Franck Sidon, owner of TaxAssist Accountants in Chiswick and Richmond
While the UK is famous for the ease with which you can create a new business, it has become more and more difficult recently to just open a bank account – especially when the directors and/or shareholders of the company are not residents of the UK.
Franck Sidon, owner of TaxAssist’s offices in Chiswick, Ealing and Richmond shares his story about how Revolut Business helped him help his clients get up and running with their new projects.
Who are TaxAssist Accountants?
TaxAssist Accountants are the largest network of accountants in the UK, focusing their accountancy skills on small businesses and individual taxpayers. We have been operating in the UK since 1995 where we have now more than 375 offices. Recently we have been expanding internationally in Ireland, Australia, Canada and the US.
While our core business is to provide accountancy and taxation services, we also complete our offering by providing ancillary services through vetted third party providers that share our focus.
What were our challenges?
We recently realised that a lot of our clients were having difficulties opening a bank account for their UK business if shareholders and/or directors were not UK residents. We would often open a UK subsidiary for a European business only to realise that high street banks would not want to open a business bank account for them. Even in situations where those banks were willing to open an account, they would not let us act on behalf of our client for the account opening process, even though that was their wish.
This challenge was one we faced often in my offices, as the staff at the local offices of TaxAssist Accountants in Chiswick and Richmond are all fluent French speakers and we work with many French speaking clients or subsidiaries of French companies.
And then we discovered Revolut Business
We were familiar with Revolut’s retail offering – and the ease with which one can open a bank account everywhere in Europe – so we reached out to inquire about Revolut Business accounts. We were pleasantly surprised that as long as directors and/or shareholders were residents in Europe or Switzerland, they would consider the business on its own merit and open an account if it satisfied their criteria (which is most of the time). Revolut also agreed for us to serve as an intermediary for the account opening, allowing us to offer a seamless experience for our clients when we create a new UK company. Obviously for international clients, having a very cost effective multi-currency banking account with dedicated IBANs and direct debit support was a precondition. Revolut Business delivered on that too.
At TaxAssist Accountants, we strive to provide a full service solution to our business clients, not being able to help them open a bank account when they incorporate was a real issue for us. Thanks to Revolut Business we are now able to provide a complete solution to those clients. We are also looking forward to more new features that are coming soon – such as merchant accounts and dedicated support that will make the offering even better.