Company registration in the UK
LEGISLATION
Basic requirements
- Shareholders may be individuals or legal entities, residents of any country.
- The number of shareholders cannot be less than one.
- The company must have at least one director. Directors can only be individuals (in accordance with amendments to the law in 2015), and there are no restrictions on place of residence.
- The company's authorized capital is divided into shares and distributed among shareholders. There are no provisions regarding minimum and maximum authorized capital or paid-up authorized capital.
- Companies must have a registered office in the UK and receive official correspondence from regulatory authorities.
Required documents
Company registration is done online. To register a limited liability company in the UK, you must provide the following documents and information:
- Desired name for your company (preferably three options)
- Amount of authorized capital
- Legal address (Provided by us as a service when registering an LTD)
- Scanned copy of the civil and international passport of the director/shareholder
- Confirmation of permanent residence
- Go through online verification using a special mobile application
Registration deadlines
Company registration is done online. Registering a limited liability company in the UK takes 3 to 10 days.
Maintenance and reporting
- Shareholders may be individuals or legal entities, residents of any country.
- The number of shareholders cannot be less than one.
- The company must have at least one director. Directors can only be individuals (in accordance with amendments to the law in 2015), and there are no restrictions on place of residence.
- The company's authorized capital is divided into shares and distributed among shareholders. There are no provisions regarding minimum and maximum authorized capital or paid-up authorized capital.
- Companies must have a registered office in the UK and receive official correspondence from regulatory authorities.
Company registration is done online. To register a limited liability company in the UK, you must provide the following documents and information:
- Desired name for your company (preferably three options)
- Amount of authorized capital
- Legal address (Provided by us as a service when registering an LTD)
- Scanned copy of the civil and international passport of the director/shareholder
- Confirmation of permanent residence
- Go through online verification using a special mobile application
Company registration is done online. Registering a limited liability company in the UK takes 3 to 10 days.
BANKS / PAYMENT SYSTEMS
Pre-Approval of account opening
Let's consider the procedure for opening a bank account with preliminary approval from the bank of your choice or on our recommendation.
We will prepare the necessary package of documents and application forms from the applicant.
Legal support in completing the KYC/AML procedure when opening a bank account.
You can request a consultation here.
WISE
Paysera
Emerald24
Let's consider the procedure for opening a bank account with preliminary approval from the bank of your choice or on our recommendation.
We will prepare the necessary package of documents and application forms from the applicant.
Legal support in completing the KYC/AML procedure when opening a bank account.
You can request a consultation here.
TAXES
Features
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PIT
Progressive rate 20-45%
The tax rate is 20% for income from 0 to 37 GBP, 700% for income from 40 to 37 GBP and 701% for income from 150 GBP.
Corporate tax
Corporate income tax 19%
Capital gains tax
Capital gains up to £12,300 are not taxable.
Profits above this amount, but not exceeding £37,500, are taxed at 10%.
Profits over £37,500 are taxed at 20%.
VAT
The basic VAT rate is 20%.
However, for certain goods and services a reduced VAT rate of 5% applies.
Tax on dividends
Dividends are also taxed at progressive rates (7,5%, 32,5% and 38,1%)
The first £5000 is tax free.
Duties and stamp duty
The government fee for reviewing the annual report is £40, stamp duty remains at 0,5%.
here
Progressive rate 20-45%
The tax rate is 20% for income from 0 to 37 GBP, 700% for income from 40 to 37 GBP and 701% for income from 150 GBP.
Corporate income tax 19%
Capital gains up to £12,300 are not taxable.
Profits above this amount, but not exceeding £37,500, are taxed at 10%.
Profits over £37,500 are taxed at 20%.
The basic VAT rate is 20%.
However, for certain goods and services a reduced VAT rate of 5% applies.
Dividends are also taxed at progressive rates (7,5%, 32,5% and 38,1%)
The first £5000 is tax free.
The government fee for reviewing the annual report is £40, stamp duty remains at 0,5%.
Cost of opening a company from 960 Euro
ACCOMPANYING SERVICES
Legal subscription services
Company registration is done online. Registering a limited liability company in the UK takes 3 to 10 days.
Accounting services and audit
Company registration is done online. Registering a limited liability company in the UK takes 3 to 10 days.
Renting an office or legal address
Postal service
Financial statements
Creation of a company website
Company registration is done online. Registering a limited liability company in the UK takes 3 to 10 days.
Company registration is done online. Registering a limited liability company in the UK takes 3 to 10 days.
Opening a company in the UK: features and jurisdiction
Registration of a company in the UK - Modern Great Britain has a long and rich history, combined with its emergence as a constitutional monarchy with a parliamentary system of government. In practice, this means that the country has one of the leading economies in the world in terms of GDP per capita, which continues to grow today. This in turn makes the UK an attractive place to start a business.
Content
- What are the main advantages of setting up a company in the UK?
- What are the features of the procedure for opening a company?
- What list of necessary documents is needed to register an LTD in the UK?
- What are the deadlines for opening a company and creating a bank account?
- What is included in the cost of registering a company in the UK?
- What is the tax system?
- What reporting needs to be submitted?
- How can our company help?
What are the main advantages of setting up a company in the UK?
