Hello
Im in the middle of setting up a limited company but I'm having real problems obtaining the Cumulative bank account to deposit capital. All paperwork for the company has been drawn up and the bank account is the only thing needed. It seems as soon as the banks see my nationality they don't want to know. Any ideas on how I can overcome this?
@andspell it's my understanding that many others are having problems opening accounts, whether personal or business, as money laundering laws and rules have significantly tightened.
May I ask your nationality? Which banks have you tried to open an account at?
It is often easier to open an account, if you're resident in Bulgaria and hold a longterm residency card. What is your residency status? Or are you just visiting on 90 day visits?
Thanks for the reply. Whilst in Varna last week after seeing the lawyer for company set up papers I approached 3 high street banks, from all 3 it was a straight no. l‘m from the UK and and at present visiting on the 90 day visits
@andspell
Give your attorney a POA to open the company account for you?
Is the company actually set up? Were you able to show all the company documents to the bank? And did you take a translator with you? I'm wondering whether there was some confusion as to whether you wanted a personal or business account. (The former would often be a no as you're not a resident, while this should not be an issue for the latter.)
What Gwyn said.
The company bank account should be easier to set up than a personal account, but can still be a challenge with a lot of paperwork involved. I'm not sure what you means by "cumulative account". You don't need a current account for a company, just a simple deposit account. The account never needs to be used. just to show a small initial deposit.
If you have someone helping with the paperwork, they should also be able to assist with the bank account. My estate agent helped with mine. She also advised me to close it as soon as the company was registered, as there was a 10 EUR a month charge!
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