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At Taxapillar, we pride ourselves on having the finest business professionals in the industry. Our dedicated team assists over 1000 companies across various sectors every month.
We promise to meet all your documentation needs in a mere four working days. If we fall short of your expectations, we're more than willing to spend an additional two days making necessary adjustments.

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Advantages of Setting up a Company in the UK

Easy to Set Up Business

The past few years have seen considerable simplification in the legal and regulatory guidelines for establishing a business in the UK. Registering a new venture or filing your income tax return online has been made significantly convenient. Existing barricades are continuously being lowered – a fact attributed by the World Bank that claims it only takes 13 days to start up a business in the UK, as opposed to the European average of 32 days. As a result, the UK is ranked as the top in Europe and sixth globally for ease of doing business.

Government Incentives

The UK government offers an array of financial schemes beneficial to business owners, employees, and savvy investors. These schemes allow individuals to claim significant tax benefits. When selling a company, an entrepreneur's relief of up to 10 million pounds can be claimed. Furthermore, investors can claim tax credits of up to £150,000 against their annual investments.

Global Ranking in Product Market:

According to OECD, the UK takes the second position worldwide in terms of Product Market Regulation, closely trailing behind Australia. The country stands out for having the fewest entrepreneurial restrictions globally, in addition to featuring as the third lowest in the world for inhibitions on investment and trade.

Highly Effective Communication Infrastructure:

The efficiency of the United Kingdom's communication system cannot be overstated. It holds the title for the most developed broadband market within the G7 nations, not forgetting it owns one of the most robust ICT structures at a global scale.

Company Registration Address

Your company must provide a physical UK address. This serves as the base for receiving official documents such as those from Companies House, HM Revenue, or the Customs department. The address is accessible to the public via the online register and is also where the public can view your company's statutory registers. However, a Single Alternative Inspection Location, or SAIL, can be appointed if your company chooses. This address needs to be shown on all of your company's stationery, emails, and websites. To help in setting up your registered office address in the UK, check out our services.

How to Register a Company in the UK as a Non-Resident

The process to register a company for non-residents in the UK closely mirrors the same procedure followed by UK residents. The law does not place any limitations on foreign individuals who wish to fill positions such as directors, shareholders, or secretaries.
Moreover, it's not necessary for you to reside in the UK to start a company. However, it's important that your company gets registered with Companies House in England and Wales, Scotland, or Northern Ireland, depending on your company's location.

First Officers Structure
The structure of First Officers includes:
Directors
A private limited company needs to have a minimum of one living individual serving as a director. This individual must be at least 16 years old and needs to be eligible to hold the director's position. However, it's recommended to have a minimum of two directors to guarantee the company continues to work efficiently even if one has to resign or cannot perform his/her duties properly.
Company Secretary
The appointment of a Company Secretary isn't compulsory for a private limited company unless it's particularly stated in the company's articles. A Company Secretary can be a person or an entity.
Statement of Capital
This section contains the specifics of the company's shares and their values. Several classes of shares, each with distinct rights like voting rights, dividend rights, capital rights and redemption rights, can be included in this statement.                                                                                                                                                                                                                                                        Individuals Holding Significant Control
Any individual or entity holding significant control must be listed upon the company's formation. This step is crucial for bolstering corporate confidence and openness. It helps specify who genuinely possesses control over the company. An entity or person having significant control could be defined as anyone meeting one or more criteria related to share ownership, voting rights, election of directors, or company control.

UK Limited Company Registration Criteria

• Company Name: Your company name must not only be unique, but it should also avoid any unallowed words.
• Director: A minimum of one director is necessary for setting up a company. However, there's no cap on how many directors can be incorporated. The minimum age limit for all directors is 16 years.
• Shareholder: At least one shareholder is obligatory, with no maximum limit on the number of shareholders you can have.
• Registered Address: The company address should be compulsorily based in the UK. This address is available on the public register.
• Directors Service Address: Every director, secretary, and PSC has to provide a service address for Companies House. This address can be anywhere globally and will be available to the public.

  Key Considerations for Forming a UK Corporation
  

  When establishing a corporation in the UK, there are several factors you need to take into account.

  Type of Business: You first need to analyze all the different business sectors active in the UK. The chosen business type for your corporation formation plays a significant role in the process. From the different types of businesses in the UK, you can choose the one that aligns most with your corporation formation.
  

  Geographically Suitable Name: Depending on the new area, you are venturing into, it may be beneficial or even necessary, to adapt to a more local and acceptable name.
  

  International or UK Business: Another crucial decision you'll need to make when forming a UK corporation is determining whether it will be an international or domestic corporation. If your corporation will be governed by domestic law, then it's important to note that UK-specific regulations will apply to your corporation.

  UK Business Structure Types: Company Formation Guidelines

  To establish a company in the UK, the first step is to determine the business structure that best suits your needs. Here are the various business structures accessible in the UK:

  Sole Trader: As implied by the name, a sole trader is an individual running their own business. However, a sole proprietor has unlimited liabilities. Therefore, if you're planning to register as a sole trader, it's your responsibility to assess your potential liability.
  Partnership: This structure is chosen when two or more individuals set up a company and agree to distribute the profits. The assets and liabilities of a partnership business are split among partners.
  Limited Liability Partnerships: These are legal bodies where each partner's maximum liability is confined to the capital they've invested in the partnership.                    Unlimited Company: This refers to a form of business that may or may not have share capital, similar to a limited corporation. However, its uniqueness lies in the fact that there's no restriction on the accountability of its shareholders or members. They collectively bear the responsibility for the company's debts.
  Limited Company: This type of company, commonly established in the UK, is defined by its limited liability. In the event of bankruptcy, the owners' personal assets are protected from seizure.
  Public Company: This category of company is characterized by its dispersed ownership through publicly traded shares. They are legally obligated to keep the public informed of relevant company information.
  Private Company: If a company is privately owned, it comes under this type. Despite having the freedom to issue shares, they do not hold a listing on the stock exchange.

  Conditions to Establish a Company in the UK

  To establish a company in the UK, these fundamental criteria need to be satisfied:

  • Minimum share capital necessity
  • Business’s name
  • Registration of the Directors' Number

    Step-By-Step Guide for UK Company Formation

    1. Establishing Your Business
    The initial step for forming a company in the UK is to establish your business. It involves appointing key management staff like a company secretary. Keep in mind, every director should be at least 16 years old and their service address must be provided accurately in the submitted materials.

    2. Accounting for Shareholders and Guarantors (PSC)
    For the company to be legally registered, at least one shareholder with the command to manage the company's matters is mandatory. Your company must possess shareholders to be formally created. After this, you're required to identify the high-ranking personnel who maintain substantial control over the company. One such official register for this is the PSC registration.

     3. Construct Legal Papers for Managing Your Business
    To set up a company, you are required to prepare specific legal papers, such as the Memorandum of Association (MOA) and Articles of Association (AOA). The AOA determines the managerial structure of your company, and it is a requirement that your company maintains a registered address within the UK.
    Upon wrapping up the above processes, the next step is to register your company and provide a SIC code. This code will signify the functions that your company will carry out. Then you need to register with the company's house. To ensure all taxes paid within the UK are taken into account, it is essential to also register with the corporate tax authorities.