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Registering a company in the UK in 2020

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Registering a company in England in 2020

The jurisdiction is characterized by such advantages:

  • One of the most developed countries in Western Europe;
  • A high level of GDP;
  • The presence of agreements on the avoidance of double taxation;
  •  Lack of currency control;
  • A prestige business.

A company registration is from 1350 €

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* There is a public register of beneficiaries in this jurisdiction

United Kingdom is a prestigious jurisdiction that opens up wide business opportunities for both novice and experienced entrepreneurs.

It is one of the 10 leading countries in terms of ease of doing business. It is also called the one of the most competitive economies in the world, and modern London is considered as the leading global financial center.

Registering a company in the UK is an important step towards creating a solid foundation for large businesses.

Company in the UK: legal forms and registration requirements

Opening a company in the UK is possible in the form of:

  1. LLC (analogue of LLC);
  2. PLC (analogue of AO).

UK company types such as LLC and PLC can be registered under the following conditions:

  • One founder and one shareholder for an LLC;
  • Two founders and 2 shareholders for a PLC;
  • A company secretary (local) is required for registering an LLC, but not for a PLC;
  • The opening of an LLC require a share capital of 1 GBP;
  • In order to establish a PLC will be necessary to prepare 50 thousand GBP;
  • An audit is a prerequisite for PLC registration.
Setting up an LLP

Also, one of the most popular options for creating a business is to register an LLP in the UK. A limited liability partnership may be of interest to entrepreneurs specializing in the provision of professional services (in the field of accounting and finance, law, etc.).

Those who want to register a company in the UK in the form of LLP must consider the following:
  • In order to set up an enterprise one founder (representative) and two shareholders (partners) are required;
  • There are no requirements for share capital, audit, as well as for paying corporate tax.
Tax treatment for UK companies

Depending on the selected legal form, setting up a company in the UK obliges its owner to pay the following taxes:

  • Income tax for LLC and PLC at a rate of 19% (reduced rate – 17% from April 1, 2020);
  • Value added tax (20%);
  • WHT (interest payments and royalties) at a rate of 20%, that can be reduced in the case of using DTA agreements.
Read also:
Requirements for opening a UK corporate bank account

To open an account for a company in the UK, you will need to fulfill these conditions:

  • To be a UK resident;
  • To have a registered office in the UK;
  • To visit the selected bank in person, after having prepared all the necessary documents (you will find out the full list by asking for legal advice on opening an account in the name of a company in the UK).

Recommended banks: Barclays, NatWest and Santander UK.

Establishing a company in the UK: key benefits

Entrepreneurs who decide to start a business in this jurisdiction can enjoy the following advantages:

  • Both private individuals and legal entities can open a company in the UK;
  • 100% foreign ownership;
  • Relatively simple conditions for obtaining a business visa;
  • An existing UK company gains access to Europe’s 500 millionth consumer base;
  • It is possible to set up a company in the UK remotely;
  • Enterprises and partnerships registered in the UK can act as asset management companies for funds located in the BVI, Jersey, Guernsey and the Isle of Man.
Existing company in the UK

Among other things, there is the opportunity to acquire an existing company in the UK. The list of proposals regarding this jurisdiction you can find here. Also, we suggest you to order professional advice on buying an existing business in the UK tentatively by contacting IQD Consulting specialists.

Preparation of documentation

The documents required for opening a company in the UK include:

  • Beneficiary's foreign passport (scanned copy);
  • Bank statement with a wet seal;
  • Translation of documents into English with subsequent certification by a notary.

To clarify the complete list of documents, we recommend that you call IQD Consulting experts at the contacts listed below.

Also, by contacting our advisors, you can receive professional assistance in setting up a company in the UK, opening a corporate bank account, buying an existing business, and other related services.

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