Anyone meeting the age and personal requirements can register a company in the UK, irrelevant of their nationality or residence. However when setting up your company from abroad there are a number of factors that you need to be aware of or may want to consider.
Company Registered Office
To set up a company in the UK the company registered office must be in the UK and you will need to provide a physical address to Companies House i.e. no P.O.Box addresses will be accepted. Companies House want to be able to trace the company back to that address.
If you do not have a UK address, a company formation agent such as Wisteria Formations can provide a registered office service for you (£100+VAT per annum) whereby you use their address as your company registered office and Wisteria Formations forward all statutory mail to you abroad. This service is also useful if you do live in the UK and only have your residential address that you can provide. This is because your company registered office will be made public and by using Wisteria Formations service here you can keep your home address private.
Corporation Tax
Corporation tax is tax levied in the UK on the profits made by UK registered companies and the profits of permanent establishments of non-UK resident companies/associations that trade in the UK. Therefore as a new UK limited company you will be required to pay corporation tax and each director of the company will also be required to file a personal self assessment tax return on an annual basis even if you are based abroad. To discuss these tax matters further please consult one of our Chartered Tax Advisers from Wisteria Limited on 0208 952 0140 or send them a message at info@wisteria.co.uk.
Business Bank Account
After your company formation you will need to set up a business bank account fairly quickly if you want to begin trading. All companies need their own bank account and an account separate from the directors/owners personal account as the company is considered a separate legal entity.
Wisteria Formations provide a company formation with a free business bank account service, they have a fast track system in which your contact details are passed onto a member of the bank of your choosing (either HSBC or Barclays) and they contact you within 24 hours. Wisteria Formations and all banks in the UK comply with money laundering regulations whereby they need to check your Identification Documents such as a passport and utility bill. However most banks in the UK only accept certified documents and therefore you may need to visit one of the bank’s branches and this may affect your choice of bank.
Company Secretary
Below is an outline of some of the other requirements you will need to ensure are fulfilled:
- Statutory filing requirements – This includes documents such as the Companies House Annual Return and statutory annual accounts.
- Registers – Keep the company registers up to date.
- Company Appearance – The company name must appear at the registered office and on items such as stationary, contracts and invoices.
Wisteria Formations can provide Company Secretarial services (£100+VAT per annum) whereby they will act as your professional company secretary.
For more information about non-UK directors please visit Wisteria Formations new video guide at this link: http://www.youtube.com/user/wisteriaformations#p/u/4/GaU9QhZ_lsM
To start your online company formation please follow the link below and you can select any of the above services and more at the end of the registration process: https://www.wisteriaformations.co.uk/uk_company_registration
If you have any more questions or problems during the registration process please contact our support team on 0844 893 0808 or at formations@wisteria.co.uk.
