Ltd. company with outside UK shareholders - General queries

[bidimal]

Hello,

I've some queries regarding PayPal, hope that you can help me. Here is the situation:

• the director of the Ltd. company is UK-resident
• the only shareholders are all resident outside UK
• company bank accounts are entitled to the director
• PayPal account will be managed by one of the shareholders

Here are the queries:

• Should the company open a PayPal business account in name of one of the shareholders or in the director's name? (considering that we'll have to lift the limits that was the problem in this topic https://www.paypal-community.com/t5/Adding-and-updating-info/Inserting-home-address-of-account-holde...
• Is it better to open the account in name of a UK resident person than a not UK resident? (for example, for documentation reasons)
• What kind of documents PayPal should need from the account owner to lift the limits?
• Since the company will manage some incoming micropayments (under 2£), should the company need some kind of permissions? Will be there any problem?
• The company has two bank accounts (one in GBP and one in EUR), must the company register two PayPal accounts or can it manage both the bank accounts from the same account?

Many thanks in advance for any kind reply. I've tried so many times to speak with Customer Service, but no one could help me.

Kind regards,

Lisa Taylor

[PayPal_david · Accepted solution]

Hi there Bidimal,

Welcome to the Community!

Firstly, the account only needs to have a name of someone that is involved in the organisation. It doesn't have to be opened in the director's name. When you are providing us with business information, you can enter the director and other company information on the business information page.

The account should have a contact name of someone living in the UK. This is required in the event of us needing additional documentation to verify the identity of the person.

If we require additional verification documentation, this could be a photo id and a proof of address of the person who would be the contact name on the account.

In regards to micropayments, here’s how you can sign up for micropayment pricing:

1. Go to our micropayments website at https://micropayments.paypal-labs.com
2. Click ‘Signup.’
3. Select the appropriate country.
4. Click ‘Login here.’
5. Enter your PayPal account password and click ‘Log in.’

Allow 2 business days for the micropayment pricing to take effect.

Note:

Micropayment pricing applies to all transactions regardless of the transaction amount. For example, with micropayments pricing, it would cost 25p to receive a £4 payment and it would cost £1.05 to receive a £20 payment. 

You won't be required to register both bank accounts, just the GBP one. You can register both bank accounts to your PayPal account but you won't be able to withdraw Euros from a UK PayPal account.

I hope this answers all your questions.

David.

[bidimal]

Dear David,

many thanks for your reply. I've successfully set up my business account for our company. Thank you again.

Best regards,

Lisa