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Set up your business in the UK
Are Non-UK Residents Allowed To Form A Company In The UK?
Yes, non-UK residents are permitted to form a company in the United Kingdom. The company formation process for non-residents is akin to that for residents living within the UK. Non-residents can take on various roles, including company director, shareholder, or company secretary.
Key Requirements:
Registered Office: A company must have a registered office address within the UK. This is essential for incorporation and serves as the official address for all correspondence.
Company Director: A non-resident may act as a company director. While residency is not a requirement, the individual must adhere to all related legal responsibilities.
Shareholders: Foreign nationals can be shareholders of the UK-based company without living in the UK.
For more detailed guidance on the specific steps involved in forming a company as a non-UK resident, including the documentation required and the various types of company structures available, non-residents can reach out to incorporation service providers or consult legal professionals who specialize in UK corporate law.
Tax Rates For a Private Limited Company
Tax Rates For A Private Limited Company
UK incorporation regulations require Private Limited Companies to pay UK Corporation Tax at a rate of 20 – 28%, which is determined after a company has filed their annual returns. Company Directors are also liable to pay UK income tax for any profits from the company. No taxes are paid on the dividends of a holding company and there is no double taxation on dividends distributed through to EU member countries.
After setting up a company in the UK and going through the incorporation process, a Unique Taxpayer Reference (UTR) number will be issued by the HM Revenue and Customs (HMRC), which will be sent to the Company’s registered address. The HMRC will instruct you how to register your company, file the company accounts and pay corporate taxes.
What is the VAT rate in the UK?
The Standard VAT rate in the UK is 20%.
The VAT Reduced rate is 5% and applies to some goods and services, such as children’s car seats and home energy.
If a company does not have an annual turnover of more than GBP 67,000, then Registration of VAT is not required. A Company that does register can collect a number of benefits through registration, such as the ability to reclaim input tax and collect VAT from customers. Companies register through the (HMRC) website.
Some things are exempt from UK VAT, such as postage stamps, financial and property transactions. The VAT rate businesses charge depends on their goods and services.
Registration Requirements
To open a company in the UK, you must first register the company in the UK with the following mandatory details:
1. Certified copy of passport
2. Names and details of directors
3.Details of shareholders and share capital R
4. egistration fee
5. The Company’s name and registered address (if pre-existing) Articles of Association and Company Memorandum Completed IN01 Form
Registration Packages
Include
- Government Registration Fee (First year)
- Registered Office Address (First year)
- Registered Agent Services (First year)
- Company Secretarial Maintenance
- Certificate of Incorporation
- Memo & Articles of Association
- Appointment of 1st Directors
- Consent Actions of the BOD
- Share Certificates
- Register of Directors
- Register of Officers
- Register of Shareholders
- FREE Phone and/or email consultations
Key Corporate Features
| UK Private Limited Company | Corporate Details |
| General | |
| Type of Entity | Private Limited Company |
| Type of Law | Common Law |
| Governed by | UK Companies Act 1985 Amended in 1985 and 2006 |
| Registered Office in UK | Yes |
| Shelf company availability | Yes |
| Our time to establish a new company | 1 – 2 business days |
| Minimum government fees (excludes taxation) | £15 |
| Corporate Taxation | 20 – 28% |
| Access to Double Taxation Treaties | Yes |
| Share capital or equivalent | |
| Standard currency | GBP, £ |
| Permitted currencies | Any |
| Minimum paid up | £1 |
| Usual authorized | £ 1,000 |
| Bearer shares allowed | No |
| No par value shares allowed | No |
| Directors | |
| Minimum number | One |
| Local required | No |
| Publicly accessible records | Yes |
| Location of meetings | Anywhere |
| Corporate directorship allowed | Yes *(but needs at least one individual) |
| Shareholders | |
| Minimum number | One |
| Publicly accessible records | Yes |
| Corporate shareholder allowed | Yes |
| Location of meetings | Anywhere |
| Company Secretary | |
| Required | No |
| Local or qualified | No |
| Accounts | |
| Requirements to prepare | Yes |
| Audit requirements | Yes *(small companies are exempt) |
| Requirements to file accounts | Yes |
| Publicly accessible accounts | Yes |
| Recurring Government Costs | |
| Minimum Annual Tax | N/A |
| Annual Return Filing Fee | £ 15, electronic submission £ 30, for hardcopy |
| Other | |
| Requirement to file annual return | Yes |
| Migration of domicile permitted | Yes (subject to approval be Inland Revenue) |
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UK Company Incorporation Process
Companies must also register for Corporation Tax within three months of commencing business activities. The registration process can be conducted online, which is typically faster, or via postal forms. It’s important to ensure that all information is accurate and complete before submission to avoid delays.
To register a new company in the UK, individuals must complete several key steps:
- Verify the Business Structure: Determine if a limited company structure suits the business needs.
- Choose a Company Name: Select a unique name that complies with all naming regulations.
- Appoint Directors: At least one director must be appointed to manage the company.
- Appoint a Company Secretary (Optional): Some companies may choose to appoint a secretary, though it is not mandatory.
- Identify Shareholders or Guarantors: Decide who will have control over the company through shares or guarantees.
- Prepare Documents: Create the necessary legal documents, including the memorandum and articles of association.
- Register with Companies House: Submit the application to Companies House, either online, by post, or through an agent.
Additional services we provide
How to Register?
From company order, name check and reservation, documentary requirements guidelines, feedback and timing. Step by step guide how a new offshore company registration normally happens in the UK.