For non-UK residents; how simple is the process of forming a company in the UK? What do you need to know?April 26, 2017 10:30 am
So first and foremost to avoid any potential confusion, non-UK residents from anywhere in the world can form a private limited company here in the UK, and your legal obligations are exactly the same as if you were a UK resident. It’s a simplistic process, and a significant proportion of the UK’s private economy is supported by non-domestic investment.
We want our customers to be as familiar with the process and feel as comfortable as possible when preparing to incorporate a company here. Listed below are four aspects of the process which we advise our customers to view and understand as best as possible.
1. A limited company is a separate legal entity to yourself. The company is liable to any financial issues occurred, as opposed to the individual themselves. If you own the company you have significant control over what the entity does with its money.
2. Corporation Tax. You will need to register as soon as you start trading. You should also keep accounting records and prepare your company tax return to calculate how much Corporation Tax you need to pay. There is no set bill for this tax, there are specific activities you must do to calculate, pay and report your tax.
3. Filing responsibilities. It’s a director’s responsibility to ensure all the correct documentation is filed with Companies House and HMRC on time. Included is the Confirmation Statement, which keeps details such as the main shareholders and directors.
4. Shares in your business. The number of shares held by each member determines what proportion of the company they own and control. They are referred to as shareholders. These individuals will receive a percentage of company trading profits.
As soon as you begin the application form you have access to our specially designed customer portal, where additional services are available to further tailor your incorporation requirements.
Our website here is filled with useful information to help your knowledge with the process and industry.
This post was written by Chris Beck