Register Company in UK

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.

Bank account opening UK company registration 

• Securing a business bank account is paramount for enterprises operating in the UK. It signifies a professional and organized approach to financial matters. It ensures compliance with regulatory standards. A dedicated business account separates personal and business finances. This provides transparency and facilitates accurate financial record-keeping. 

• Tetra Consultants takes pride in offering expert corporate bank account opening services. Businesses seeking financial functionality post-incorporation streamline the process. With our dedicated support, clients can get a business bank account. This process takes only 4 weeks from the company’s establishment. This efficient timeline ensures that businesses can access essential financial tools. It helps them manage their transactions and optimize their financial operations. 

Types of business licenses to UK company registration 

Personal license and a Premises license  

• In the UK, both personal and premises licenses are essential for alcohol sales and supply. The local licensing authority grants the personal license. This license permits an individual to sell or approve the sale of alcohol. To qualify, one must complete the APLH course, be at least 18 years old, and have the right to live and work in the UK. 

• This is sought by those in the hospitality industry. The personal license empowers holders to oversee alcohol sales at licensed premises. The premises license is vital for any location engaging in licensable activities. It allows the use of diverse premises for such activities.  

Financial licenses  

• Certain financial operations, like lending money, need legal authorization. This process is overseen by the Financial Conduct Authority (FCA). The FCA plays a pivotal role in regulating various financial activities. Engaging in lending money requires obtaining FCA authorization. This stringent oversight ensures businesses offer credit or financing. They must adhere to the FCA’s at least standards too. This includes maintaining a suitable business model. Being managed by individuals deemed fit and proper by the FCA is also part of the process. This ensures the safeguarding of consumer interests and financial integrity. Moreover, with Tetra Consultants you can avail services such as offshore financial licenses for obtaining offshore financial licenses seamlessly. 

Music license  

• Securing a music license is imperative for both businesses and individuals. This applies to playing copyrighted music in public or on commercial premises. PPL (Phonographic Performance Limited) and PRS (Performing Rights Society) have collaborated. This collaboration resulted in the establishment of PPL PRS Ltd. The need for a music license arises when playing recorded music. It also applies to staging or live or recorded music in theatrical productions. 

• These costs vary based on various factors. PRS for Music licenses start at approximately sterling £100 per year. PPL licenses can range up to sterling £350 yearly, contingent on business type and size. Tetra Consultants help with obtaining the requisite music license. This ensures proper documentation for the use of music in public or commercial. The aim is to achieve seamless compliance and avoid copyright infringement.  

Accounting and tax obligations  

• Managing accounting and tax obligations is integral to a business’s financial health. Outsourcing these functions not only ensures compliance but also reduces overhead costs. Tetra Consultants offers expert services, handling all accounting and tax obligations. 

• Outsourcing allows businesses to concentrate on core activities. Professionals navigate complex tax codes and financial reporting requirements. Timely and accurate submissions are crucial to avoid penalties and maintain financial transparency. Tetra Consultants ensure the fulfilment of all accounting and tax obligations within time. This enables businesses to operate while optimizing cost-effectiveness. 

Accounting obligations  

Annual accounts:   

• Every type of company must submit annual accounts to Companies House. This essential financial documentation provides a snapshot of a company’s fiscal health. It is crucial for regulatory compliance.  

Accounting Records:   

• Private companies keep accounting records for at least 3 years. While public companies keep accounting record for 6 years. This ensures transparency in financial dealings and facilitates audits when necessary.  

Company tax returns:  

• Companies must prepare and submit Company Tax Returns (CT600) to HMRC. This includes full statutory accounts. It fulfills legal tax obligations and provides a comprehensive financial overview.  

Confirmation Statement:   

• The company compiles an annual Confirmation Statement for Companies House. This statement presents vital information about the company and its controllers. This statement reaffirms the accuracy of the registered details, fostering transparency and accountability.  

Tax obligations  

Corporation Tax:   

• Limited companies must register and pay corporation tax on all taxable income. Online completion characterizes this registration. The corporate tax rate in the UK is currently 25% for all limited companies. his rate applies to companies with profits above £250,000. For companies with profits below £250,000, a small profits rate of 19% is applicable. It often occurs with the company’s registration with Companies House. It ensures a streamlined process for tax compliance. It is a legal obligation for companies. They must contribute a part of their profits as corporation tax. This supports public services and infrastructure. 

VAT Registration:   

• Companies exceeding the annual taxable turnover threshold must register for VAT. This registration enables the company to collect and remit VAT on its goods and services. It contributes to the broader taxation system and ensures adherence to fiscal regulations. 

• The standard VAT rate in the UK is 20% for most goods and services, with certain exceptions such as domestic fuel and power, which are subject to VAT at 5%. Additionally, certain small traders with a limited range of expenses may compute VAT at a sector-specific flat rate. If the value of taxable supplies is over a specified limit, registration for VAT is compulsory, unless the taxable supplies made are wholly or mainly zero-rated, in which case it is possible to apply for exemption from registration. 

Unique Taxpayer Reference (UTR):   

• Upon successful registration, the company receives a Unique Taxpayer Reference (UTR) from HMRC. This distinctive identifier is crucial for all tax-related interactions and communications with HMRC. It ensures accurate tracking of the company’s tax obligations. Also, facilitates a transparent and accountable taxation process.  

Documents required to UK company registration 

• To register a company in the UK, you need to submit specific documents. This ensures compliance with legal regulations. While the list below is a general overview, the actual requirements may vary. The type of company and its activities determine the requirements. Tetra Consultants offers expert aid in navigating the document submission process. This ensures smooth and efficient registration. 

• Memorandum and Articles of Association  

• Certificate of incorporation  

• Statutory declaration of compliance  

• Declaration of solvency  

• The registered office address   

• Details of the directors  

• Details of the shareholders  

• The share capital information and the prescribed peculiars 

• Details about those with significant control over the company  

• Notarized copies of identification documents of shareholders and directors.