M
Moredrue
New Member
Hi guys,
Sorry if this is the wrong place to ask this sort of thing - I'm new here - but I have a question about banking and corporate structures.
I recently incorporated a holdings company (we'll call it Company A) which is used to hold a series of companies I own in the media, financial and aviation sectors (let's call them Company B, Company C and Company D),all of which are their own legal entities (limited companies) which have their own bank accounts. I have recently come across a real estate deal (acting as a broker for a piece of land with planning permission to build 15 houses near where I live and an American company interested in buying the land and building the houses, which is ran by a close friend of mine) in exchange for acting as a broker, my friend has offered to give me a two bed terrace-style house that sits on the property (the local council says we can't demolish it) which I intend to sell. For reference, it's valued at about £50,000 according to an estate agent friend of mine.
However, now I've got a conundrum. I don't have any real estate-related business or a business that could be remotely involved in this kind of deal. I'm considering incorporating another subsidiary (let's call it Company E) that is a real estate holdings company. Yet, the deal is time sensitive and due to my sticky legal predicament as a (sort of) non-resident of the UK - I'm a British citizen but I travel a lot for business so I'm actually not considered a "resident" of the UK for tax purposes, even though my home is in the UK, my wife is British as are my kids - which means I have to go into branch to open up a business account with a high street bank, with their earliest appointment being mid-September due to COVID and banks being banks. Could I do the deal with my friend and when he pays me the money, he makes it out to the real estate subsidiary (thus avoiding a sticky legal situation with my main holding company) but send the money to my holding company's bank account? Would this be legal or am I just overthinking it as usual?
Thanks,
John
Sorry if this is the wrong place to ask this sort of thing - I'm new here - but I have a question about banking and corporate structures.
I recently incorporated a holdings company (we'll call it Company A) which is used to hold a series of companies I own in the media, financial and aviation sectors (let's call them Company B, Company C and Company D),all of which are their own legal entities (limited companies) which have their own bank accounts. I have recently come across a real estate deal (acting as a broker for a piece of land with planning permission to build 15 houses near where I live and an American company interested in buying the land and building the houses, which is ran by a close friend of mine) in exchange for acting as a broker, my friend has offered to give me a two bed terrace-style house that sits on the property (the local council says we can't demolish it) which I intend to sell. For reference, it's valued at about £50,000 according to an estate agent friend of mine.
However, now I've got a conundrum. I don't have any real estate-related business or a business that could be remotely involved in this kind of deal. I'm considering incorporating another subsidiary (let's call it Company E) that is a real estate holdings company. Yet, the deal is time sensitive and due to my sticky legal predicament as a (sort of) non-resident of the UK - I'm a British citizen but I travel a lot for business so I'm actually not considered a "resident" of the UK for tax purposes, even though my home is in the UK, my wife is British as are my kids - which means I have to go into branch to open up a business account with a high street bank, with their earliest appointment being mid-September due to COVID and banks being banks. Could I do the deal with my friend and when he pays me the money, he makes it out to the real estate subsidiary (thus avoiding a sticky legal situation with my main holding company) but send the money to my holding company's bank account? Would this be legal or am I just overthinking it as usual?
Thanks,
John
