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10. Banking Introduction Services for the UK Registered LLPs

Bank Account for LLP

LLP registration with bank account: Coddan offers bank introductions to all of the major UK banks, including HSBC, Barclays, NatWest, Lloyds, RBS and Bank of Ireland. We can also provide introductions to local branches of foreign banks. We can assist you to open an offshore corporate bank account for your limited liability partnership, please call us to discuss your options.

The cost of our bank introduction service depends on the types of services that your LLP requires from the bank, and upon the particular bank that you wish to use. Coddan has worked hard to build excellent professional relationships with banks in order to provide a full range of bank introduction services to our clients (we have a number of signed contracts between us and UK-based banks, which allow us to offer a bank accounts opening introduction services).

We are committed to maintaining these relationships, and for this reason we must be satisfied that your UK or offshore registered LLP plans to act in an exemplary manner with respect to bookkeeping, and the filing of annual returns and reports, before we will agree to provide these services.

To open a bank account you will need to provide with certain information including: -

  • Your name, contact and living details
  • Your current LLP details
  • Details of any bank accounts you already have
  • Details of your income and outgoings
  • Apostilled set of your partnership documents

If your application is successful, your bank account will be opened, your debit and credit cards will be sent to you, and your bank provides you with details of the account benefits and how to easily operate your account.

Being the authorised agent, we are not charging our UK-resident customers for the bank introduction service, and weare charging from £250.00 our international clients. Using us is a little bit expensive, but at the same time, you will have the real advisor, who will help you to choose the bank, which suits your business needs. Our introduction fee also covers an initial consultation and an appointment with the bank officer who will be able to open a business checking account for your UK or offshore registered LLP within one business day.

At Coddan, our aim is to make the whole process as quick and painless as possible. Through our knowledge of local banking regulations and our relationships with major banking groups, we help our clients to cut through the red tape and progress as quickly as possible. Generally, bank account operating manager(s), who can be a limited liability partnership member(s), or an authorised person (manager) with a valid power of attorney, requires visiting the bank in person to certify bank accounts forms and mandates.

It is, however, possible to open some types of bank accounts by distance, without the need of personally visiting the bank. This is not our common practice, we are understandably reticent to provide distance banking introductions unless we are completely satisfied that your company plans to meet all of its tax and reporting responsibilities, and to adhere to all relevant UK regulations.

In addition, you will need to supply us with a convincing argument for your inability to travel to London to open a bank account in person. It should be noted that bank introduction process is subject to the additional approval from the bank and its Commercial Team and unfortunately, Coddan cannot guarantee opening LLP business bank account as final decision is made by the bank according to their internal policies.