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Registering a company in Wales in 2020
Key benefits of doing business in this jurisdiction:
- A stable economy;
- A developed banking system;
- No residency requirements for directors and shareholders;
- No requirements for a minimum authorized capital;
- No requirements for financial reporting and auditing;
- LPs, registered in Wales and not operating in the UK, are tax deductible;
- You can register a company and open an account in Wales remotely.
A cost of registering a business is from €999 to €1390
A company registration period is from 3 weeksDetailed information
Wales is a small state with post-industrial economy. It is a part of UK and borders on Bristol Channel, Irish Sea and England.
About the jurisdiction:
- Capital and largest city: Cardiff;
- Language: Welsh/English;
- Currency: GBP;
- The most developed areas of economy: service sector, finance and R&D, healthcare, transport, light industry, education.
Registering a company in Wales will be a good option for those, who want to open its own business in Europe.
There are several the most popular ideas for starting a business in this jurisdiction:
- Coal mining. Historically, business in the UK has evolved around the world's largest Welsh coal port of Cardiff;
- Construction. Shale mining;
- Metallurgy. The steel industry, iron graphite and lead mining;
- Petrochemistry. Petrochemical industry capacities are concentrated in Barry, Pembroke, Milford Haven, Llandarcy, Baglan Bay;
- Agriculture. It makes sense to open a company in Wales for meet and dairy stock farming;
- Recreation and services. There are popular resort towns on the coast of Wales. The most famous are Llandudno, Ril, Aberdivi.
Most of the cargo flows are at Milford Haven Port.
It is possible to open a company in the UK (Wales) for any legal purpose based on the Memorandum. The Memorandum specifies the name of the company (setting up a company in Wales is possible only with a unique name), legal address (in England, Wales or Scotland) and the fields of activity.
You can register a company in the UK by choosing of the following legal forms:
- LLC. You can register an LLC in Wales on tax relief scheme. The liability of shareholders is proportional to the value of their unpaid shares. There is a certain share price, for example, 100 shares cover the share capital of a company. Two can be spent and fully paid, and the balance of 98 shares, namely 98 pounds, is the amount of liabilities to the company.
- LLP. The liability of each participant and shareholder (may be incognito) is limited to the amount that they agreed to invest in the company's assets in cash or in-kind. This type of company is primarily for non-profit, charitable purposes. Companies registered with non-residents are exempt from tax and may not file financial statements. At the same time, they cannot operate in the UK;
- PLC. If you want to register a company in Wales, please note that the shares of such a company may be offered for public sale, but the liability of a shareholder (at least 2 are required) and limited liability company cannot exceed the proportion of their unpaid shares.
If you are planning to set up a company in Wales, then you can open a corporate account in the UK and in Europe with the following banks:
- TSB Bank;
- Lloyds Bank;
- Barclays Bank;
- HSBC Bank;
- Yorkshire Bank;
- Bank of America.
In order to open an account in these banks you will need to prepare the following documents:
- The bank statement.
At Marks & Spencer Bank you can use the Open Banking service. In some banks (NatWest, Cheetah Money, Royal Bank of Scotland, Santander) you can open an account for a company in Wales remotely.
You can receive a qualified advice from IQ Decision lawyers on registering a company in Wales remotely. We will provide you with a legal support at all stages of the opening a business abroad.
For more information, please ask for an appointment with IQ Decision experts by using the contacts listed on our site.
The information outlined in the article is actual at the time of its publication. Please refer to our specialists for checking possible solutions for your business.