- The United Kingdom is a reputable jurisdiction for creating your own business, which has a good business reputation among other world countries and is not included in any “black” list (offshore and the UK are not compatible concepts);
- One of the leading economies in the world, which has reliable and developed banking and payment systems;
- Transparent and favorable tax system for doing business;
- Easy and quick opening of a company without the need for personal presence in the country, that is, in a remote online format;
- Lack of establishment of annual fees for legal entities, support for small and medium-sized businesses;
- Opportunity to enter international markets.
What are the features of the procedure for opening a company?
In order to open a company in the UK you need to go through the following stages, namely:
- Preliminary estimate. At this stage, you should determine whether the UK is the country whose jurisdiction is most suitable for you to open a company.
- Business name registration (you must offer at least 3 options). It must be unique, that is differ from already registered and existing names, and also have an ending indicating the legal form - LTD, LLP, PLC and the like. In addition, the use of words such as Empire, Crown, Imperial, Royal, Bank, National is not allowed in the name. The use of Cyrillic alphabet is prohibited.
- Writing a business plan. It should provide a detailed description of the planned business activities, future target markets and potential customers.
- Select legal address. In the UK, you need to register the physical address of the future company with the obligatory indication of the postal code. The company address can be found in the online register.
- Development of constituent documents. For example, these could be the memorandum of association (MOA) and articles of association (AoA).
- Filing an application for company registration. Along with the application, you must submit all the necessary documents, depending on the chosen organizational and legal form of the company.
- Banking accounts and capital deposits. Required to carry out business activities in the country. In addition, it should be noted that it is impossible to open an offshore company in England.
- Registration in the tax system and social insurance authorities. You must register with these authorities within 3 months of starting to do business in the UK.
- Obtaining the necessary permits to conduct business activities in the country. This could be the provision of a separate category of visas for foreign citizens, as well as licensing permits for business activities.
Important ! The general procedure for registering a company in London is described above. However, there are other requirements depending on the chosen company type, the number of its founders, the region of incorporation, and so on.
What list of necessary documents is needed to register an LTD in the UK?
To open a company in the United Kingdom you need the following package of documents:
- application for company registration in the UK (form IN01);
- a copy of the internal and foreign passport of the citizen (shareholder, director of the company);
- at least 3 options for desired names for the company;
- description of the directions of work of the future company;
- confirmation of the registration address of the director and shareholder of the company, if there is no mention of this in the persons’ passports (for example, receipts for utility bills).
Important! This list is basic and when registering an English company in the UK (particularly in London), other documents may be requested.
What are the deadlines for opening a company and creating a bank account?
Typically, the time frame for opening a company in London ranges from 1 to 10 days. The total period may vary within these limits depending on the choice of the organizational and legal form of the future company. For example, to register an LTD in London it usually takes from 2 to 4 working days.
It takes 5 or more business days to create a bank account for a law firm.
What is included in the cost of registering a company in the UK?
The package of consulting services from Jurisprudential Ltd includes:
- Registration of a company in the chosen organizational and legal form;
- Checking the uniqueness of the company name;
- Development of all constituent documents (charter, constituent agreement);
- Providing a legal address of the company for 12 months;
- Opening a bank account in three payment systems to choose from;
- Payment of all government fees.
Thus, the legal company Jurisprudential Ltd carries out company registration in the UK on a turnkey basis, which allows us to significantly reduce the time and costs of our clients’ money.
What is the tax system?
Today in England there is a progressive taxation system, which means that the more profit a company has, the greater the contributions to the state budget (applies to value added tax and income tax).
Taxes in the UK:
- Corporate tax - 19-25%. Depends on the amount of profit of the company. If the company earns up to 50 GBP - 000%, in the range from 19 GBP to 50 GBP - 000-250%, over 000 GBP - 19%;
- VAT - 20% (preferential rate 5% or 0%);
- Capital gains tax – 0%, 10% or 20%. If a person earns up to 12 GBP - 300%, 0 - 12 GBP - 300%, and above this amount 37%;
- Stamp duty - 0,5% to 15%. Applicable when purchasing real estate up to 250 GBP or over 000 GBP only for the first time.
- There is no annual fee for law firms.
It is worth noting that residents pay income tax on all income, including that received outside the jurisdiction. Non-resident companies pay tax on profits earned in England. Therefore, we can say that London has the lowest taxes in all of Europe.
What reporting needs to be submitted?
When doing business in the UK, you need to submit the following types of reports:
- Annual non-financial report (Annual Return) - submitted to the company registration authority. Contains information about the founders (shareholders), directors and other officials of the company, main activities, changes in the authorized capital, etc.;
- Financial statements (Annual Accounts) - submitted once a year, regardless of the active activities of the company. Contains information about profits and losses, a balance sheet signed by the director, notes to the statements, etc.;
- Auditors' report - submitted along with financial statements once a year, unless the company is exempt from this report.
How can our company help?
If you want to open a business in the United Kingdom, then you cannot do without help from experienced specialists - the law firm Jurisprudential LTD. Our team of lawyers has not only many years of experience in opening enterprises and organizations of various forms of business abroad, but also practical knowledge on this issue. Therefore, when you contact us, you can be sure that we will successfully register an LTD in the UK, since the result is guaranteed on our part.