SponsoredMore South African businesses are setting up subsidiaries in the UK, often as a hedging strategy in the uncertain economic climate in SA. In a country known for its bureaucracy, it’s not surprising that many businesses are daunted at the prospect of establishing a business in Britain.
Once registered, an overseas entity established in the UK must file certain documents at the UK's Companies House. General information about the company, including its constituting documents and any accounts, are filed in accordance with the laws of the country in which it is incorporated. When these documents are filed, they become public record.
Sable International offers an RE Account facility to help clients whose bank account application is slow. The bank allows Sable to set up a company account – this account can be opened in the company’s name, its clients can make payments into that account and Sable can help facilitate payments out of the account. The benefit of the RE Account is that it can generally be set up in one to two weeks.
“The banks need to go down to the level of individual ownership. If we have a UK company, owned by a South African company, which is owned by a trust, then the account opening procedure will take longer than normal as the banks want to know who the individuals in charge are. Proof of identification, ownership, who you are and your physical address is everything in the UK. You’re not going anywhere without that,” says Brown.
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