Today, registering a company in the UK is the most suitable choice for working with international partners.
Among the main benefits of the jurisdictions are following:
- Britain is not an offshore, so it is not included in the blacklist of other states;
- this country has a trustworthy reputation, which positively affects the image of the company among investors;
- a high level of confidentiality;
- a possibility to receive a tax resident certificate;
- stability of the local currency.
The process of registration includes a few simple steps.
Step 1. Choosing a naming
First, you should choose a name for the future company. Great Britain puts forward several requirements for the naming formation. The main demand is the originality of the name. You cannot apply for the naming that is already use by another company. This information can be check in the online register.
The name must not include offensive expressions or the names of authority, for example, ‘governmental’. The name must also include the LTD or LLP addition to inform customers about the form of the legal entity.
Step 2. Checking requirements to the company and owners
The process of company formation is rather long. If you forget to submit the only one document, your application will be deny and you will have to go through this path one more time. So, be attentive while checking the requirements. This is a primary checklist:
- the founder must be over 16 years old;
- a director is only a physical person;
- a company must have a registered office;
- you should state at least 3 variants of company name if one of them will be used or banned;
- you should state the share capital and its primary division. Fortunately, there are no restrictions on the minimal amount.
Step 3. Documents collection
You have to submit:
- statutory documents;
- personal information about the owners;
- filed application form.
In LTD, you need at least one shareholder and one director. In LLP. there should be at least 2 owners – legal entities or physical persons. The management of the company is grant to one of the partners.
In the list of requirements, you will meet a mention about the secretary post. But do not worry, it is unnecessary to appoint a secretary at the beginning.
It is possible to submit documents online. The procedure can take from 4 to 24 hours, depending on the chosen legal form. You can also apply in person, but the online procedure is more convenient and faster. Besides, it helps to save money, as you do not need to pay additional fees while registering online.
After completing the registration, you will receive a certificate of incorporation via the email. It includes the company number, naming, location, the date of registration and the legal form of the company. It is a starting point of your business activity.
Step 4. What to do next
After receiving a certificate, you are officially free to start the business. There are only a few formal actions you have to complete. For example, you need to open a bank account and submit information about your company to the tax service.
It is important to remember about the annual reporting. The first financial report must be submit within 21 months after the end of the reporting period in which the firm is registered. It must reflect all financial transactions for the specified period. Further reports are submit every year within 9 months from the date of the end of the fiscal year.
Eternity Law International will gladly help you with LTD company regisrtation in the UK, and our specialists will answer all your questions. Take advantage of our many years of practical experience – save your time and your money.
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