What you need to do to set up a business in the UK mostly depending on what your business does, where your management based and whether you take people on to help.
Main steps are:
Sole traders must register with HM Revenue and Customs (HMRC). Sole trades must follow certain rules on running their business.
You can register a new company in the UK according to a role and procedure of the UK legislation. You can register it online by yourselves or use a professional service.
It is depends on what type of the company you are going to set up and other services you are going to use. If you are going to do it yourself than the cost is only includes company registration £ 15.00 which you pay to the companies house.
It is possible to buy a limited company with bank account?
HMRC UK requires companies to apply for a VAT registration if company’s VAT taxable turnover goes over the threshold of £85,000 in the next 12 months.
If your company’s turnover of VAT taxable supplies exceeds £85,000, or if you believe that it will, you must register for VAT.
How many years do you have to keep accounting records?
How long do you need to keep tax records UK?
Main Characteristics and the basic rules of Company registration in the UK
The companies seeking expansion into newer territories often go for the UK and they have good reasons to do so. The excellent infrastructure, strong economic growth and pro- business govt policies encourage many foreign investors to the country. The proximity to major counties in the Europe also make investors choose the country. However, it is also important you know which type of venture formation in the UK will be good for your needs. A private limited company is ideal for the environment in the UK. Expert consultation is what you need for this. Our UK PLC Formation services are ideal for your needs.
Legally speaking, a Private Limited company in the UK cannot be traded publically and it is limited by its shares. It is also known as a limited company. There are several advantages of forming a private limited company in the UK and a few limitations as well. It is necessary that you learn the pros and cons well before opting for forming such a company in the country.
The first obvious advantage of setting up a Private Limited enterprise in the UK is the lack of complications involved the process. It can actually be done online. It is easy to set up literally any type of venture in the country, whether it is in sphere of IT or healthcare. Companies belonging to diverse niches like retail and telecommunications have also flourished here.
The prevalent taxation system in the UK is ideal for setting up Private Limited companies. You cannot overlook the fact that the UK has beneficial double taxation agreements with several countries. Recruiting well educated and skilled employees in the UK will not be a problem- regardless of type of your venture. The labor costs tend to be quite reasonable in the UK compared to many other countries in Europe. These may seem exciting for you as an entrepreneur but you can still check out our UK PLC Formation services beforehand.
The infrastructure for expanding business operations in the UK is good. The telecommunication setup is top notch and same can be said about its existing transport facilities. You can also gain from the logistics facilities.
There are notable benefits of setting up a Private Limited company in the country. However, you will gain by seeking consultation of expert agencies and their expertise can ease hurdles. The BRIS group’s services on UK PLC Formation can make your task easier.
|UK Limited Liability Partnership Company Formation||Financial Advantages|
|Double Taxation Treaty Access:||Yes Treaty Access with many countries|
|UK Tax Information Exchange Agreements:||Yes, United Kingdom signs Exchange Agreements|
|Account Filing Requirements:||Yes accounting / reporting requirements|
|Annual Return Filing Requirements:||Yes annual return/ reporting requirements|
|Audit Requirements:||Yes audit required (small companies excluded).|
|UK Limited Liability Partnership Company Formation||Registration Requirements|
|Share Capital:||Minimum capital contribution for the UK Limited Liability Partnership Formation: GBP 2|
|Classes of Share Available for UK company formation:||Contributions|
|Bearer Shares:||Not Allowed|
|Registered Office Required:||Yes required and must be maintained in UK|
|Shareholders:||Minimum number is two. Can be any nationality and need not be resident of the UK|
|Disigned Partners:||Minimum one and need not be resident of the UK|
|Your Company language:||English|
|Name of your Company must be ended:||LLP|
|Documents required for UK company formation:||A certified copy of your passport or ID and proof of your residential address dated less than 3 months.|
|UK Company Formation||Restrictions|
|For UK company formation you cannot use words in your company names without justification:||“Bank”, “Trustee Company”, “Assurance”, “Building Society”, ”Trust Company”, “Royal” etc.|
|Restrictions on Trading:||None|
|Not permitted without a licence:||Fund management, insurance, Banking, reinsurance, assurance, trust management, collective investment schemes, trusteeship business provision.|
|UK Limited Liability Partnership Company Formation||Confidentiality and Security|
|Publicly Accessible Records:||Yes, accessible|
|Nominee Shareholders and Nominee Directors:||Yes, Allowed|
|Disclosure of Beneficial Ownership to Authorities:||No|
|Meetings of Directors and Shareholders to be held:||Anywhere|
|Stability:||Secure jurisdiction and Financial Centre.|
|Region:||An island nation in northwestern Europe|
|Governing corporate legislation:||Companies Act 2006 as amended|
|Type of Law:||Common|
|Currency:||Great British Pound (GBP)|
|Language of Legislation and Corporate Documents:||English|
This publication is provided for information purposes only. This info should not be treated as a substitute for a tax or legal consultation or legislation. You should not act on the basis of the information contained in this publication without having obtained individual advice from the professional expert.
BRIS GROUP does not assume responsibility for any damage resulting from decisions made by the reader on the basis of this publication.