. You are now free to open a bank account in any Member State of the European Union and to make bank transfers to or from that account. However this general right is exercised in accordance with detailed rules that vary from one Member State to another. Accordingly, if you wish to open an account in certain Member States but you neither live there nor are registered there for tax purposes, you will have to prove that you are resident in another Member State. We may assist you to set-up a bank account in Lithuania.
If you've ever wondered whether you could benefit from an offshore bank account, or you're considering opening an account but you are not sure which one to go for, this guide has been written with you in mind! We take you right through the process - from examining the benefits of banking offshore to finding and opening the best offshore bank account for your requirements. Many in the offshore industry will now ask for a copy of your passport, together with two reference letters attesting to your good character. Some will go as far as to seek to confirm your actual residential address and ask to see a household utility bill in your name. Why? To fulfil due diligence procedures, they claim, and yet anyone determined and cunning enough can easily circumvent such requirements. We may assist you to open an offshore banking account in BVI, Panama, Belize, Seychelles and Nevis.
Under the new resolution establishing the Company Register, all registration documents (including the documents concerning the establishment of the branches and representative offices of all foreign legal persons) have to be verified by the notary and legalised under Apostille.
Choose one of the following packages that will best serve you:
Further information
Useful advice for people moving, living working or retiring abroad. Country guides, financial planning and more. Offshore deposit accounts with attractive interest rates, in all major currencies. Invest offshore for potential growth, capital security or income. Invest directly, or ask us for independent financial advice. A full private banking relationship to help you manage, protect and develop your wealth. New country, new tax rules. Learn how you could be affected when you move abroad, or take a look at our European Savings Directive update. provide introductions to onshore and off-shore banks which we represent and are the official agent of most. These banks which are well established institutions offer an online corporate offshore bank account, with offshore credit card or debit card, and which can be operated via the internet, fax or phone.
All bank accounts can be opened via courier post. We have many optional services from which a client may choose. Among the options, we have available for immediate use, offshore shelf companies and off the shelf vintage companies; these ready made offshore IBCs are the same except that the offshore vintage companies are older. None of the shelf offshore corporations have ever been in use or ever held a bank account. In other words these companies are all 100% tax-free and clean. We also offer nominee director and/or shareholder services, and virtual office service which includes the provision of an e-mail address, fax and answering machine.
Cyprus is a sophisticated low-tax jurisdiction with a wide network of double tax treaties. Its laws follow those of the British tax system, complying with internationally accepted regulatory requirements.
Your dedicated Relationship Manager will work alongside your business to build up a detailed understanding of its needs. He/she will then recommend how we can best tailor our resources to fit your business requirements. Take advantage of the numerous benefits of offshore corporate structures. Whatever the size of your company or the nature of your business, our International Corporate teams can help you enjoy the benefits of offshore structures, which include: Significant tax savings, A wider choice of savings and investments products. Protection against volatile economic and political environments. Easier trading across international borders. Tax-free interest on savings such as employee pension schemes. Access to finance for the UK investment market through offshore vehicles. Reduced exchange risks.
This website provides information on a wide range of offshore financial services specifically tailored to your needs wherever you live, offering a wide range of accounts and banking services, offshore investment funds and money market accounts - three main deposit accounts. Sterling current account with a cheque guarantee card and various types of Credit and Charge Cards are available to compliment this account (The application for Credit, Charge or Cheque Guarantee cards are subject to status). Savings accounts in Sterling, US Dollars or Euros which pay attractive variable interest. We have Call Accounts in most worldwide currencies. Our accounts are designed to make the most of offshore tax planning opportunities. With this in mind we pay interest gross without deduction of tax (although you will need to include your interest when assessing income for tax purposes in your country of residence).
We are agents for several prime offshore banks in the Caribbean and Europe, ones we have been dealing and banking with for many years and you will have at least four different banks to choose from for your offshore banking when we send their documentation to you after Incorporating your IBC. Many of our clients have their offshore company in one country and their offshore account in another jurisdiction. We give you choices opening Banking Accounts in BVI, Belize, Cyprus, Spain, United Kingdom, USA United States etc. Tax-free Offshore bank accounts are opened in the name of your IBC and are operated in much the same manner as a mainland or onshore bank account. You can have payments direct credited or shift funds in and out via wire transfer. You can access account balances and statements online and shuffle funds between accounts.
In order for us to open a bank account for the company or partnership we will need the following items:
Drivers License and Passport, with photo also please list address of record.
