The UK is a top investment destination for good reason. Life Sciences, Aerospace, ICT, Automotive Engineering, and Financial Services are among the leading industries in the jurisdiction.
The world-class infrastructure supports the UK’s vibrant economy and attracts foreign investors and multinational companies. Investors like the UK because of its proximity to Europe and access to the EU market. These factors make the UK an attractive place for investors to register a business, but first-time investors may find it difficult.
Consult Fintech Harbor Consulting before UK company registration. Fintech Harbor presents the ultimate guide to registering a UK company for a foreigner.
Determine Your Company Entity
The first step in the ultimate guide on how to register a UK company for a foreigner is to choose a company entity. UK companies can be limited or public. A limited liability company must have at least one shareholder and one director of any nationality, an official registered UK office address, and no minimum capital paid upfront, according to UK Companies House. Public limited companies must have at least two directors and two shareholders of any nationality, an official UK registered office address, a company secretary, and EUR 50,000 in the capital, 25% of which must be paid upfront. Both companies’ shareholders have limited liability, but the public limited company can list on the London stock exchange and sell its shares.
Choose Your Company Name
The second step in the ultimate guide to registering a UK company for a foreigner is to choose a name. Your company name must be unique. You cannot include an offensive or “sensitive” word that conveys the wrong meaning.
Directors and Secretary
The third step in the ultimate guide on how to register a company in UK for a foreigner is to understand higher management responsibilities. As a limited company director, you must follow the articles of association, keep company records up to date, file annual reports, and pay company taxes. You must also disclose if you might benefit from a company transaction. If a director fails to fulfil their duties, they may be fined, prosecuted, and removed. Company secretaries are only required for public limited companies, not limited liability companies. You must verify Companies House information on your UK-incorporated company. Confirmation statement. Your office address, directors and secretaries, statement of capital and shareholders, company SIC code (identifies your business activity type), and register of “people with significant control” must be checked.
The fourth step in the thorough tutorial on how to start a UK business for a foreigner is to draft the relevant documentation, including a “memorandum of association” and “articles of association.” The memorandum of association lists the first investors who “subscribe” to the firm.
The shareholders, directors, and company secretaries must all approve the articles of association, which are the company’s written guidelines for doing business.
The fifth and last part of the comprehensive tutorial on how to establish a company in the UK for a foreigner is to learn what kinds of documents must be maintained by the business.
Directors, shareholders, and the company secretary must all be listed, as well as the results of shareholder votes and resolutions, the amount and to whom the company owes money, any indemnities in case the company fails to make payments, any share purchases, and any loans or mortgages secured by the company’s assets.