Revolut for Business new reuiqrements

mp3ireland2

Hi,
I was opening a revolut for business accout as it was cheap to run and easy to open.
Intially I was told that all docs I had submitted were fine. After a week of chasing up, getting no info as to why it wasn't open they came back saying they needed a document witnessed by a notary
"Please provide the power of attorney giving consent to open, manage and reauthorise other business users to manage Revolut account. Company name, date, place of issuance and 2 years validity are required-signed by all parties authorised by the company’s by-laws to authorise representatives. Apostille is required when place of issuance is not Lithuania."

This is due to the bank moving from a UK passport to Lithuania, and seemingly it's a requirement by Lithuanian law. So as a director and ownwe I've to get the other director to sign also and get this witnessed by a Notary, costing €50.

Just so others are aware of this reqreiument as they compare cost and hassle of bank options!
These new reuiqrements are since October 2nd.

onedmc

I had not seen that yet but I'm not keen on the bank being relocated to Lithuania.

mp3ireland2

onedmc wrote: »

I had not seen that yet but I'm not keen on the bank being relocated to Lithuania.

Yeah I think as I was a new account they are requesting it and had to say I had authority for next 2 years, so not sure when exactly it will move, as after going to the Notary yesterday and paying my €50 i just got a uk account!

The advantage of Luthuania is that it's directly covered by Luthuanian bank guarantee scheme. I believe their UK licence requires them to keep all money in Llyods (could be wrong, but some UK bank) and then if Revolut went bust you'd have to go to Llyods for your money, could be complicated.

pinkypinky

I understand that this is only a temporary move until Revolut's licence is processed in Ireland.

bullpost

What about using N26? Registered in EU so should not have this issue.

mp3ireland2

pinkypinky wrote: »

I understand that this is only a temporary move until Revolut's licence is processed in Ireland.

Yeah just saw that in an email today, but just a warning if opening s business account currently you need to get this notary to witness a signature so weigh that cost and hassle up if you need to open an account, it didn't go down well with me yesterday :-D

mp3ireland2

bullpost wrote: »

What about using N26? Registered in EU so should not have this issue.

Yeah that would have been a good idea, hadn't thought of them, went and got account open with revolut. I was on the U26 site after I read this but couldn't see a breakdown of their fees

Edit: ah found them, looks like it would have been a better option all round!

onedmc

N26 dosnt have a business account only a personal account. So it dosnt have features like authorising users, providing staff with debit account numbers with controls and it dosnt allow you to accept credit card payment directly. Not sure if N26 have multi-currency accounts either.

mp3ireland2

onedmc wrote: »

N26 dosnt have a business account only a personal account. So it dosnt have features like authorising users, providing staff with debit account numbers with controls and it dosnt allow you to accept credit card payment directly. Not sure if N26 have multi-currency accounts either.

Ah ok It probably would have been enough for me as I'm doing some engineering contracting so wouldn't be buying much and I'm the only person who needs a card etc. Seems to be just for self employed and freelancers so might not have been suitable for the limited company that I had to set up. Oh well I've sorted the revolut one anyway

Baby01032012

I'm looking to open either a Revolut or N26 account for business. What is putting me off is the fact that I wouldnt have a credit card with them? Can i go with a credit card somewhere else and link to the Revolut or N26 account for payment?

onedmc

I've been with revolut for a while now suddenly I need a notary to certify "all layers and beneficial owners with percentages of shares held and shares values allocated". As you can imagin I dont have layers and I am not going to seek out a notary to do what exactly I dont know. Pain in the ass, looks like im going to have to move GBP account somewhere else.

PhiliousPhogg

Unable to open a Revolut Business account for a small limited company. Documentation including personal details of directors was uploaded, waited about 10 days and followed up in the chat function. Got this message back from a robot and account was basically locked. The documentation requirements were not clear at all, and the process vague.

20:22
I’m afraid that we won’t be able to activate your account and offer our services to you at this time. After reviewing your application, we came to the decision that certain aspects of the application do not conform to our policies. Your application has therefore been declined and you won’t be able to access your account any longer. Unfortunately, we won’t be able to share more details as to why this happened. Please accept my apologies for the inconvenience caused.

mp3ireland2

PhiliousPhogg wrote: »

Unable to open a Revolut Business account for a small limited company. Documentation including personal details of directors was uploaded, waited about 10 days and followed up in the chat function. Got this message back from a robot and account was basically locked. The documentation requirements were not clear at all, and the process vague.

