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Why the United KIngdom?
Offshore company formation in United Kingdom is popular with entrepreneurs and investors around the world. The UK is one of the world’s most well-regulated business markets and offers plenty of key advantages for today’s business owners. Incorporating a limited company is one of the most popular options when it comes to UK company formation and our team at FormationWise can help. Our global financial experts have years of experience working with vital jurisdictions like the United Kingdom.
Key advantages of company formation in United Kingdom include:
What is company formation?
To explain it simply, company formation refers to the process in which a business is registered with Companies House. This is the UK government’s official registrar for companies that operate within the jurisdiction. It is also the only organisation in the UK that can legally incorporate a company. To explain it simply, company formation refers to the process in which a business is registered with Companies House. This is the UK government’s official registrar for companies that operate within the jurisdiction. It is also the only organisation in the UK that can legally incorporate a company.
FormationWise is here for you with a full array of services for incorporating your UK company. Our highly experienced team will assist you every step of the way. Whether you need business advice, accounting services, you want to open a bank account or even create a website – you will find what you need with us.
Send us an inquiry today!
Placing an order is simple
Select your desired package
Simply choose the right package for your needs by filling out our form, by call or by placing an order on our website.
Make a payment
After finalizing the correct package make the payment for your selected services and send us your documents.
Send your documents
Forward us all the necessary documents through an email with documents attached or by phone
Once we receive the payment and the required documents, we will start the company incorporation process in UK
Open a bank account
We will help you open a corporate or personal account with a reputable bank in the United Kingdom
Types of companies that can be registered in United Kingdom
There are four standard types of companies that can be registered in the United Kingdom. They are:
Public Limited Company (PLC)
Public limited companies can sell debentures and shares to the public. This is generally done through a stock exchange. These companies often start out as private limited companies before they are re-registered as PLCs so that they can raise capital to expand. Businesses in the UK must have a share capital of at least £50,000 to register a PLC. 25 per cent of this must be paid up prior to the company beginning to trade.
Private Company Limited By Guarantee
A private company limited by guarantee is one that limits the liability of its guarantors to an amount that is pre-agreed upon. This is the amount they must pay in the event that the company fails.
Private Company Limited By Shares
Private companies limited by shares are the most commonly registered with Companies House in the UK. In these companies, the amount for which shareholders are liable in the event the company fails is limited to the company’s reserves.
Private Unlimited Company
A private unlimited company is one where there is no cap to the amount that its members must pay if the company ends up being dissolved. For this reason, this is a classification that is reserved for companies where there is a low risk of insolvency.
Minimum share capital for a UK company
The minimum share capital for a public company in the United Kingdom is at least £50,000. 25 per cent of this amount has to be paid upfront. When it comes to the formation of a private company in the UK, there is no minimum capital requirement. It is simply required that at least one share is issued upon the company’s incorporation. The initial share capital of these companies is often less than £100.
Time frame for the incorporation
It can take as little as 24 hours to register a company in the United Kingdom. Doing this process online is the quickest way to accomplish it. Using our online incorporation services here at FormationWise is the easy way to incorporate your UK company as quickly and efficiently as possible. Working with our team is a proven way to make sure that everything is in order when you set out to form an offshore company in this exciting jurisdiction!
Reasons to form a company in United Kingdom
There is no shortage of reasons to form a company in the United Kingdom. A few of the key benefits include:
Beyond these benefits of opening a company in the United Kingdom, the country’s business exit options also add to its status as a highly desirable jurisdiction for business activity. If you have registered a business in the UK as a limited company, it can help you out in the future if you decide you want to sell it. To find out more about the reasons to form a company in the United Kingdom, speak with our team of global financial experts at FormationWise today!
Why choose FormationWise to set up an offshore company in UK
Choosing FormationWise is your go-to option for UK company formation. We have a wide network of global partners who offer professional company formation services that will help you get things going in the United Kingdom with your business. A few of the key reasons to choose our team include:
We Offer a Full Array of Services
The services that we offer range from document retrieval, serviced offers, trademark registration & taxation and private client services. Our wide range of services is offered to help you run your business without any difficulties in the new jurisdiction you are opening in.
Our Team of Partners Is Highly Experienced
Our global team of partners at FormationWise is highly experienced with years of time spent working in the industry. We have the type of experience required to help new companies and established ones of all sizes with needs such as offshore company formation, payment processing and much more!
We Offer a Free Preliminary Consultation
When you choose FormationWise for offshore company formation, you can take advantage of our free preliminary consultation that we offer. This consultation includes information on strategies and the provision of services for the evaluation and establishment of a legal entity or any corporate matter in the UK and globally!
Our Service Is Fully Secure
When you work with FormationWise, you can rest easy knowing that all of your vital records, personal information and data are completely safe and secure.
We Offer Fast and Reliable Service
We take pride in offering a fast, reliable service here at FormationWise. Our goal is to help you get your UK company up and running in accordance with the jurisdiction’s laws and regulations as quickly as possible!
FormationWise Offers Cost-Effective Services
Our team of financial experts takes pride in providing services that are cost-effective and offered at a cost that is competetive within industry standards.