Utility Bills issued within the last three months with the applicant’s current address.
Business card with name and title of principal signer.
Detailed description of business type - nature of business.
List location of primary trading area.
Certificate of Incorporation and Certificate of Good Standing.
The opening of a UK business bank account will require all directors to be present, thus reasonable notice must be given in order for meetings to be arranged. Once the procedure commences at the bank it will only take approximately one hour until completion, your account will then be activated during that same day.
USA Bank Account
£ 400.00
In order for us to open a bank account for the company or partnership we will need the following items:
Copy of Drivers License.
Social Security Number of all signers (US Citizens).
Copy of Passport, with photo also please list address of record.
Email address, website address.
Certified Copy of the Certificate of Incorporation.
Copy of By-laws (Operating Agreement or Partnership Agreement).
Copy of company business card with name and title of principal signer.
Detailed description of business type - nature of business.
List location of primary trading area.
Certificate of Good Standing.
BVI Bank Account
£ 400.00
In order for us to open a bank account for the company or partnership we will need the following items:
Drivers License and Passport, with photo also please list address of record.
Utility Bills issued within the last three months with the applicant’s current address.
Business card with name and title of principal signer.
Detailed description of business type - nature of business.
List location of primary trading area.
Signed local bank reference letter from Officer of your current bank - translated in English.
Local professional reference letter from your Accountant - translated in English.
Certified and Apostilled Copy of Certificate of Incorporation, Memorandum and Articles of Association, and Certificate of Good Standing.
You never actually have to visit your offshore bank. You can simply bank from wherever in the world you live, via Internet, e-mail, post or telephone.
Belize Bank Account
£ 400.00
In order for us to open a bank account for the company or partnership we will need the following items:
Drivers License and Passport, with photo also please list address of record.
Utility Bills issued within the last three months with the applicant’s current address.
Business card with name and title of principal signer.
Detailed description of business type - nature of business.
List location of primary trading area.
Signed local bank reference letter from Officer of your current bank - translated in English.
Local professional reference letter from your Accountant - translated in English.
Certified and Apostilled Copy of Certificate of Incorporation, Memorandum and Articles of Association, and Certificate of Good Standing.
You never actually have to visit your offshore bank. You can simply bank from wherever in the world you live, via Internet, e-mail, post or telephone.
Cyprus Bank Account
£ 600.00
In order for us to open a bank account for the company or partnership we will need the following items:
Drivers License and Passport, with photo also please list address of record.
Utility Bills issued within the last three months with the applicant’s current address.
Business card with name and title of principal signer.
Detailed description of business type - nature of business.
List location of primary trading area.
Signed local bank reference letter from Officer of your current bank - translated in English.
Local professional reference letter from your Accountant - translated in English.
Certified and Apostilled Copy of Certificate of Incorporation, Memorandum and Articles of Association, and Certificate of Good Standing.
You never actually have to visit your offshore bank. You can simply bank from wherever in the world you live, via Internet, e-mail, post or telephone.
Gibraltar Bank Account
£ 400.00
In order for us to open a bank account for the company or partnership we will need the following items:
Drivers License and Passport, with photo also please list address of record.
Utility Bills issued within the last three months with the applicant’s current address.
Business card with name and title of principal signer.
Detailed description of business type - nature of business.
List location of primary trading area.
Signed local bank reference letter from Officer of your current bank - translated in English.
Local professional reference letter from your Accountant - translated in English.
Certified and Apostilled Copy of Certificate of Incorporation, Memorandum and Articles of Association, and Certificate of Good Standing.
You never actually have to visit your offshore bank. You can simply bank from wherever in the world you live, via Internet, e-mail, post or telephone.
Hong Kong Bank Account
£ 400.00
In order for us to open a bank account for the company or partnership we will need the following items:
Drivers License and Passport, with photo also please list address of record.
Utility Bills issued within the last three months with the applicant’s current address.
Business card with name and title of principal signer.
Detailed description of business type - nature of business.
List location of primary trading area.
Signed local bank reference letter from Officer of your current bank - translated in English.
Local professional reference letter from your Accountant - translated in English.
Certified and Apostilled Copy of Certificate of Incorporation, Memorandum and Articles of Association, and Certificate of Good Standing.
You never actually have to visit your offshore bank. You can simply bank from wherever in the world you live, via Internet, e-mail, post or telephone.
