If you are looking to form a company in UK, then it is quite possible for you. The UK is a huge economy and offers lot of opportunities for individualss, with a large number of business people looking to form their company in UK. But what do you need to know about forming a company in the UK?
The process to form a company in UK is actually quite simple; applications to form a company are the same for both residents of the UK and non-residents, although there may be further information needed if you are looking to employ non-EU nationals.
You can run a business in the UK as a Private Limited Company (PLC), meaning that your company is:
- Legally separate from the people running the company
- The company has separate finances from your personal ones
- The company can keep any profit it makes after paying all relevant taxes
So, what do you need to do in order to set up or form a private limited company in UK? Well, in order to set up a private limited company in UK you need to register with Companies House. This process of registration is known as incorporation. For incorporation, you need the following:
- A suitable name of your company
- An address of the company
- The details of one director (minimum)
- Details of the shares of the company – you need a minimum of one shareholder.
- An SIC code – this identifies what your company does in terms of business.
- You need to make sure that all the shareholders agree to create the company and rules which are written. These rules of the company are known as ‘Memorandum and Articles of Association’
- You need the details of people who have significant control in the company, such as anyone who has more than 25% shares or has voting rights
Once you have all these details, you can register your company in UK.
To form a company, you don’t need to be a citizen of UK or a resident of UK. It is not even mandatory for you to go to UK to incorporate the company. You also don’t need to have physical premises in UK to incorporate your company. Incorporating your company in UK is quite inexpensive compared to other European countries.
You can register your company in UK once everything required to set up is in place. You can register online – although this is assuming your company is limited by shares and uses a standard article of associations – as well as by post. Alternatively, you can use an agent or third party software to register your company in the UK.
Once you have registered, your company you will get a ‘Certificate of Incorporation’ which confirms that your company now legally exists and also shows the company number and date of formation of your company. After you have successfully registered your company with Companies House, you need to register for Corporation Tax within 3 months of the starting day of your business.
If you are looking to set up a company in the UK and want to know any immigration or visa implications, we can help. Get in touch to find out more.