An English limited company is an ideal, flexible corporate vehicle through which business can be conducted within as well as outside the UK.
|LLC||PLC||Limited by guarantee||LLP||Rep. Office||Branch|
|How long to set the company up?||2 weeks||2 weeks||2 weeks||2 weeks||2 weeks||2 weeks|
|How long to open company bank account?||4 weeks||4 weeks||4 weeks||4 weeks||4 weeks||4 weeks|
|Wholly Foreign owned?||Yes||Yes||Yes||Yes||Yes||Yes|
|Minimum paid-up share capital?||£1||£50,000||None||None||None||None|
|Must file annual corporation tax return?||Yes||Yes||Yes||No||No||Yes|
|Tax Registration Certificate required?||Yes||Yes||Yes||No||No||Yes|
|Corporate Bank Account recommendation||HSBC UK||RBS Group||SCB||Barclays PLC||Santander Bank||HSBC UK|
|Does our Client need to travel?||No||No||No||No||No||No|
|Resident director/representative required?||No||No||No||No||Yes||Yes|
|UK shareholder required?||No||No||No||No||No||No|
|Minimum directors/representatives allowed?||1||2||1||1||1||1|
|British resident company secretary required?||No||Yes||No||No||No||No|
|Corporate shareholders/members allowed?||Yes||Yes||Yes||Yes||Yes||Yes|
|Public register of shareholders and directors?||Click link||Click link||Click link||Click link||Click link||Click link|
|UK Corporate Tax Rate?||19%||19%||19%||0%||0%||19%|
|Annual financial statements required?||Yes||Yes||Yes||Yes||Yes||Yes|
|Statutory audit always required?||No||Yes||No||No||No||No|
|Allowed to issue sales invoices?||Yes||Yes||Yes||Yes||No||Yes|
|Allowed to sign contracts?||Yes||Yes||Yes||Yes||No||Yes|
|Allowed to import and export goods?||Yes||Yes||Yes||Yes||No||Yes|
|Can rent an office in UK?||Yes||Yes||Yes||Yes||Yes||Yes|
|Can buy UK property?||Yes||Yes||Yes||Yes||No||Yes|
|Can own equity in other UK companies?||Yes||Yes||Yes||Yes||No||Yes|
|Estimate of total business setup costs in Yr. 1||£7,890||£9,890||£7,140||£8,090||£7,970||£8,720|
|Estimate of total annual costs thereafter||£3,640||£4,275||£3,640||£3,640||£4,220||£4,220|
|Sample Engagement fee Invoice||View invoice||View invoice||View invoice||View invoice||View invoice||View invoice|
Advantages of doing business in the UK
Quick and simple registration process
Foreigners are allowed to register a new company online, thereby reducing the travel expenses. The requirements for company incorporation are straightforward and the process is fast.
A globally reputable jurisdiction
UK has been recognised as one of the top 10 most competitive economies of the world, by the World Economic Forum. The evaluation is based on different factors that support the country’s economy such as infrastructure, macroeconomic stability, financial system, market size, and human capital component.
Attractive tax regime
The corporate tax rate in UK is one of the lowest amongst all the European nations. In addition, UK imposes no withholding tax on dividends and offers tax relief schemes.
Disadvantages of doing business in the UK
Compulsory value added tax (VAT) regime
VAT is chargeable on goods and services that are both produced in the country and imported from outside of the European Union.
Limited scope for cryptocurrency businesses
In general, UK banks do not prefer to onboard corporate account applications for cryptocurrency-related businesses. As a solution, we recommend these jurisdictions for setting up a cryptocurrency-related business.
Complex banking application process for foreigners
Even though it is not mandatory to have a UK citizen as the company director and shareholder, it is recommended for the majority of the directors and shareholders to be resident in the UK for optimising the probability of securing an approval for corporate bank account application.
Incorporate a company in the UK in 10 steps
UK private limited company can be incorporated within 1 week with 1 director and 1 shareholder.
Time required to start a new company in the UK is 10 weeks
Open a corporate bank account in the UK
UK is compliant with Money Laundering Regulations 2007 and Foreign Account Tax Compliance Act (FATCA). Healy Consultants Group PLC will assist our Clients to prepare a quality bank account application along with the necessary documents to satisfy the requirements of the UK banks.
Accounting and tax considerations
corporate tax in 2019
corporate tax starting 1 April 2020
VAT rate in the UK
withholding tax on dividend payments
UK visa requirements
Innovator visa or start-up visa
This type of visa is for non EEA citizens and non-Swiss nationals who want to set up a business that has been approved by an authorised organisation in the UK;
Representative of an Overseas Business visa
This visa type is for non-EEA citizens and non-Swiss nationals who are the sole representative of a branch office of an overseas parent company;
Investor visa (Tier 1)
Foreigners can apply for this visa if they invest at least £2,000,000 in the UK;
Intra-company Transfer visa (Tier 2)
This type of visa is for employees who are offered a role in the UK branch of the organisation. This visa is divided into 2 categories i) for long term staff; and ii) for graduate trainee;
General work visa (Tier 2)
Similar to Intra-company Transfer visa, this visa is for anyone who has been offered a skilled job in the UK.
Frequently Asked Questions
Thank you for your recent business inquiry, however I need a little more information from you.
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