Can A Non-UK Resident Form A Private Limited Company?
UK is today a thriving hotspot for limited companies, even if opened by non-residents of the UK. This is because, in the UK, there is no discrimination between companies opened by residents and foreigners. Also, the multiple formation agents make your life so much easier by telling you what to do and what to avoid.
Here is a quick guide to know everything about opening a limited company in the UK while being a non-UK resident:
Non-residents opening in the UK
Well, honestly, he can. There is no discrimination as far as nationality goes; the process remains the same. The main problem people face is with the banking authorities. However, with the help of good agents, this problem could be both solved and hastened.
Reasons for moving to the UK
If moving out to the UK can gift you with so much paperwork, you surely might wonder: “why should I move?”
Well, to begin with, UK is one of the biggest industries in the world right now. It is growing, stable and full of opportunities. As a businessman, it is one of the best countries to be in right now.
Second, UK acts like the hub of the entire European market. By merely placing a stronghold in a country, you gain access to an entire continent. Also, UK possesses complete sovereignty in the trading laws within its own territory, which helps you to avoid the stringent laws of the EU.
Getting started
The process for opening a limited company is the same, whether you are a resident or non-resident. Your office must fall within the jurisdiction of England and Wales, Scotland, or Northern Ireland. Multiple locations across Europe are very much possible, but the address given during registration will serve as the primary location.
Like you must be aware, one director and one shareholder are required during the registration of the company, while both of them could be the same person. This number could be increased, of course, depending upon your need and convenience. You might have to allocate a particular amount of share value to every significant person in the company during the time of formation. Having an official secretary is not mandated anymore; although it is still referred to as the official person to address any communication, so it might be a good idea to have one.
Additionally, you would need an office address to be registered. It could be a whole building or a small home, but it needs to be registered before you apply for the company (though it could be changed anytime you want).
Faster process
Apart from all the incentives, it is also fortunate that the UK has moved the process of company registration online. Even though you might still need an agent, filling forms online is much easier than doing all the paperwork. The entire process takes hardly a few hours!
Online processing also makes the entire process much faster. In most cases, you would receive an approval within 24 hours, and you can start operating as a business firm in the UK immediately after that. Good luck for that!