You do not have to be a UK resident to be a director or a shareholder of a UK private limited company. However, all UK private limited companies are required to have a registered office in the UK. The registered office of a company is the legal address that is entered in the official register of the Registrar of Companies. All government and court communication is addressed here. If you would like to incorporate a private limited company in the UK but do not have access to a UK address you might want to take advantage of our registered office and post-forwarding service. For just £120 per annum our London address will be filed at and published by Companies House as the official address of your company. Included in this price, we will send you any statutory mail via scan and email. You will also be able to use our address as the service address of all directors and shareholders of your company to prevent your residential address being published by Companies House. If you require a telephone number in the UK, we can provide you with a referral to a virtual office service.
For all UK private limited companies, personal finances must be kept separately from company finances. Therefore, you may need to set up a business bank account for your new company. Non-UK residents can experience difficulty opening a UK business bank account as many banks require a direct point of contact in the UK with someone who is directly related to the company, for example a director. At Wisteria Formations we can provide you with a free bank referral to one of our contacts at Metro Bank or Barclays who may be able to assist you in opening a UK business bank account.
As in many countries, there are laws and regulations that UK private limited companies must adhere to. If you are not familiar with UK company law, it may be beneficial to appoint a Company Secretary in the UK. At Wisteria Formations we provide a company secretarial service for £120 per annum. You will be able to appoint us as your company secretary and we can help you to ensure that your company is compliant with UK company law. We will send you reminders of when your annual returns and accounts are due and hold and maintain your company registers. For additional fees, we can also provide other services such as completing and filing your annual return and governance and compliance advice.
All UK private limited companies must pay corporation tax on its taxable profits. If your company is based in the UK, it pays corporation tax on all its profits from the UK and abroad. If your company isn’t based in the UK but has an office or branch here, it only pays Corporation Tax on profits from its UK activities. Taxable profits include the money your company makes from doing business, investments and selling assets for more than they cost. You must complete and return corporation tax forms to HMRC and pay the correct amount of corporation tax. In addition to this, all directors of UK registered companies must file a personal self-assessment tax return.
You can only charge VAT on the goods and services sold by your business if your business is registered for VAT. VAT can be charged on taxable supplies which include things like business sales, hiring or loaning goods to someone or selling business assets. You can register for VAT voluntarily if you sell VAT taxable supplies. At Wisteria our tax team can assist you in completing your VAT registration for £120. You must register for VAT with HMRC if your business’ VAT taxable turnover is more than the current VAT registration threshold.
As a non-UK resident setting up a UK private limited company, you may also benefit from the following additional products and services that we provide at Wisteria Formations:
- PAYE registration
- Hard copies of the company’s documents
- Document notarisation
- Company Seal
- Certificate of Good Standing
All UK private limited companies must also file a set of accounts every year. As a Chartered Accountancy firm, we provide a large range of accountancy and bookkeeping services. You can find out more information about our services at www.wisteria.co.uk.
As a firm of Chartered Accountants, tax and business advisers, Wisteria can help you with all your business needs. If you need any further information, please email email@example.com or call us on 020 8951 6347 to book a consultation.