Nevis Bank Account
£ 400.00
In order for us to open a bank account for the company or partnership we will need the following items:
Drivers License and Passport, with photo also please list address of record.
Utility Bills issued within the last three months with the applicant’s current address.
Business card with name and title of principal signer.
Detailed description of business type - nature of business.
List location of primary trading area.
Signed local bank reference letter from Officer of your current bank - translated in English.
Local professional reference letter from your Accountant - translated in English.
Certified and Apostilled Copy of Certificate of Incorporation, Memorandum and Articles of Association, and Certificate of Good Standing.
You never actually have to visit your offshore bank. You can simply bank from wherever in the world you live, via Internet, e-mail, post or telephone.
Panama Bank Account
£ 400.00
In order for us to open a bank account for the company or partnership we will need the following items:
Drivers License and Passport, with photo also please list address of record.
Utility Bills issued within the last three months with the applicant’s current address.
Business card with name and title of principal signer.
Detailed description of business type - nature of business.
List location of primary trading area.
Signed local bank reference letter from Officer of your current bank - translated in English.
Local professional reference letter from your Accountant - translated in English.
Certified and Apostilled Copy of Certificate of Incorporation, Memorandum and Articles of Association, and Certificate of Good Standing.
You never actually have to visit your offshore bank. You can simply bank from wherever in the world you live, via Internet, e-mail, post or telephone.
Seychelles Bank Account
£ 400.00
In order for us to open a bank account for the company or partnership we will need the following items:
Drivers License and Passport, with photo also please list address of record.
Utility Bills issued within the last three months with the applicant’s current address.
Business card with name and title of principal signer.
Detailed description of business type - nature of business.
List location of primary trading area.
Signed local bank reference letter from Officer of your current bank - translated in English.
Local professional reference letter from your Accountant - translated in English.
Certified and Apostilled Copy of Certificate of Incorporation, Memorandum and Articles of Association, and Certificate of Good Standing.
You never actually have to visit your offshore bank. You can simply bank from wherever in the world you live, via Internet, e-mail, post or telephone.
Lithuania Bank Account
£ 200.00
In order for us to open a bank account for the company or partnership we will need the following items:
Drivers License and Passport, with photo also please list address of record.
Detailed description of business type - nature of business.
List location of primary trading area.
Certified and Apostilled Copy of Certificate of Incorporation, Memorandum and Articles of Association, and Certificate of Good Standing.
You never actually have to visit your offshore bank. You can simply bank from wherever in the world you live, via Internet, e-mail, post or telephone.
OPEN UK BANKING ACCOUNT: OPENING A BUSINESS ACCOUNT IN ENGLAND - ESTABLISH BUSINESS ACCOUNT IN LONDON, OPENING A SMALL BUSINESS BANK ACCOUNT.
Opening a Small Business Bank Account: Big 4: Royal Bank of Scotland, Barclays, Lloyds TSB, HSBC. The government has forced the top UK banks (above) to offer all small businesses interest accounts, at 2.5% below the bank base rate, or an account that offers free transaction charges.
Why do I Need a Bank Account? Everything you do in business revolves around money. This money needs to be identifiable at every stage of the transaction and of course the money also needs to be identifiable from your own personal finances. Opening a business bank account is the simplest way to achieve accountability and provide a good degree of transparency in your business dealings to enable government departments, creditors and auditors to accurately assess your business. A business account will also give you credibility as your bank has, to a degree, assessed and accepted your business proposal. How do I Open an Account? If you wish to open a business account Click Here to Complete Our Online Application Form
I Have a Bad Credit Record. What Can I do? Business bank accounts are not as difficult as personal accounts to open. There are numerous reasons for this but we only need to focus on one at this time: business accounts are profitable (for the banks of course). That is not to say that anyone can get a business account, but if you have a business plan and it is viable, with the bank not having to fund you or provide you with anything more than a business cheque book, acceptance should be a formality. Paying in an initial deposit can only help.
UK Corporate Banking. We are leading UK bank intermediaries, being registered with most UK banks for the introduction of corporate clients. Our service is comprehensive and whilst often linked to the formation of a Limited Company, we are able to arrange business accounts for any type of organisation including PLC's, Limited Liability Partnerships, Guarantee Companies, Charitable Companies, Unlimited Companies and Sole Traders.
