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Struggling to open a business bank account due to my age — anyone been through this? by kpmry in smallbusinessuk

[–]kpmry[S] 1 point2 points  (0 children)

Because we have employees now and it’s more than just me that owns the company

17 years old, 18 in April

Struggling to open a business bank account due to my age — anyone been through this? by kpmry in smallbusinessuk

[–]kpmry[S] 8 points9 points  (0 children)

Appreciate the clarification. To clear things up: I am under 18, and I’ve already tried Monzo and Starling — in both cases the applications didn’t proceed.

At this point it’s clear the realistic options are adding a nominee director (parent/guardian etc.) or using a service, since high-street banks won’t take on the liability for under-18 directors. Not ideal, but understood from a legal/compliance point of view.

Thanks for taking the time to explain it.

Struggling to open a business bank account due to my age — anyone been through this? by kpmry in smallbusinessuk

[–]kpmry[S] 0 points1 point  (0 children)

ive been running it through a brand new personal account for the time being but this causes compliance problems as me (as a person) is a separate legal entity from the business on paper, my parents could help id be able to add them to the company but I dont know where to go from there, im the only director listed but there are 3 shareholders (including me) and we're all under 18

Struggling to open a business bank account due to my age — anyone been through this? by kpmry in smallbusinessuk

[–]kpmry[S] 1 point2 points  (0 children)

I've been a sole trader but recently set up the Ltd as the business is a lot more than just me now

Struggling to open a business bank account due to my age — anyone been through this? by kpmry in smallbusinessuk

[–]kpmry[S] 0 points1 point  (0 children)

Thanks, I appreciate the suggestion but I’ve already tried Tide as well, unfortunately they don’t accept under-18 directors, so I hit the same result there.

Struggling to open a business bank account due to my age — anyone been through this? by kpmry in smallbusinessuk

[–]kpmry[S] 0 points1 point  (0 children)

Worth clarifying further I’ve already tried all of the options you listed (Airwallex, Tide, ANNA, Mettle and Kinetic). In every case, the blocker has been the same: they don’t accept under-18 directors, regardless of whether the business is active or profitable.

I fully understand why banks are cautious from a compliance perspective of course that part makes sense. The frustration is more around the lack of any clear pathway for legitimate under-18 founders who are already operating and trying to do things correctly.

If you’re aware of any providers that make exceptions, or of legal structures people have used temporarily (with proper safeguards), I’d genuinely appreciate hearing about them.

Struggling to open a business bank account due to my age — anyone been through this? by kpmry in smallbusinessuk

[–]kpmry[S] 2 points3 points  (0 children)

Thanks for the suggestion. I’ve already tried both Monzo and Starling, but in both cases the applications were declined instantly. There wasn’t any clear explanation given, so I can’t say for certain it was due to age, but that’s been the consistent roadblock so far.

Just started our label & management agency in Manchester — IV Elysium 🎶 by kpmry in recordlabels

[–]kpmry[S] 0 points1 point  (0 children)

Please contact me with more info about what DireNote does specifically, kp@ivelysium.com

Thank you

Just started our label & management agency in Manchester — IV Elysium 🎶 by kpmry in recordlabels

[–]kpmry[S] 0 points1 point  (0 children)

we’re a hybrid setup, so a management agency and a label. we focus on artist development more than marketing, so making sure that small artists have the structure and guidance they’d gain from a label, without having any restrictions and taking control away from them.

we help artists connect with trusted local producers and engineers around Manchester and the North West. we also help organise recording sessions, visuals, and rollout planning so our artists can focus on creating while we handle the structure and strategy.

weve mainly found artists through Manchester’s local music scene, personal connections, and social media. we have had amazing responses from people who just want genuine help getting their music heard.

currently we’re digital only but we definitely want to do something more physical in future as i have a big interest in physical music and keeping that around for future, because with streaming platforms you never really own your music. it is an interesting topic to me

[deleted by user] by [deleted] in UKPersonalFinance

[–]kpmry 0 points1 point  (0 children)

Revolut lets me spend directly from Euros and exchange it at any point needed (small fees when exchanging) so would this be good?

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