According to a ranking made by the World Bank “Doing Business,” the UK is said to be the Eighth on the list as one of the easiest countries in the world to begin a start-up or commence a business. Due to this, just like a citizen or anyone born in the EU community, a non-UK can start a UK Limited Company.
The steps needed to be taken are not different from the ones made by the citizens. It takes the same process, papers, and every other requirement. However, it is worthy to note that companies like government agencies, LLPs, partnerships, and unincorporated bodies.
Can A Non UK Resident Set Up A UK Company?
The UK offers stress-free company ownership for non-resident companies, therefore, you are free to visit the concerned authorities and commence the process. Non-UK Residents Need A UK. It is hightime you take what’s yours before it takes you.
Is Tax Charged On Company Income Paid To Non-residence?
On the point of earning from your registered company, as a non-residence, you are to always pay your tax in the UK. It is called retention tax. Retention tax is deducted from one’s source of income before it is then remitted to the country of residence.
The tax-free income advantage is only meant for the citizens of the UK, if not, you got to pay the tax if you are a non-residence. You could even be paying more income tax, especially in your country of residence. You won’t only if you are on a double-taxation agreement benefit, like Australia, Canada, and the US.
Is A Non UK Resident Working For The UK Company?
A foreigner can work for a UK company either partly or fully through a business agent. However, you must hold a commercial agreement based on the UK acts. You will be charged for the services, but the fee is depending on the nature of the service.
Can A Non Resident Be A Shareholder In UK Company?
Since a citizen or anyone from the EU community can either be a Shareholder or a Director of any UK company, non-residents are not exempted. Amazingly, you need not be in the UK before you can incorporate a company, while new companies are ready to have you on board.
You will need fee documents and papers to get this done. First is the availability of office address and details within the last year, followed by some set of mails on being forwarded to you from the company, the compliance service of that firm, and some other files will be mailed to you as well.
Shares certificates, certificate of incorporation, articles of association, bound copies of a memorandum, company registers, and the PDF of both the certificate of incorporation and that of the memorandum as well, will be the other files that you are going to receive from the UK company, as a non-resident shareholder.
Who Can Open A Limited Company In The UK?
Anyone is free to own a limited company, a citizen, a foreigner, or just anyone. However, you must at least meet any of these requirements: you must not be a disqualified director, you must be clean and free from being charged for bankruptcy or any misconduct, and you must be 16 years of age or more. You are good to go if all these are ticked in your heart.
In the UK, just a person is meant to own a limited company, although your application details or request is open for you to have at least a member and just a director. Most times, the owner of the limited company plays and serves in two rows, first as a director, and also as a member.
This system is ideal for small-scale businesses and business owners who are ready to captain the affairs of their own company. Which could either happen from scratch or while a business is about to crash. Another benefit of owning a limited company in the UK is the freedom and willingness to bring in a director or more members anytime you wish.
Can A UK Resident Be A Director Of Foreign Company?
Yes, a UK resident can be required to be the director of a foreign company in the UK. Amazingly, this can even be done without the person residing in the country; all that is needed is to register the company with the Companies House. The same system applies to significant controllers of a company, shareholders, and secretaries of companies.
Before a UK resident can become a director of a foreign company, such a person must be under a firm whose name meets up with all the regulations and rules; there will be no itch if this has been settled.
Disadvantages Of Registering As An Overseas Company In The UK
Difficulty in proving ownership
Due to the unavailability of public registers, affirming one’s ownership could be quite difficult if you run a company offshore. Anonymity seems to be an advantage to offshore or oversea companies, however, the problem surfaces when the owners are to announce themselves as beneficial or shareholders.
This will always be a drawback when it comes to distribution and the remittance of income and assets of every offshore or oversea company. All monies are subjected to taxation, thereby losing the tax-free benefit if they were in one’s own country.
Pricing and Marketing
Likely, you do not get your full hands on the way price tags are given to your goods or services, and your marketing system. Contracting and the use of agents can be quite dicey, except if you hire an expert with proven records. Brand identity could be jeopardized as well, unlike if you got into the market yourself.
Do Non-UK Residents Need A UK Bank Account?
It is not made compulsory that you own a UK bank account before you can make any transaction as a non-UK resident, however, having one will ensure that your transactions are carried out smoothly and out of charge, unlike the non-UK bank account where you could be paying additional fees.
Permanently residing in the UK is not need to own a UK bank account, all you need is a UK residency right and a UK-based home address. Your registered UK office address might not work in this case, notwithstanding, that a few banks offer international services.