Many clients have questions regarding whether there are any restrictions on non-UK residents that wish to set up a company in the UK. We can help our clients through the process of company formation from another country, but there are some important issues that you may want to consider.
Shareholders and directors
There are no legal restrictions relating to nationality in the UK as to who can be the director of a limited company. However, it is important to note that under the Anti Money Laundering (AML) Regulations 2007, certain documents must be provided for directors and shareholders of a certain level. For any shareholders holding over 20%, in addition to all directors, we are required to obtain a form of identification and a proof of address. The identification can be anything such as a driving license or passport, regardless of which country it was issued. Ideal examples of proof of address are a utility bill or a bank statement. However for clarity, you can be a Director or shareholder of a UK company no matter which country you are from.
It should be noted that these AML documents need to be legible by UK authorities. Therefore, although we are able to accept documents originating from another country, the text must be written in the Latin (Roman) alphabet. Additionally, it helps to only use these symbols when filling in the application.
Please note however that your right to work in the UK is a VISA/employment law issue that you are advised to seek further advice on should you wish to come to the UK to run your business.
Registered Office and Virtual Office
It is a legal requirement for all UK limited companies to have a registered UK address for their business. The registered office address is the one which will appear on all company documents, that is publically available through Companies House. There are occasionally restrictions on UK mortgage or rental agreements about the use of a residential address as a registered office, which it is advisable to investigate.
We can offer a Registered Office service for our address in Edgware, in the North West of London. For £100+VAT per annum, your company’s name will appear at this address, which you can use on company documents. In addition, we also offer free post-forwarding of statutory mail.
Some non-UK residents also may consider the use of a Virtual Office service when setting up their company in the UK. The Virtual Office can provide important services to a new company, such as telephone call answering, or meeting room provision. We are able to put you in touch with a company that previous clients have used, offering such services should you require this.
Bank Account
One of the most important considerations when setting up a UK company is the need for a bank account. It is a legal requirement in the UK to keep money related to the business separate from personal finances, after setting up a business. We have a link with HSBC that can help fast-track our international clients’ application for a bank account free of charge, reducing the hassle for you. Please note however that the bank has their own policy for the opening of accounts which is beyond our control.
If you have any further questions regarding company formation as a non-UK resident, please contact our customer support team on 0844 893 0808.
