1. Take your business abroad. Incorporate a company in the UK easily through Silver Unicorns Technologies!
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UK Company Formation - an Overview
The UK market offers multiple benefits for entrepreneurs
and business owners. Opening your company in the UK is now much easier, thanks
to Silver Unicorns Technologies.
In response to the UK government's white paper, the
Companies Act, 2006, was passed. In addition to this Act, there are many codes
that govern businesses, SMEs, and enterprises in the UK. The UK corporate
governance code and other Acts that govern corporations are some of the
well-known legislation.
The Companies Registry of UK is the main regulating
agency or authority for the creation of UK companies (companies house). This is
one of the main organisations in charge of regulating business practices in the
UK. In addition, there are various types of authorities, such as the FCA.
Benefits of Incorporating a Company in the UK
Very easy to incorporate : The
regulatory and legal requirements for starting a business in the United Kingdom
have become much easier in the past few years. Whether you are registering a
new company or filing your income tax return online, the barriers that existed
earlier are getting lower steadily. The World Bank found that it takes 13 days
to set up a business in the UK, compared to the European average of 32 days. It
ranks the UK first in Europe and sixth in the world to operate a business.
Government support: The British government
provides a number of financial schemes that offer sizable tax benefits to the
owners and employees of companies. These schemes are also extended to smart
investors. Upon selling a company, you can claim entrepreneurs relief up to 10
million pounds. Investors can also claim tax credits up to £150,000 against
their investments in any given year.
Worlds largest product market: The
OECD noted that the UK is second in the world for Product Market Regulation and
is only behind Australia, has the least restrictions to entrepreneurship in the
world and has the third least barriers to investment and trade in the world.
Efficient communication system: The
United Kingdom has an extremely efficient communication system and has the most
extensive broadband market among the G7 countries and one of the strongest ICT
infrastructures in the world.
Documents and Information Required for
Company Incorporation in the UK
For starting up a business in the United Kingdom, we will
require the following documents and information:
Memorandum of Association
(MoA):
A short document confirming the owners intention to form
the company and to become members of that company on incorporation.
Articles of Association
(AoA):
The company’s principal constitutional document, which
contains in detail all the administrative provisions of the company’s
operations that are agreed by its members. It sets out how the important
decisions are taken by the members and directors, as well as various matters
connected with the shares, general meetings of the members, appointment and
powers of directors, board resolutions and notices, helping to ensure that the
company’s business runs as smoothly and efficiently as possible.
Company Name:
A UK private limited company can choose any name provided
that: it is distinctive: it cannot be identical to another name, differ from
another name on the company index: it doesn’t contain a sensitive word or
expression and is not offensive.
Registered Office
Your company should have a physical address in the UK.
This is where official communications will be sent, such as correspondence from
companies house, HM revenue, and customs department. This address will be
publicly available on the online register and will be the location where the
public is able to inspect the statutory registers of the company, unless the
company adopts a Single Alternative Inspection Location (SAIL). The address
should be displayed on all company stationery, including emails and websites.
We can help you establish a registered UK office address – learn more.
First Officers
The First Officers consist of the following.
Directors
A private limited company must have at least one director
who is a living individual, at least 16 years of age and not disqualified from
being a director. It is advisable to have at least two directors to ensure
continuity if one of them resigns or is unable to conduct the duties.
Company Secretary
A private limited company does not have to mandatorily
appoint a Company Secretary unless the same is specifically mentioned in the
articles of the company. A company secretary can be an individual or an
organisation.
Statement of Capital
This statement provides the details of the shares of the
company and their valuation. There can be numerous classes of shares with
different rights such as voting rights, dividend rights, capital rights and
redemption rights.
Persons with Significant
Control
Any person with significant control must be registered on
the incorporation of the company.
The purpose of the same is to improve corporate trust and transparency by
making it clear who ultimately controls the company. A person with significant
control is an individual or legal entity who meets one or more conditions
relating to share ownership, voting rights, appointment of directors or
exercises control of the company.
Company Registration for Non-UK Residents
The registration procedure for non-UK residents is very
much similar as for residents living in the UK. There are no restrictions on
foreigners being a director, shareholder, or secretary. You even need not have
to live in the UK for starting a company. But your company must be registered
with Companies House in England and Wales, Scotland or Northern Ireland
(depending on the location of the company).
