A Step-by-Step Guide to Register a Company in The UK for Non-Residents
Doing business in the UK is much easier when you operate as a company or have a company. People tend to trust trading and transactions with companies since the government monitors the company’s actions to safeguard citizens from fraud and exploitation.
Whether you are a resident or non-resident of the UK, you should create a company to exploit the business advantages, such as ease of expansion and good relations with potential clients.
It is much easier for a resident of the UK to register a company; however, it would take some extra effort for a non-resident. The details and guidelines may be similar; however, additional requirements are expected of a non-resident. Therefore, to make your work easier, here are some guidelines for non-residents to create a company.
1. Select the Business Structure
A business structure refers to the type of business you wish to create. For instance, you can create a private company or consider other structures, such as partnerships. There are also different types of companies you can create.
You need a partnership when creating a company with other people as partners; this can be UK and non-UK residents. However, if you are creating the company alone without any partners, consider a private company with you as the sole owner. It can also be a sole proprietorship to meet your goals and purposes for creating a company.
When creating a company, consider a limited liability and unlimited liability company. In a limited liability company, the company takes care of all the liabilities. Should any incidences arise, the company will be sued or handle all the arising issues, such as violations. You are not obligated to take care of anything; therefore, the company is an entity.
For an unlimited liability company, you are part of the company; as such, you take care of all the liabilities. As a non-resident, it is best to avoid any liability and issues that can compromise your residency and stay in the UK.
To register a company in UK for non residents, you should rely on expert guidance to help. Hiring an expert will be critical for selecting the type of company to register, compliance conditions, standards, and steps to follow to make the registration successful.
2. Company Name and Address
After selecting the type of company, the next task is to select or formulate a name. Formulating a name can be challenging; however, if you follow the naming guidelines, the process should be short and straightforward. Ensure the name is unique and does not resemble any other in the UK. You can run it through a registry to ensure the name is unique.
Other than that, it should also reflect the company function and services it intends to offer. This will help with visibility, branding, and boosting recognition. After creating a name for the company, you can reserve it on the company name registration site so that it is trademarked for another person to use. Also, check on the website for potentially available names to use.
The next process is to provide other company address details. These details should include the official location, address, contact details, etc. Ensure it retains the address it would use for a while until you plan to change your location. You can use your or your office address if you still do not have a company address. The address provided must be a UK address for easy communication.
3. Submit Company Directors’ Names
You can determine the number of directors you have depending on the type of company you create. Every company must have at least one director who should be above 16 years old and have all the necessary documentation to support it.
If it is a partnership, list the partners as the directors depending on your agreement condition. Provide the director’s address, which must be a UK address. The director can also be someone appointed to run the company on behalf of the shareholders.
4. Provide Details of Shareholders
A shareholder is someone with a financial interest and stake in the company. You should be one of the directors, include details of other people investing, and have a direct appeal. A director can also be a shareholder. Alongside the name, provide information on the amount of shares they own in the company.
Another critical detail to provide is the addresses of the shareholders in case of any follow-ups. The shareholders can be from the UK or other countries; however, you should provide all the details, including their addresses. Follow the global financial guidelines on anti-terrorism and anti-money laundering when selecting and providing the details of the shareholders.
5. The Memorandum of Association
A memorandum of association is a binding agreement of all shareholder commitment to the company rules and policies. It should include all the signatures and details about the shareholders. Therefore, you must complete and submit the document to the online portals before completing the registration.
6. Tax Registration
All companies and businesses must comply with UK tax regulations and guidelines; note that these guidelines will likely vary based on the type of company you intend to register. Before completing the entire process, prove all the relevant tax details and consider all the taxes relevant to the type of company you register.
Conclusion
Creating a company as a non-resident should not be a challenge as long as you follow all the guidelines and abide by all regulations, including taxation, conduct, and business guidelines. Pay more attention to critical details such as the type of company, an ideal name, and the list of directors and shareholders.
Also include all the right addresses, tax details, and necessary documents, such as the memorandum of association.
