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01/02/2008, 15:02 osie Joined on 17/12/2007 South West France Posts 68 Using a UK bank account for SARL Hi All I have seen quite a few accomodation web sites offering a payment option to be made via a UK bank.  The advantage being that a UK client could pay the money without the need of banking costs. Is it possible to set up a UK bank for a French company. Is this allowed as our accountant has suggested it is not. Thanks osie www.le-murier.com    Report

01/02/2008, 20:25 ErnieY Joined on 05/12/2006 Nr Prayssac (Lot) Posts 3,453 Re: Using a UK bank account for SARL You don't say if you are French resident or not but I'm guessing you are. As such you will find it difficult enough opening a personal UK bank A/C and I can imagine opening a company one being next to impossible, certainly so with any of the UK High St banks anyway. You may stand a better chance through the Isle of Man or the Channel Islands. I have no idea about the legalities of it. The ones you have seen could well be holiday homes belonging to non French residents.   My doctor said one drink per day, I can live with that !    Report

01/02/2008, 21:41 Jane and Danny Joined on 23/08/2004 near Cahors, 46 Posts 737 Re: Using a UK bank account for SARL If one has a French registered business, one has to issue invoices for payment in Euros because it is the currency of France. How can one declare an income in any other currency? Can you imagine a UK company charging in Euros or dinars or whatever currency they might happen to find useful? Imagine what the various tax departments would make of it. Those who offer payment via a UK bank for services in France are (most likely) not doing things legally. Danny   specialist flute repair    Report

01/02/2008, 21:52 Albert the InfoGipsy Joined on 01/07/2006 SDF, somewhere in 56 Posts 569 Re: Using a UK bank account for SARL It's perfectly legal to invoice in the customer's currency, whatever it may be, but all the financial reporting to the tax man etc. has to be converted to your local currency and you have to be able to justify the exchange rate used for each transaction. My last commercial client issued invoices in at least four different currencies, but they had an accounts department to handle the complications. They did happen to be a multinational aerospace company with a turnover measured in billions. Albert the InfoGipsy "So welcome to the Citadel where the question is 'Am I?'"    Report

02/02/2008, 7:44 Jane and Danny Joined on 23/08/2004 near Cahors, 46 Posts 737 Re: Using a UK bank account for SARL Ok - it is lot more complicated than I suggested earlier... If  your accountant says it is not allowed, there must be a reason. Why not go to the tax office and ask? Danny  specialist flute repair    Report

02/02/2008, 9:04 The P's Joined on 29/12/2007 Languedoc Posts 59 Re: Using a UK bank account for SARL We have a business account with HSBC UK in sterling and euros so our customers can pay in either.   The bank gave us business credit and debit cards through the sterling account.  Our invoices state the amount in sterling and euros so our customers can pay in either, as they wish.   We are tax resident in France with a SIRET no' and are registered for TVA.   All our tax affairs are handled by our French accountancy firm and this has been the case for 3 years now. We also have UK and French personal bank accounts with UK credit cards and our UK bank and cards are registered at our French address.  Nothing illegal about any of it and easy to set up whilst living in France and we are not a huge multinational corporation. John John Plowright mandmhottubs    Report

02/02/2008, 18:46 Sola Joined on 16/01/2007 Posts 13 Re: Using a UK bank account for SARL Each year the French government publish the "yearly" exchange rate from pounds/euros, this is what you use on your tax return.  So it is perfectly acceptable to use both currencies. We are often paid in sterling for work carried out which is paid directly to a sterling account in the Uk with the bamk accounts address being our french one....there was no problem getting the account set up in  person in the UK with all the relevant ID etc....we were honest to the UK bank and said that sometimes we get paid in sterling and sometimes in euros...by the way some French banks will let you have a sterling as well as a euro account.....but often without a card so you can only transfer it to your euro account..... We spoke with our accountant who said it was no problem as he would just use the governments currency exchange rate ..... I suppose the only factor is that your customers may be getting a better deal than you in the current market.....who knows what the government will decide for 2008..... Hope this reasures you that it is not "ilegal" to accept payment in sterling as long as it is declared properly.....    Report

02/02/2008, 19:03 osie Joined on 17/12/2007 South West France Posts 68 Re: Using a UK bank account for SARL Well that sounds great news... I have a meeting with a new French bank next week and will be armed with lots of questions to put to them. Being now a French resident I will probably use a French bank although I have found all banks other that the French ones much more useable/accommodating. Thanks osie www.le-murier.com    Report

06/02/2008, 15:43 Sola Joined on 16/01/2007 Posts 13 Re: Using a UK bank account for SARL Just had another thought....to compare with the UK. Many UKshops/companies will accept euros now....so it can also work the other way around....but the exchange ratethey give generally leaves a lot to be desired!!....all part of being in Europe I suppose even though the UK does not  use euros as a first currency.......I suppose receiving payment in this way ensures a "sale" and also how many firms import from Europe and therefore need euros?    Report

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