UK Company Formation
England, Wales, Scotland, and Northern Ireland are collectively known as United Kingdom. UK is the member of European Union and holds the position of trading centre and important financial centre of the world, with New York and Tokyo to its competition. Even though UK is not a tax heaven but still incorporation charges and tax slabs are still cheaper than any other country of EU. Companies need to implement tax planning tools because UK is the only country which holds numerous double tax treaties.
Limited Liability Companies are allowed to be incorporated as per Companies Act of 1985. Limited Liability Companies basically limit the liability of members regarding payment of due amount, in reference to the shares they hold, and company has the legal entity. In case company gets defaulted, then there is the protection available for the owner of the business and only Limited Liability Companies are allowed to avail this protection. So, basically the strong legal framework of Common Law and low cost of doing business, is all what adds to the importance of UK.
Requirements for Incorporation
There are certain requirements to incorporate a company in UK, details of which is given below:
There is a minimum requirement of one director and none of the appointed directors need to be the resident of UK. Corporate directors are allowed to be appointed. There is no requirement to hold director’s meeting but public director’s register are required to be maintain.
There is minimum requirement of one secretary and none of the appointed secretaries need to be the resident of UK. Corporate secretaries are allowed to be appointed. There is no requirement for the secretary to hold any professional qualification.
There is a minimum requirement of one shareholder in order to incorporate a company in UK. Corporate shareholders are allowed to be appointed. There is a requirement to maintain and keep public shares register but par value of shares are not permitted. Authorised share capital is usually 1000 shares with value of GBP 1 each. It is not allowed to have bearer shares.
Please refer to fee schedule section for proper guidance on incorporation fee. Generally, incorporation fee includes:
Once you get incorporated, this is what you’ll get:
It generally takes 1-2 weeks to incorporate a company in UK.
Offshore Bank Account
For the offshore bank account please see our fee schedule section.
A registered agent for the company incorporation is not required. There is no need to declare beneficial ownership of the shares to authorities, where all or some shareholders are nominees. In addition to this, annual return of the company is also required.