GUARANTEED BUSINESS BANKING IN THE UNITED KINGDOM:
1. Issued by NatWest, Lloyds TSB, HSBC, Barclays etc. 2. Cheque Book issued immediately. 3. Standing Order & Direct Debit facility. 4. No minimum balance or deposit requirement. 5. Corporate VISA and MasterCard available (Subject to Status). 6. Internet Banking facility. 7. Available for Sole Trader, Partnership, LLP and Limited Companies. 8. Guaranteed Acceptance.
Key Features and Benefits of the Business Bank Account:
Freedom to manage your money on the internet or by telephone as well as at your branch, at no extra cost. Make and receive payments - via cash, cheques or electronically. Option to open accounts in a number of foreign currencies. Easy to keep track of your finances - by online internet, telephone banking and regular statements.
UK Banking - Open a UK Bank Account: A business account will also help give you credibility as the bank has to a degree assessed and accepted your business proposal.
One of the most important factors when selecting a bank is to find a bank you feel comfortable dealing with, as relationships are crucial. Seek advice and recommendations from professionals such as your lawyer or accountant.
Aim to develop a good working relationship with your bank manager. The relationship between you and your bank is like any other partnership. The better the match, the smoother it runs.
If you are setting up as a limited company, you need to have set up the limited company before your visit to the bank.
British banks, in common with their counterparts across the globe, have introduced new regulations about opening new bank accounts. Security procedures have been implemented which can lead to delays for overseas clients who try to open an account on arrival. It is almost impossible to open a UK bank account whilst you are overseas.
To open a bank account a student will need to show the following identification:
Passport. Driving License. Proof of your home address. Proof of UK address, usually in the form of a utility bill or Halls of Residence contract.
It is useful to get a reference from your existing bank in your country (in English) and/ or ask them to write to you at your UK address.
Each branch of each bank makes an independent decision on whether to accept new customers and there is no particular bank that has a better deal for international clients.
Accounts: Deposit Account or Basic Account: International students may find that some banks will offer them only one of these types of account. A deposit account, sometimes called a savings account of a 'basic bank account', may offer a cash card and will pay additional money to you ('interest') based on the balance in your account. When opening an account check the procedure for taking money out of the account. There may be restrictions.
Information about rates of interest is published regularly in the business section of newspapers. You may be able to prevent any tax being deducted from your interest - ask your bank or building society for form R105 which you can complete when you open your bank account.
Current Account: A current account may offer a cheque book, cheque guarantee card, cash card, debit card, overdraft facility, and direct debit and standing order facilities. Some accounts pay interest, although this is usually at a lower rate than a deposit account. You should ask the bank which services would be available. Some banks will not allow international students to open a current account and you may only be allowed to open a 'basic bank account'. It may be possible to change your account to a current account after a period of time.
Transferring Money to the UK: The easiest way to send money is by electronic transfer of funds from a bank in your home country into your UK account. To do this the bank in your home country will need:
Your UK bank's name and full address. Your name as given on your UK bank account. Your UK bank account number. Your UK bank's sort code.
Money can also be transferred using a banker's draft. This is a document drawn up by the bank in your home country and sent to you by post. You present the banker's draft to your bank in the UK.
Our Service
We provide a fast online service for company registration, LTD company formation, and business incorporation in England, Wales and Scotland. When first setting-up a business there are many issues to consider. You need to decide whether or not to incorporate your business, and to choose a structure for your business. There are several types of legal business entities which you can choose to operate as. For more information on these choices, follow the links below. We advise that professional legal and financial advice is obtained before a final choice of business entity is made.
Coddan is a leading service provider in the field of English, Scottish and Irish company formation and company registration. We can help you in starting a business in England & Wales Scotland and Northern Ireland. Over 95% of our companies are incorporated within 6 hours. The electronic submission of information enables a fast company start-up satisfying all of the required legal formalities: a director, a secretary, a registered office and shareholders. Our electronic filing software has been approved by Companies House.
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Before you transfer money, ask what charges will be made by the banks and how long it will take. Try to plan your finances so that the time taken to transfer money and the charges involved do not lead to you experiencing financial problems. If someone transfers money to your account they should keep a copy of the relevant documents in case there is any dispute with the bank in the future.
Running Your Account: Once you have opened an account keep a record of the money that you pay into the account ('deposit'), and of the money that you take out of the account ('withdrawals'). This includes recording money you take out from bank machines, cheques that you write, purchases you make with a debit card, and standing orders and direct debits. Check your records against each bank statement you receive. This will help prevent problems arising with the bank. It will also help avoid experiencing financial difficulties.
