Specialist in Company Formation in UK
Why Register a Company in UK?
Company formation in UK is popular as it offers a horde of benefits to companies that are planning to either start a new venture or extend their existing business in Europe. The United Kingdom is the second largest economy in the world that serves as a portal to over 500-million customers as the most sought after and dynamic European market. The blend of market magnitude and raw economic power makes the United Kingdom the leading business choice for global conglomerates. The sheer power of its currency especially in emerging economies like India makes UK company formation even more viable.
The United Kingdom is also a global financial hub, with London frequently specified as the prime financial capital of Europe. Along with the status of European economic capital, the United Kingdom has a prominent gamut of favourable attributes for new industrialists. The kingdom’s business environment is a model of stability and simplicity. A highly competitive and business-friendly tax climate helps make the U.K. one of the most appealing commercial homes in Europe.
Different Types of Business Entities in the UK
Private Companies: Majority of the private limited companies are limited by shares. Company associates or stakeholders own one or more shares allocated by the company in return for payment. A Stakeholder has no liability for the company’s debts because most of the shares are fully paid for. The liability of the company is limited to the amount of share that has been allocated to the stakeholders, but they have not been fully paid for.
Public Companies: In Public Limited Companies, before offering shares to any investors or stakeholders’ one must acquire legal authority approval. A public limited company must have an issued share capital of more than 50,000 pounds in which minimum of 25% must be fully paid off.
Company Limited by Guarantee: Companies limited by Guarantee has participants, rather than investor or stakeholders. Their liability is limited by an amount of less than a £1, guaranteed by each member, which becomes unpaid in the event of the company being wound up. The Memorandum comprises a non-profit distribution clause, and these companies are habitually incorporated by professional, trade or research associations. After incorporation, the company can be registered with the Charity.
Flat Management Companies: A flat management company has its Memorandum and Articles of Association usually made to permit the company to possess, organise and run a freehold property. These properties are divided into numerous other houses, flats, units, etc. in which each stakeholder owns a share in the company. The occupant will be indulged to transfer the ownership of the share to the new occupant when disposing of the property.
Limited Liability Partnerships: A limited liability partnership is an innovative method of a legal business entity with limited liability. The main features of limited liability partnerships are that they have legislative flexibility but are taxed as partnerships.
United Kingdom Branch: A foreign company can register itself in the United Kingdom to work as a division, in lieu of integrating exclusively owned United Kingdom subsidiary. To register a company, diverse application form needs to be lodged with company’s house along with a replica of the company’s existing certificate of incorporating and other prescribed documents. The company must structure its annual accounts each year with the Companies House and complies with other reporting documents such as changes in its directors and registered office in the country of incorporation.
The challenges of company formation in UK are often daunting – while on one hand regulations are constantly growing, on the other hand, no business landscape remains static.
If you are making an allowance for entering the U.K. market, then S. K. Patodia & Associates is a one-stop solution that will help you to mark global footprint in desired business destination. S. K. Patodia & Associates has a team of committed professionals with specialised skills serving a range of business needs, believing strongly in creating and adding value to their clients’ business.
Procedure for UK Company Formation
- Reserving a company name with the Companies House
- Preparing the Memorandum and Articles of Association
- Providing one Standard Industry Classification (SIC) Code
- Registering with the Companies House
- Obtaining the Certificate of Incorporation
- Opening of the Bank Account
- Registering the VAT with HM Revenue and Customs
- Registering for PAYE (pay as you earn) with HM Revenue and Customs
Requirements for Company Registration in the UK
Basic Requirements for Company Formation in UK
- Minimum 1 Shareholder (any nationality)
- Minimum 1 Director (any nationality)
- Director and Shareholder can be one and the same person
- Registered office address
Documents Required For Company Formation In UK
- Company’s Memorandum and Articles of Association
- Details of the Shareholders, Directors and people with significant control
- Standard Industry Classification (SIC) Code
- Completed Application form IN01
- Copy of the passport or ID of the Shareholder, Directors and members
Our Company Formation Services in the UK
- Checking for name availability and reserving the same
- As required by law, carrying out ID checks of the members to ensure compliance with anti‐money laundering regulations
- Preparing the incorporation document and the statement of compliance in line with the standards set by the legislature
- Submitting the prepared documents and following up with Companies house to obtain Certification of Incorporation
- Services for registered office for the first year
- E-mailing the Certificate of Incorporation
Advantages of Company Formation in UK
- The U.K. is a fertile ground for businesses that offers significant opportunities and capital for expansion thereby making it a remarkably beneficial spot for commercial development
- It enormously fascinates investors from all around the globe to nurture their business
- Foreign investors are treated with great connectivity. Take for instance, direct aircraft facilities from all the prime cities in the world
- The UK has kept pace with state-of-the-art technology and enhanced infrastructure development
- It helps to remove trade barriers
- It reduces the business costs
- It offers greater business efficiency
- The U.K. offers one of the world's highest standards of living, and a variety of cultural institutions and amenities make it one of the most preferred places
Time Period for Company Formation in UK
It usually takes 13 days for company registration in UK.