Requirements for Registering a UK Limited
Company:
Company Name: The name of your company
should be unique and should not contain any prohibited words.
Director: Only one director is
required for the company formation but there is no limit to the number of
directors you can appoint. The age of every director should be 16+
Shareholder: Only one shareholder is
required but there is no limit to the number of shareholders you can appoint.
Registered Address: This address of the
company must mandatorily be in the UK and will appear on the public register.
Directors Service Address: Each
director, secretary and PSC must provide a service address for Companies House.
This address can be located anywhere in the world but it will be on the public
record.
What Aspects Are Taken into Account When a UK
Corporation Is Formed?
When forming a UK corporation, the following elements
must be taken into account:
Category of Business : The applicant must
first review every category of business that is present in the UK. The sort of
business that will be used for company formation must be taken into account
during the formation procedure. The applicant may take into account a variety
of business kinds when completing the UK company formation process:
Location-friendly Name: Sometimes, based on
the new geography you are entering, it might prove necessary/useful to change
to a name that is more friendly and acceptable there.
International business or UK business: The
applicant for a UK company formation must also decide whether the company will
be set up as an international or UK corporation. If the corporation is governed
by domestic law, then UK-specific legislation would apply to the company.
Types of Business Structure (UK Company
Formation)
The applicant must first choose the best business
structure for establishing the company as in the UK. In the UK, the following
company structure types are available:
Lone Trader: As the name suggests, a
sole trader is an individual who runs their own firm. A lone proprietor has
unrestricted liabilities. As a result, the applicant before beginning the
process of registering as a sole trader, should examine the quantity of his own
liability.
Partnership: A partnership firm is
when two or more persons initiate a company and decide to divide the company's
profits. The assets and liabilities of a partnership-type business are divided
among the partners.
Limited Liability Partnerships: are
legal entities in which the maximum liability of each partner is limited to the
capital they have contributed to the partnership.
An Unlimited Company: It is a business with or
without share capital that resembles a limited corporation. There is no cap on
the responsibility of its shareholders or members. As an outcome, they are
together and are responsible for the company's debts.
Limited Company—A limited company has
limited liability and is widely incorporated in the UK. In case of bankruptcy
the personal assets cannot be seized.
A Public Company: It is a type of company
whose ownership is disseminated by the public through shares that are exchanged
publicly. These businesses are required by law to make the public aware of the
pertinent information.
Private Company: A privately owned company
falls under this category. Even though these businesses are permitted to issue
shares, they are not listed in the stock exchange.
Eligibility Requirements for Forming a UK
Company
The following qualifying regulations must be fulfilled in
arrangement to form a UK company:
·
Minimum share capital required
·
Name of the business
·
Registration of the Directors' Number
Procedure for UK Company Formation
Creation of the business
This is the first step, Just start your business and take
all the needed steps. The appointment of additional essential management
personnel, such as the company secretary, is also crucial. In the UK, every
director must be older than 16 years old. The directors' service address must
be correctly provided in the material.
The shareholders and
guarantors (PSC) is accounted:
There must be at least one shareholder with the authority
to manage the company's affairs for the company to be registered. The
corporation must have shareholders in order to be formed. Following this, the
applicant must identify the executives (shareholders or directors) who have
considerable control over the business. The PSC registration is one such register.
Create Legal Documents for
Running the Company:
In order to register a firm, the applicant must now draft
specific legal documents, such as the Memorandum of Association (MOA) and
Articles of Association (AOA).The company's organisational structure is
governed by the AOA. the company must also have a registered address in the UK.
After completing the aforementioned steps, you must
register the company and submit a SIC code. The activities that the company
performs will be indicated by this code. Subsequently you must register with
the company's house. The business must register with the corporate tax
authorities in order to take into account taxes paid in the UK.
Why Silver Unicorns Technologies
Silver Unicorns Technologies has the best business
experts in the town. We as a team help more than 1000 companies every month in
multiple domains. We can deliver all your documentation requirements in just
four working days. And if you're not totally satisfied, we'll take another
couple of days to work on the modifications you need. All at the lowest price,
both online and offline. Just reach out to us to complete the whole process.
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