Bank Account Charges and Tariffs: There is usually a fixed charge that covers the daily costs of operating your business current account. In addition, there is usually a charge for every credit entry and debit. Charges and interest will usually be charged on a quarterly basis. Most banks will advise customers of changes prior to deduction from the account.
Alternatively, banks will offer a fixed tariff where charges and interest are calculated and deducted from your account on a monthly basis.
Raising Finance: Once you have drawn up your business plan, you will have a good idea of the capital expenditure and working capital needed to meet your set-up, or business expansion costs.
If you have all the funds, you need to get going that is great. However, even if you do not, there can be other solutions. Over and above your own funds, any extra finance may be available from your bank and other organisations.
Banks offer a number of borrowing schemes, each tailored to suit the varying needs of business. You will need to carefully examine the charging structure, terms and conditions that surround any offer.
Your negotiations are more likely to succeed if you have a good credit score, or have built a good bank relationship. If you are in any doubt about any of the terms and conditions, ask your accountant or other business advisors for their opinions.
It is a good idea to let your bank manager see your business plan before you meet up, as this will give him or her time to consider your plan in more detail.
Interest Rates: Banks will set the interest rate for your overdraft facility or loan when they have looked at factors such as:
Their overall evaluation of the risk involved; Your stake in the business; and Whether you have provided security.
Security: Banks take security to ensure you are committed to your business plan, and they are repaid if things go wrong. The most common types of security banks seek are:
A mortgage over business premises; and A debenture. This can only be applied to a limited liability entity. It gives the bank a mortgage over all the assets of the business, including the book debts.
If you cannot offer sufficient security from the assets of your business, the bank may ask for personal security such as:
Personal guarantees by directors of limited companies; A mortgage over private property; or Life insurance policies, shares, and other investments.
Overdraft Facility: An overdraft facility is the most flexible and simplest form of borrowing. This provides a business with short-term finance, but should not be used for long-term borrowing, or to purchase fixed assets. Typically, an overdraft is ideal for covering the day-to-day costs of running your business. It also helps you cope with difficulties arising if your customers are late in settling their debts.
The advantages of an overdraft facility includes:
An overdraft is a simple and flexible way of financing changing cashflow requirements You only pay interest on the amount you are overdrawn each day.
The disadvantages of an overdraft facility includes:
In principle, the bank can demand repayment at any time, although some banks do offer 'committed' facilities. Committed overdrafts provide more peace of mind over the standard overdraft as they are overdrafts the bank cannot demand back at any time. The overdraft facility has to be renegotiated every 6-12 months.
The interest rate charged is either a monthly rate, or at a rate which is linked to the Bank Base Rate, and should be agreed at the outset. There may also be an arrangement fee.
Discuss the interest rate and fees with your bank.
Always speak to your bank to arrange an overdraft rather than risking an unauthorised overdraft - arranged overdrafts are much cheaper than an unauthorised one, and if you speak to your bank, it shows you are in control.
It is important to be aware of the charges connected with exceeding the agreed overdraft level. Charges may be levied at a set amount per occasion, or per day, the overdraft is exceeded. Additional interest will be charged, and banks usually charge for informing you of this (by letter, telephone, or additional statement). There are also charges for returned cheques.
Loans: A loan is a suitable form of finance for longer term purchases, such as fixed assets including vehicles or essential business equipment. The loan term will be linked to the expected working life of the asset, or the source of repayment. The advantages of loans include:
Once you have arranged a loan, the financing is secure for the life of the loan (unless you fail to make payments or breach any ‘covenants'); You can match the term of the loan to the life of an asset you want to purchase; You may be able to tailor the loan to match the cashflow of the project you are using the loan to finance; and If your business is seasonal, you may be able to take a break in loan repayments.
The disadvantages of loans include:
You pay interest on the full amount of the outstanding loan; The bank often imposes legally binding covenants before agreeing to a loan. If you breach these conditions, the bank will be entitled to immediate repayment; and The bank usually requires a fixed charge or some other form of security.
The interest rates may be fixed, remaining the same throughout the loan period. This assists accurate budgeting and protects your cash flow in times of rising interest rates.
Variable interest loans are also available which are agreed at a rate over the Bank Base Rate which itself varies from time to time, or managed rates.
