Register company in UK
To register company in the UK is hassle-free, if you know how. With Tetra Consultants at the wheel, you will be able to dedicate your time and resources into other more important business channels. With our lean-and-mean mentality, you can rely on our team of experts to provide you a seamless experience throughout the whole process of company registration in UK. Our ultimate goal is for your UK company to be operationally ready within the stipulated time frame. Our service package includes everything you will require to open company in UK:
- Company registration with UK Companies House
- Local company secretary and registered address
- Opening local or international corporate bank account
- License applications (if required)
- Annual accounting and tax services
How much time does it take to open a company in UK?
- Tetra Consultants will complete the process to register company in UK within 2 business days. After receiving required due diligence documents and information of the directors and shareholders, Tetra Consultants will search online for the availability of your preferred company name and prepare the required incorporation documents. Throughout the process to form a company online, you will not be required to travel to the UK itself.
- After Tetra Consultants has register company in UK, you can expect to receive the documents of your new company including certificate of formation, memorandum & articles of association as well as register of directors and shareholders. These documents will be in electronic copies and if required, Tetra Consultants will assist you to have them notarized and legalized.
- Within 4 weeks upon company formation, Tetra Consultants will open a corporate bank account either a local or international reputable bank. In recent months, UK banks have become increasingly reluctant to open corporate bank accounts for UK companies with no local directors, customers or suppliers.
- Consequently, you can expect your company to be fully operational and be able to issue invoices within 5 weeks upon engaging Tetra Consultants. If you are keen to know more about setting up business in the UK, Tetra Consultants has prepared a step by step explanation of what to expect.
What types of business structures are there to register company in UK?
UK is ranked 6th largest economy in the world with a population of more than 66 million people, allowing even small markets to be profitable. In addition, it also has a diversified economy with both large public and private sectors. The UK offers many different types of business entities for you to choose from. This includes Limited Liability Company, Public Limited Company and Limited Liability Partnership Before we proceed to register company in UK, Tetra Consultants will fully understand your business model and recommend the most suitable business entity to meet your long term business needs. You will be advised on tax obligations, minimum requirements, timeframe as well as potential personal liability. Limited Liability Company (LLC)
- If you are looking to register company in UK, Tetra Consultants will recommend you to set up a limited liability company. This is the most common business entity for small and medium-sized enterprises (SMEs) and is suitable for most business activities.
- A UK limited liability company is a separate legal entity and its shareholders will not be personally liable to the company’s liabilities and debts. A limited liability company is subject to corporate income tax rate of 19% and is required to file annual financial statements.
- According to UK Companies House, setting up a limited liability company can be done with minimal requirements:
- 1 shareholders of any nationality
- 1 director of any nationality
- UK registered office address
- No minimum paid up capital
- If you are looking to register company in UK to conduct business in the field of financial services, you will require specific licenses. Depending on the license you require, you will be subject to respective additional requirements, such as higher capital requirement or local economic substance.
Public Limited Company (PLC)
- If you are planning to raise capital by issuing shares through Initial Public Offering (IPO) or shares issuance, Tetra Consultants will recommend you to consider setting up a Public LImited Company (PLC). With a PLC, you will be able to be listed on the London Stock Exchange.
- According to UK Companies House, a public limited company can be registered with minimal requirements:
- 2 directors of any nationalities
- 2 shareholders of any nationalities
- UK registered office address
- Qualified company secretary
- Minimum capital of £50,000 of which a 25% is required to be paid up capital
Limited Liability Partnership (LLP)
- If you are looking to open company in UK with 2 or more members, you may wish to consider registering a Limited Liability Partnership (LLP). A member can be a person or a company, known as a ‘corporate member’.
- You should ensure that an agreement is drafted and agreed with other members prior to setting up the UK LLP. This agreement will set out how the LLP will be run. Some terms and conditions that should be included in the agreement include profit-sharing, decision making protocol, responsibilities of each member and how to enter and exit the partnership.
- It is essential to have this partnership agreement sorted out prior to company formation to prevent future miscommunication. If you expect the annual sales of your LLP to exceed £85,000, Tetra Consultants will assist you to register for Value Added Tax (VAT).
- According to UK Companies House, a Limited Liability Partnership can be registered with minimal requirements:
- 2 members of any nationalities
- A comprehensive LLP agreement that clearly states how the LLP will be run
- UK registered office address
- Name of company must end in “Limited Liability Partnership” or “LLP”
- Tetra Consultants will recommend you to set up a LLP if you are planning to set up a local law firm or accounting firm or audit firm. Otherwise, LLC will be the go-to option.
- A branch office is an extension of the parent company and can only conduct business activities in the UK similar to that of the parent company. As such, the parent company is fully accounted for all liabilities incurred by the UK branch office.
- In addition, It is mandatory for the parent company to appoint a local registered agent/secretary. Nonetheless, establishing a UK branch is straightforward and there are minimal requirements to be met.
- Representative office is meant for foreign investors who do not intend to carry out business in the UK. As such, they are only allowed to conduct limited and non-commercial activities such as market research and marketing activities on behalf of their parent company.
- Hence representative office is a popular choice for foreign investors who are planning to promote their presence, as well as seeking to explore the potential market before settling for the UK.
How to register company in UK?