Our Pricing Is Transparent
We take integrity and honesty seriously here at FormationWise. Because of this, you can count on transparent pricing for our services. You will never have to worry about incurring any hidden costs or fees when you work with our trusted company formation professionals.
How to start the company formation process?
Turning to our team at FormationWise is the easy way to start the process of company formation for a business operation based out of the United Kingdom. There are several steps you must take to start the company formation process for a business in the UK. They include:
Legal requirements for a UK company
The legal requirements for UK company formation are as follows:
You must select a proposed company name if you wish to form a company in the UK. The name you choose cannot be offensive. It also cannot have any sensitive words that could suggest that it is connected with the UK government or local authorities.
Registered Office Address
You must have a registered office address within the United Kingdom’s borders to form a company in the country. It also has to be a real, physical address and cannot be a post office box.
UK companies must have a company director who will be responsible for the day-to-day management of the business. It is required that your company has at least one director but you can have several if you wish.
You must have at least one shareholder for your company. This is the person who is considered to be the owner of your company. It can be the same person as your company director. This means that you only need one individual to incorporate a company in the United Kingdom. You can, of course, have more than one shareholder.
Memorandum and Articles of Association
Your memorandum and articles of association are the founding documents associated with your UK offshore company. You can have these documents generated by Companies House as a part of the process involved with registering your business. They can also attach it to the articles. Our team at FormationWise will provide your articles of association as part of the service that we offer you for UK company formation
Share Capital Valued at a Minimum of One Issued Share
You are required to have at least one share to form a company in the UK. There is no limit to the number of shares that you issue but your liability goes up as you increase the number of shares. Issuing 10 to 100 shares is generally a good number for company formation.
A SIC Code
Finally, you must have a standard industrial classification code or SIC code to start a company in the United Kingdom. This is the code that the government uses to identify your company based on the specific industry that you operate within. It is possible to use up to four SIC codes to describe the types of activities that your business is involved in.
Key documents required
To form a company in the UK, you will need Form IN01 along with the registration fee. Additional documentation that you required includes:
Cost of forming a company in UK
UK company formation costs are one of the most important things to know about regarding this topic. It costs £12 to register your company online in the UK. This is a fee that can be paid by credit or debit card. The process generally takes around 24 hours of processing time. For a fee of £40, you have the option to register your company by post. Same-day registration is available for a cost of £100 with a paper application.
Additional costs that you need to consider when it comes to UK company formation include business insurance, accountancy fees, expenses, taxes, bookkeeping software and your annual confirmation statement which costs £13. You can find out more about the costs associated with forming a company in the United Kingdom by speaking with our global team of financial experts at FormationWise today!
The United Kingdom is one of the easiest, safest jurisdictions in the world to do business. It enjoys one of the highest rankings in the Ease of Doing Business index that is published by the World Bank. Other positive attributes of the UK’s business climate include a robust market infrastructure, world-class corporate governance standards and regulators that are pro-innovation.
It is not required to have a company secretary for a private limited company operating in the UK. There are some UK companies that have secretaries that take on many of the responsibilities usually reserved for the director. It is legal for a company secretary to be a director. They cannot be the company’s auditor.
By way of law, UK company formation requires all operations to have at least one director. They also must have at least one shareholder. The shareholder can instead be a guarantor in the case that the company is limited by guarantee. It is important to note that directors are responsible for running the company while the shareholders own it.
Non-residents can open bank accounts in the United Kingdom even if they do not reside in the country. There are a few things that are important to understand regarding this subject. They include the requirement to prove your identity and residency that is in your name. You must provide information regarding your source of income and any other relevant information that the bank may request. It is also important to keep your personal and business bank accounts separate so you can avoid spending your personal income on your business.
Value-added tax, commonly referred to as VAT is a type of tax that is levied on the price of services/products offered by a company at each stage. The VAT rate in the United Kingdom is 20%. This is the rate that applies to most goods/services. The exceptions would be goods/services that are classified as reduced or zero-rated in terms of VAT.
The target goal for dealing with company formation in United Kingdom by HMRC is 15 working days. The information regarding company setup will be sent to the overseas registered office. It can take this information anywhere from two to eight weeks to arrive. Once you receive your UTR, you can then register for online services with HMRC so that you can file a corporate tax return. At that point, you can pay any tax that is due.
It is possible to incorporate a company online in the United Kingdom. The fees for incorporating a company online can be paid by way of credit or debit card. It generally takes 24 hours for the registration process to be completed. Your options for incorporation include doing so as a sole trader and taking on all liability for company debts or doing so as part of a partnership and sharing liability with other partners.
It is not required to visit the UK in order to set up a company in the country. The registration process is the same for UK residents and non-residents. Foreign nationals are eligible to become a company director, secretary or shareholder without residing in the UK. FormationWise can help you with offshore company formation in the United Kingdom without any requirement of you physically visiting.
All companies operating in the UK jurisdiction are required legally to provide a registered office address. This location will serve as the company’s official address for any correspondence from HMRC or Companies House. It is required that this address is displayed on all company websites and forms of correspondence.
The process of registering your company’s name can be done online with Companies House. The fee is £12 and you will register for corporation tax at the same time.