Opening a business account for UK LTD

[djon3334]

Hi everyone. Last week my company’s business account was shut down overnight. The bank now lets me do one thing only: move the balance to new account elsewhere. No other outgoing payments, no incoming funds. So the clock is ticking.



I have a reserve on Payoneer business account that should keep day-to-day bills covered for a while, provided the search for a new account doesn’t drag on forever.



What I’m doing right now:

- Reading this forum like a maniac.

- Applying left and right: several EMIs said no, wamo is still reviewing.

- Contacting a few banks, but Russian passport + Serbian residency is a hard sell.



Quick facts:

- Company: UK-registered Ltd.

- Citizenship / residency: Russian citizen, Serbian resident, valid residence permit.

- Activity: Build and monetise web / mobile / Telegram apps. Main product is drifting toward adult entertainment (softcore now, but could raise flags later).

- Payments: Stripe at the moment, may switch if needed.



Right now I’d really appreciate any advice or personal experience , ideally with actual banks, not just EMIs. A full-fledged account (SEPA + SWIFT) would be the ideal outcome so I can move funds and keep the company running smoothly. EMIs are on the table too as a quicker or backup option, but I'd rather not end up paying €100/month just to have something “in case.” I’m looking for something sustainable and future-proof, especially as our business grows.



If anyone here has been through a similar situation , or just knows a setup that still works for someone like me (Russian UBO + Serbian residency + UK Ltd) , I’d be really grateful to hear from you. And if you’re a pro who knows this stuff inside out, I’d be glad to talk in detail and see if we can work together to build a setup that’s legal, stable, and practical. Thanks in advance!

 

[Sols]

To a bank, this doesn't sound at all interesting...

High-risk citizenship.

High-risk residence.

High-risk business activities.

Non-resident company.

Not ready to pay even a modest 1,2000 EUR/year for the account.



Under current sanctions by EU/EEA (and UK) against Russians, there is an exception for those who hold valid EU (or UK) residence permit. Without that, you're subject to so much extra scrutiny it's north worth the headache for most to onboard you.



Have you tried local banks in Serbia?



I suppose you could try those new OBU (Offshore Banking Units) in Bangladesh. No SEPA over there, though.



Cambodia might be another option.



You could try setting up shop in UAE. New company, new residency, new bank accounts. I've heard Russians have difficulties there, but it doesn't seem impossible.

 

[djon3334]

Thanks a lot for the honest feedback , really appreciate you taking the time.



Yes, I’m looking into Serbian banks as a backup option if nothing else works out. Just trying to see if I can find something more flexible first.



As expected, Wamo just rejected me today , no surprise there

 

[Aston VIP]

You can setup in Dubai, and get a bank account this way. No problems there

 

[djon3334]

I've come to terms with the fact that, at least as a temporary solution, I’ll need to use an EMI , until I either find a proper bank or open a new company in another jurisdiction. I’m even okay with higher fees for now, as long as the service is reliable and I can continue operating.



Currently considering the following options:

• SatchelPay
• Genome
• Wittix
• Bankera

What’s your take on these? Based on your experience, which one would be more likely in my case? Thanks in advance!

 

[Propeller]

Remove Bankera from your list, lot's of bad information to find about them on OCT and other places.