In order to register company in UK, we advise you to follow the steps below:
Step 1: Choose a suitable business structure
- There are various forms of business structures available in the UK to choose from including the following:
- Limited Liability Company (LLC)
- Public Limited Company (PLC)
- Limited Liability Partnership (LLP)
- Branch Office
- Representative Office
- Sole Trader
- Tetra Consultants’ team of experts will first fully understand your unique business model, needs, and goals, before recommending the most optimal business structure for you. The private limited company registration tends to be most popular with our foreign clients since it offers ease of incorporation and liability protection.
- Prior to UK company formation, you will be advised on the optimum paid up share capital, company structure, legislations and whether there is a need to apply for any licenses to operate.
Step 2: Reservation of company name
- After your company submits a unique business name, Tetra Consultants will reserve your preferred company name online with the UK Companies House.
Step 3: Preparation of supporting documents
- Before Tetra Consultants can move to register company in UK, you are required to provide a list of required KYC documents. Some of these documents include the names of directors and identification proof.
- Upon receiving all the necessary documents, Tetra Consultants will proceed to draft and notarize the company’s Memorandum and Articles of Association.
- According to the business activity and company structure, Tetra Consultants will also draft articles of incorporation, business plan and other incorporation documents.
Step 4: Filing for registration
- Tetra Consultants will then proceed to file for registration with the UK Companies House.
- After receiving approval, Tetra Consultants will courier the company registration certificate, Memorandum and Articles of Association and other documents to your preferred address.
- If needed, Tetra Consultants will also assist your new business in registering for VAT, PAYE and other tax considerations with the UK tax authority, the HM Revenue & Considerations. Within 1 week, Tetra Consultants will provide our international clients with the tax numbers.
Step 5: Corporate bank account opening
- After registration, Tetra Consultants will assist you in opening a corporate bank account. Our team has established partnerships with multiple reputable banks in both the UK and globally. We will present your business to each relationship manager and compliance team.
- Over recent months, UK banks have become stricter in terms of the bank account opening requirements. Most UK banks require your UK company to have appointed a UK director and have local substances such as physical office or customers or suppliers.
- If you are planning to conduct offshore business with your UK company, Tetra Consultants will recommend you to open a business bank account with overseas reputable banks. As much as possible, you will not be required to travel overseas for the bank account opening process.
- Typically, the account opening will take roughly 4 weeks. In most cases, the directors and shareholders are not required to travel. However, if travel is required, we will have a representative accompany you to the bank meeting. Alternatively, our team will negotiate with the banks to conduct a conference call instead or to request a waiver.
- Once your account has been successfully opened, Tetra Consultants will courier the internet banking token and access codes to your preferred service address.
Step 6: Financial reporting and taxation obligations
- Tetra Consultants will continue to provide you with the necessary accounting and tax services and support to ensure that you can continue to legally conduct business while staying compliant with regulatory obligations.
- Our team of dedicated consultants will prepare your firm’s financial statement, corporate tax returns and manage bookkeeping on your behalf.
- In accordance to the requirements of the Companies Act 2006, annual filing needs to be done within 9 months after the accounting reference period for private UK businesses ends. On the other hand, it must be completed within half a year for public UK firms.
- Our team of dedicated consultants will continue to clarify any doubts you may have with regard to your company’s obligations.
- Tetra Consultants will also secure a UK work permit for you if you plan to be physically present and working in the UK.
Why choose to register company in UK?
Before you proceed with the company registration in UK, it is important to understand the business landscape of the jurisdiction. This is to ensure that your newly established entity will be able to safely and legally conduct business, while striving towards your long-term business goals. Political
- According to the Corruption Perceptions Index reported by Transparency International, the UK is ranked 12th least corrupt country worldwide.
- UK is a permanent member of the United Nation, a founding member of the North Atlantic Treaty Organization and a member of G8. As such, the UK holds significant influence over global issues such as economic, as well as political, cultural, military and scientific affairs.
- When the UK leaves the EU, they may be placed in a better position to face global events and market shifts. The UK will have more control over its own laws and regulations, resulting in higher response time in introducing new economic policies.
- According to the Global Competitiveness Report published by the World Economic Forum, the UK was awarded a score of 81.20%. As such, the UK is ranked the 9th most competitive economy in the world.
- According to the latest annual ratings given by the World Bank, UK is ranked 6th largest economy in the world and 20th highest in terms of GDP per capita.
- The UK government announced that the corporate tax rate for financial years starting 1 April 2020 and 2021 will remain at 19%.
- The UK possesses a literacy rate of 99%. In addition, English is the country’s official language. You will not face any communication barriers when speaking to local government authorities or bankers or when trying to read corporate or legal documents.
- The UK has a population of close to 67 million people. The Labour Force Participation Rate of 79.8%, out of which a majority of them are high skilled workers with excellent proficiency in English.
- The UK is home to many electronic money and payment institutions. These companies are regulated by the UK Financial Conduct Authority (FCA), which regulates more than 59,000 financial services firms.
- According to the latest annual ratings given by the World Bank, the UK is ranked 8th in terms of ease of doing business. This is because of the straightforward company formation process, allowing UK companies to be registered within 1 business day.
- You are not required to appoint a local resident director when registering a UK company. However, UK banks will usually require a local director before opening corporate bank account for your business.
- According to the Environment Performance Index, UK is ranked 6th in the world.
Looking to register company in UK?
- Tetra Consultants will be your one-stop solution for you to register company in UK. Our services include company formation, registered agent, registered address, and business bank account opening.
- Contact us to find out more about how to register company in UK. Our team of experts will revert within the next 24 hours.