Capital repayment 'holidays' may be available. This would be especially helpful in the early months to give your business a chance to generate cash. However, interest is still charged during this period.
A pre-payment fee may be paid to cover administration costs if the loan is paid back early.
Factoring and Invoice Discounting: Factoring and invoice discounting are financial facilities designed to improve the cashflow of healthy, growing businesses. They provide businesses with finance secured against their unpaid invoices. Under a factoring or discounting arrangement, a business sells its invoices to the bank when they are issued.
The bank pays the business up to 80% of the invoice value in cash, normally within 24 hours of receiving it. The remaining balance - less charges - is paid to the client business after a set period, or when the debt has been collected. The services can also be applied to export as well as domestic trade debts.
In both factoring and invoice discounting arrangements, a client business will establish a close relationship with its bank. It will receive regular credit assessments about its customers from the bank. The bank will also want to keep a close eye on the client's sales accounting and credit management function to check that it is operating efficiently and professionally.
For both factoring and invoice discounting there is a service charge, normally a proportion of turnover, and a discount charge, based on the amount of finance provided. Charges will be agreed in advance and form part of the factoring or invoice discounting agreement. For factoring the service charge is normally between 0.75% and 2.5% of turnover, depending on the workload to be undertaken. The charge for invoice discounting will usually be less, as less work is required. The discount charge is calculated on day-to-day usage of funds. It is likely to be comparable with normal secured bank overdraft rates.
The cost of the service needs to be weighed against the costs of in-house debt collection and, for example, having sufficient cash to benefit from early payment discounts from suppliers.
Generally, debt finance providers are looking for 'clean' invoices where there is clear evidence of delivery of the goods or service and a low level of disputes or credit notes. It may not be available for some industries, for example contracting, where there is a high level of retentions and variation orders.
To terminate the factoring or invoice discounting agreement completely, however, and rely on alternative sources of finance for working capital, would require sufficient security for any potential borrowings. Factoring and invoice discounting can provide a range of benefits for suitable small and medium sized companies. The main benefits include an increased flexibility, as finance is made available to your business in line with the level of its sales. This can help the client business to expand without exhausting its cashflow. This improved cashflow brought about by factoring and invoice discounting can lead to other benefits for a client business as follows:
Takes advantage of early payment discounts or bulk buying from suppliers; Reduces the need to offer discounts to customers who pay early; Reduces management time to negotiate and re-negotiate finance and continually chase up late payers; and Can give a business greater confidence in planning its longer term capital investment.
Generally, invoice discounting is only available to businesses that already practice sound credit management and have the staff and accounting systems to generate reliable customer collections.
Leasing and Hire Purchase: Leasing and hire purchase are financial facilities that allow a business to use an asset over a fixed period, in return for regular payments. The business chooses the equipment it requires and the bank buys it on behalf of the business. Most business equipment may be obtained this way.
Hire Purchase: With hire purchase, after all the payments have been made, the business becomes the owner of the equipment, either automatically or on payment of an option to purchase fee. For tax purposes the business customer is treated as the owner of the equipment from the start of the agreement and so can claim capital allowances. The business customer will normally be responsible for the maintenance of the equipment.
Leasing: By comparison, the fundamental characteristic of a lease is that ownership never passes to the business. The bank claims the capital allowances and passes the benefit on by way of reduced rental charges. The business can generally deduct the full cost of lease rentals from taxable income, as a trading expense. As with hire purchase, the business will normally be responsible for the maintenance and insurance of the equipment.
Long term or finance leases - Generally have a term of three years or more and when the lease ends the leasing company will agree to a secondary lease period at a considerably reduced or nominal rent.
Short term or operating leases - Equipment can also be leased for shorter periods of time. The leasing company will expect to re-lease or sell the asset second hand at the end of the lease period and will therefore need to recover the full cost of the equipment through a single lease rental. This type of lease is common where there is an established second hand market, such as cars and small items of plant and equipment.
Contract-hire - A form of operating lease where the leasing contract also includes management and maintenance of the asset.
Leasing or Hire Purchase agreements are legal commitments and so cannot be withdrawn, providing the payments are made. However, it may not be possible, or may be costly to terminate agreements early. The regular payments allow businesses to budget their expenditure and easily compare the revenue and profit generated from an asset with its long-term cost. In most cases the agreements are at fixed rates of interest, although it may sometimes be possible to arrange variable rate interest on larger items.
