Company registration in United Kingdom
No limit for registered capital
local partnership not required
Allowance of Complete Foreign Ownership
Allowance of Joint venture registration
Complete United Kingdom market entry strategy
Company Registration in United Kingdom
The United Kingdom of Great Britain and Northern Ireland is always an attraction for business/trading entities. The United Kingdom is one of the favorite destinations for office locations in the world because of its well-equipped infrastructure, basic and fundamentals facilities, strong governance and well-implemented rules and regulations. To give the global presence to the company, it is necessarily required to have a place in the United Kingdom. Company registration in United Kingdom is compulsory while setting up a company there.
To get Company registration in United Kingdom no citizenship is required. Although there are some restrictions on non–resident before opening a limited liability company.
Advancement in technology helps you to get your company registration in United Kingdom very easily by following some simple online steps. days are gone where one has to engage in tedious paperwork, wait months for approval and pay a handsome price.
Business Structure in the United Kingdom
Some common business structures of the United Kingdom are:-
1. Sole Proprietorship :
Setting up of the sole proprietorship is an easy and simple task. However, the liability of the owner is unlimited i.e. he will be held liable for all the business’s debt. The owner can efficiently trade under his own name or another name.
- In Sole Proprietorship, owners are required to pay an income tax on profits by sending Self – Assessment tax return annually.
- If the Vatable Turnover is over £85,000 then the sole trader has to pay VAT otherwise he has the option to omit it.
2. Partnership :
Two or more partners are required for the formation of a partnership. Small or family-owned business used the partnership concept most. The partnership is the simplest form of business configuration to run a business.
- Decide the partnership name, choose a designated partner and register with His Majesty Revenue and Customs (HMRC) Department.
- Nominated/Designated Partner is solely responsible for managing the partnership’s tax returns and keeping all the business records.
- The rest of the partners are required to register separately by 5 October in business’s second tax year, failing this they will be charged a penalty.
3. Company :
Companies Act – 1985 and Income & Corporation Taxes Act – 1988 will govern the policy of company registration in United Kingdom. The official language of legislation and corporate documents in English. A company registered in the United Kingdom has the same power as a Natural Person.
Four types of company that can be registered:
- Private Companies (Limited by Shares)
- Private Companies (Limited by Guarantee)
- Private Unlimited Company
- Public Limited Company
Steps for Company Registration in United Kingdom
- Choose the applicable name for the company
- Mention the registered address of the company
- Name and Details of at least one director
- Details of the company shares
- Standard Industrial Classification of Activities (SIC) Code
- Draft the Memorandum of Association (MOA) and Article of Association (AOA)
- Details of people with significant control over the company
After Company Registration in United Kingdom:
After the completion of the process of company registration in United Kingdom, the person will receive “Certificate of Incorporation” (COI) in which the company registration number and its date of incorporation will be mentioned. Certificate Of Incorporation will give the assurance of company being legally formed and incorporated. Within the 3 months of beginning the business, Registration of Corporation Tax should be done. A 10 digit Unique Taxpayer Reference (UTR) code along with company details such as company’s registration number, dates of first accounting period will be required before proceeding for corporation tax registration. All the required details are to be submitted with the HMRC, who will then provide the corporate tax number on the basis of which annual corporation tax returns will be submitted.
This is a brief of the procedure of company registration in United Kingdom. The United Kingdom has always been in the spotlight with different corporate and non-corporate issues due to which people all across the globe wish to be here at any cost. The UK has surely managed to emerge as one of the most popular office destinations despite its few loopholes.
Contact LegalRaasta for a simple an hassle-free process of Company Registration in United Kingdom.