof of your UK residential address, such as utility bills and bank statements with your name and address on them
- Proof of earning capacity. This could be P60 forms, your last three months’ payslips, bank statements of your current account for the last three to six months, statements from your savings accounts, statement of two to three years’ accounts from an accountant if self-employed, tax return form SA302
- Proof of identity and age, such as a passport and/or a driving licence
- You need to know how much your everyday expenses are and how much of your income remains after all the bills have been paid
- You need to disclose any loan agreements you have and how much your monthly payments are
- If you receive income from letting properties, you will need to give the properties’ addresses and state income you receive from letting
*It is important to know that some lenders are unwilling to provide mortgage unless you have an Indefinite Leave to Remain or a Permanent Residence Card. Please contact us for more information and assistance.
Commercial mortgage for business purchase
If you are buying a business asset, for example, a hotel, the process of securing a mortgage offer will not happen as quickly as it does in the residential market. The lender will likely to request a lot of information beforehand to be able to assess the proposal and work out the most appropriate lending source. The following information might be required based on the example of purchasing a hotel:
- Full details of the hotel being purchased and where it is situated
- Full financial background to the hotel being purchased including copies of the financial accounts covering the last 3 years
- Confirmation of the purchasing structure, i.e. Limited Company, LLP, offshore company and who will own this vehicle
- Full background and disclosure around the person that is purchasing the business. This needs to include details of the purchaser’s UK and international assets in the form of an asset and liability statement
- An understanding about what experience the purchaser has in running hotel businesses
- Confirmation of ID
- Details of the source of the purchaser’s deposit towards the purchase