How to set up a company in the UK ?
Register a company in UKÂ is ideal for:
- Holding intellectual property rights
- Holding assets
- Consultants / Counselors
- For inheritance purposes
Main characteristics of UK company :
|Company Type||Private Company limited.|
|Corporate legislation||UK companies are regulated under the Companies Act 2006. The UK Companies House is the governing authority|
|Information published relating to company officers||Upon registration of a UK company, names of companies officers will appear in the public registry.|
|Accounting requirement||Accounts and tax filing must be submitted by year-end.|
|Taxation||A tax rate of 21% applies for profits below ÂŁ300k. For profits exceeding ÂŁ300k a bracket applies|
|Time to form||The UK has a fast and efficient registry. Company formation in the UK can be processed electronically within a day.|
|Standard Currency||Sterling Pound. GBP|
|Office||The company must have a registered office in UK|
|Stability||Stable jurisdiction with very good reputation|
|Communication||Efficient communication means|
|Time zone||Convenient world time zoneÂ GMT|
|Paid up capital requirement||Minimum capital requirement 1 GBP|
|Basis of legal System||Under Common Law|
|Minimum shareholders / directors||A minimum of 1 Director. Â At least one director must be an individual.|
|Bearer shares||Bearer Shares are not permitted in UK company.|
VAT number for UK company
When you are starting your own business, whether as a sole trader, partnership or a company, you need to determine if you are obliged to register for VAT and what VAT rate should be applied to your sales.
Who needs to register?
The main reason for registering for VAT is that the business engages in the supply of taxable goods or services within UK or within the EU.
A business whose turnover, in any twelve month period, does not exceed or is not likely to exceed of GBP 73,000 is not obliged to register for VAT otherwise you have to.
Other reasons for VAT registration are:
The business makes intra Community acquisitions of goods.
The business receives fourth schedule services (for business purposes) from abroad. Fourth schedule services include consultancy services provided by accountants, lawyers, consultants and engineers.
All persons, other than private individuals, who receive fourth schedule services from abroad (for business purposes), must self account for the British VAT and must therefore be registered for VAT regardless of the above.
The business is involved in property transactions within the State and needs to register for VAT as a result of same.
What is a UK Agency Company ?
The agency structure is a simple set-up where an onshore company acts as nominee or agent for an offshore principal. This avoids the problems often seen for offshore companies trading internationally. It offers an onshore “faceâ€ť with all the offshore benefits.
The UK company is formed to operate as a nominee for the offshore company. In effect the UK company acts as an agent for the offshore company. The two companies sign an agency agreement specifying the exact terms of their agreement.
All business is then conducted in the name of the UK company, but on behalf of the offshore company. Clients enter into a contract with the UK company, are invoiced by them and pay the invoices into the bank account of the UK company. Most of the income is then remitted to the offshore company according to the specificity of the agreement.
It should be noted that the UK company cannot trade within the UK or with any UK businesses. If it does then this income would be subject to UK taxation.
Our service includes the setup of the UK Company, offshore company and drafting of the agreement between the two companies.
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