Leasing or Hire Purchase can be a good way to finance an asset if your business lacks security, or there are tax reasons to do so. Remember however that banks will only enter into contracts with creditworthy businesses. A lease will normally cost you more than a bank loan or overdraft and involves a regular monthly commitment, but there may be tax advantages that make this a cheap way to finance an asset.
Standards of Service for Borrowing: UK banks have set out how they deal with their business customers, when they borrow from them, in their Statement of Principles. A summary of the principles are listed below. The Banks will:
Confirm the terms of any facility (borrowing, guarantees, bonds, etc) in writing; Remind you to seek independent advice; Co-operate with your advisers to explain the nature of any facility and to clarify anything during the relationship; Agree with you at the outset of the facility what sort of monitoring information you should supply and how frequently. If circumstances change, they will agree any new monitoring with you; and Alert you in writing when they have concerns about your business and/or their relationship with you.
Open a New Account - Our Service: Thousands of business owners, professionals, and UK residents are locked into relationships with banking institutions in which they feel stifled and are looking to move on. Unfortunately, the banking industry is such that if you don't fit their perceived mould of someone who is low risk, they will continually present challenges to your request for particular kinds of banking services.
If you are a professional or business person who has been in the UK for a relatively short period of time, you will also be aware of the issues facing foreign residents attempting to open a personal or business bank account. Many clients find themselves in the situation of having a cheque to bank, yet not having an account to bank it through. Because of this, cash flow is lost, and business cannot be properly conducted.
Now, just suppose all of this was possible through a company that enabled this vision and could open up new avenues for you. All of the accounts listed below are guaranteed to be opened for you regardless of your past or present financial situation.
Basic Business Account: Issued by a UK high street or private investment bank. Choice of Lloyds, TSB, NatWest, HSBC, Royal Bank of Scotland, etc. No minimum balance. Counter cheques issued initially. Standing Orders, Direct Debit facilities. Telephone and Internet Banking. Available for Sole Trader, LLP and for Limited Companies.
Live Help: Live Help is a real time "chat" feature which enables you to interact with a customer service representative without a phone call. Get answers to your questions while using our website. Clicking the "Live Help" button will start an on-line session with one of our representatives. Live Help is currently available during normal business hours. Outside of the above opening hours, our business center will be closed. When you click on the button, you will see an e-mail form that will allow you to send us a mail with your questions. Live Help is free! There are no hidden fees. We offer the service as a courtesy to our website visitors.
Dear visitors, while having a chat session with a customer, we are frequently requested to give a piece of advice on tax planning or business structuring. We would like to inform you that it is against our principles to provide online advice pertaining to these issues. The points that may be covered during a session include service description, package or service price, navigation at our website, ways of making an order, methods of payment etc. Yet, if you wish us to provide you with advice on tax or business structuring, you should be aware that this service is chargeable.
We accept phone orders during normal business hours. Credit cards are the preferred method of payment; we accept VISA, MasterCard and Delta. We can accept payment in UK Pounds Sterling, US Dollars, Euros, Australian Dollars and Canadian Dollars. If you call and receive voicemail, just leave your name and number, as clearly and as possible, and we will call you back as soon as possible.
Monday - Friday: 9:30am to 17:30pm Saturday: (offices are closed) Sunday: (offices are closed) Holidays: (offices are closed on all recognized UK holidays).
Money and Payment Policy: Coddan accepts all major currencies. We accept Visa, Visa Electron, Visa Purchasing, JCB, MasterCard, Solo, Switch and Delta. We do NOT charge "surcharges" for credit card transactions. If you do not feel comfortable transmitting your credit card number and other information on the Internet, we suggest you place an order online, choose "Credit Card via Phone" as the payment method, and then phone in to give us your credit card number over the phone. We will charge your credit card manually. Pre-payment with cashier's check or money order is accepted. We accept wire-transfer from anywhere. After you place your order, details about the wire-transfer process will be e-mailed to you on the second e-mail notification. If you missed that e-mail, please call our toll-free number that is given on the order confirmation.
Check Your Order Status
£ 250.00
In order for us to open a bank account for the company or partnership we will need the following items:
Drivers License and Passport, with photo also please list address of record.
+44 (0) 207.935.5171 
+44 (0) 141.530.8188 
+44 (0) 289.099.8744 
Freedom to manage your money on the internet or by telephone as well as at your branch, at no extra cost. 
A business account will also help give you credibility as the bank has to a degree assessed and accepted your business proposal. 
