-
By juan
- In Uncategorized
How To Set Up A Company In The UK As A Foreigner
To set up a company in the UK as a foreigner does not involve any major additional impediments due to the fact of not having British citizenship.
The United Kingdom is an attractive country for entrepreneurs of any nationality.
UK has flexible legislation that generates a favourable environment for investment and business creation.
Below, we briefly present certain aspects that you should consider in order to bring your business ideas to fruition.
Contents
- To set up a company in the UK as a foreigner, particularities
- Choose the company strucutre
- Register the company in the UK
- Obtain a Tax Identification Number (UTR)
- Open a business bank account
- Comply with accounting obligations
- Obtain the necessary licences and permits
- Conclusions on how to set up a company in the UK as a foreigner
To Set Up A Company In The UK As A Foreigner, Particularities
Just as you can set up a company in the UK as a foreigner, you can also establish a company without residing in the UK.
Similarly, foreign companies can register branches, so-called UK Establishments, to do business in the UK on behalf of the parent company.
Although it is not a complicated process, we recommend that you consult the steps for setting up a company in UK with experts who can help you achieve your objectives.
Choose The Company Structure
There are many types of company in the UK. That provides a wide range of possibilities to choose from in order to best adapt your tax strategy.
The most common are the Limited Company, the Partnership and the Sole Trader.
Each of these options allows you to diversify the risk of the investment in a certain way. So take into account their characteristics.
Register The Company In The UK
This can be easily done via the Internet at the Companies House and costs £12.
This is a good example of the lack of bureaucratic complications when setting up a company in the UK.
Obtain A Tax Identification Number (UTR)
Once the company has been registered, HM Revenue & Customs (HMRC) will assign it a tax identification number.
This number, UTR, is the one that must be used to file the corresponding tax returns in the UK.
Open A business bank account
Opening a bank account for your company in the UK is not compulsory.
It is not an overly difficult task and some banks allow you to open accounts online.
However, we recommend that you find out about all the options and consult with experts.
Comply With Accounting Obligations
The accounting oblitations are the same as if you were a British citizen. The most significant taxes on business activity in the UK are Corporation Tax and VAT.
To fulfil these obligations, you must keep detailed records of all your business operations. Relying on tax advisors is always a good idea.
Obtain The Necessary Licences And Permits
Depending on the sector and the type of activity, your company in the UK may need licences or permits.
if you want to hire foreign employees to work in the company within the UK, you will have to register the company as a sponsor with the British government.
Conclusions On How To Set Up A Company In The UK As A Foreigner
The UK is a country that highly values entrepreneurial initiative and enterprise.
Therefore, the requirements for setting up a company in the UK are easy to meet.
That means the procedures to establish a business legally are neither time-consuming nor costly.