20:22
I’m afraid that we won’t be able to activate your account and offer our services to you at this time. After reviewing your application, we came to the decision that certain aspects of the application do not conform to our policies. Your application has therefore been declined and you won’t be able to access your account any longer. Unfortunately, we won’t be able to share more details as to why this happened. Please accept my apologies for the inconvenience caused.

That's fairly ridiculous! How frustrating

andy t

any of these "online only" banks are all a bit suspect ...

revolut is fine for personal & small amounts

But the reviews for them & n26 are not great at all

irishhombre

i gave up trying to register a business account with revolut.

Personal account was much easier, just using that now.

ShayNanigan

Any recommendations as to where to open a business account for a limited company? Thought N26 would do but seems it's out of the question and Revolut isn't technically a bank and they are not happy with limited companies either it seems. Can't really get anything started since need to open a bank account first which is really frustrating. I've got customers and stuff to invoice but can't get the ball rolling after registration.

Gloomtastic!

https://www.boards.ie/discussion/comment/117889030#Comment_117889030

Have you tried one of the regular banks? They all offer some sort of digital banking, to varying degrees of satisfaction.

Get those invoices out! In the 30-45 days it takes your clients to process them, you'll have your bank account sorted. Companies like Microsoft, if you don't invoice them within 30 days of the order, you don't get paid. 😲

ShayNanigan

https://www.boards.ie/discussion/comment/117889163#Comment_117889163

That's the plan now, not sure which one to choose. I'm feeling a bit overwhelmed at the moment since there's so much to do to get the business going and all instances seem to expect you have things ready that depend on their service. How can you invoice without a bank account? And to have a bank account you need to have invoices, some even ask to see a web site, proof of customers and a business plan when you haven't set up a web site yet because buying for all the services for the company you'd kinda need that bank account (I do have a domain though). Should I just use my own accounts or how does this work in the beginning? It's the first time I'm actually having to do everything from scratch so it's a bit confusing and being from abroad Irish law is not that familiar to me. Takes a lot of time and effort trying to figure things out. Luckily I do have an accountant now so that's at least sorted.

HBC08

https://www.boards.ie/discussion/comment/117889514#Comment_117889514

I had a personal account with Ulster bank so when I set up a limited company I just went to them,it was no hassle at all from memory (this was 2015)

I'd go to whoever you bank with and ask them.

Gloomtastic!

https://www.boards.ie/discussion/comment/117889514#Comment_117889514

Why do you need a bank account to invoice? You have your registered company and trading name. Cheques made payable to……. You can add your account details when you have then.

Yes, it is all overwhelming. Write down a to do list of what needs to be done. Try and prioritise your list.

But, get your invoices out. Three most important things for a new business - cashflow, cashflow and cashflow.

As the poster above said, go to your personal bank branch and start from there. Remind them you are a new business. Show them the invoices you have sent out.

With the invoices you have sent out. Wait two weeks and call the accounts payable department. See if they have the invoice on their system yet. If not, why not? Where is it? Chase them up. Don’t put the phone down until you have either a name or a date. Take a note of everything that’s said and diary a call back when again you will be looking for a name or a date.

Just one of the 5 million things to do but unless you have money in the bank, whichever bank, then you will be doing nothing!

Good luck to you. Remember, if it was easy, everyone would have their own business.

ShayNanigan

https://www.boards.ie/discussion/comment/117889970#Comment_117889970

Why do I need a bank account to invoice? Well, the client in question is abroad and in that European country cheque payments are considered almost obsolete, have been for the past twenty years at least. Many have never even seen a cheque, let alone used it for payment. It would be very difficult to ask the client to use a payment method that is very rarely even offered by the local banks.

So many things are complicated and handled in a very old-fashioned way here, I'm not even used to calling people on the phone! But I'll learn and I will get the hang of it. Thanks for the tips!

Gloomtastic!

No but it’s a delaying tactic to get you an account no. It’ll probably be two weeks before the paying people spot it.

Have you called into your local branch yet?

You have to do whatever it takes. You’ll look back on this time in seven years and realise what a minuscule problem it is.

Rule No. 1 - Do it, review it, change it! But you have to DO it!

The other Rule No.1 - If you don’t ask, you don’t get.

The rest is just work. 😉

Do it!