It is a commonly asked question by those considering to set up a company in the UK or elsewhere in the world. Most of the jurisdictions, including the UK, provide convenient tools for operating a company online. Thus, it is easy to submit accounting reports, register new changes in corporate details of a company through an online portal. In the UK all registration changes can be done through the UK government portal where you can register a company account, apply for copies of corporate documents, submit reports and ask for consultation. With these tools it is not clear in which cases you need to hire an agent. So, what are the advantages of a professional agent for a company registration and management in the UK?
Expertise and skills
If you are non-resident in the UK, you may not be fully familiar with the legislation related to company registration in the UK. It is possible to search for information about the peculiarities of the UK company set up. But there are always details that you may fail to consider due to lack of a relevant expertise. This can be related to tax registration, choosing of a proper legal form which will allow you to lower accounting and tax expenses. So, it is always good to look for professional advice from an agent qualified in the UK before forming a company there.
An option to delegate
As a business owner, it is very important to delegate company operations to a trusted and competent person that would be responsible for preparation of corporate documents, for company registration, account opening, filing annual reports, etc.
Hiring a full-time employee for these functions is rarely a good option, as these functions do not require a significant amount of time. However, you will need a professional agent that would monitor legislation changes and be qualified enough to ensure that your company complies with the UK legislation.
A professional agent is the right option if you do not need to have a full-time employee for these functions. Qualified agents, whether it would be an individual agent or a company, have all resources to be updated with UK legal norms and be experienced enough to perform fiduciary services with due skill and within the shortest possible time.
Nowadays, account opening in banks and online payment institutions take longer due to strict KYC procedures. In addition, it is not that simple to get access to a bank if you are a new client. There is a high risk to be refused from account opening.
In this case an agent would serve as an intermediary service provider who can conduct a KYC check of your personal and corporate documents and then refer your company to a particular bank.
Apart from it, there are many banks and payment institutions that you would not know about. It is always a good idea to ask for advice on banking solutions that would best fit your business purposes.
Submitting annual reports
Even if you just started with your company, annual reports are obligatory for each company registered in the UK. An agent would notify you about the next reporting date and would submit the report for you.
The UK legislation provides certain cases when you do not need to be VAT registered in the UK. If you do not know the grounds which release a company from VAT registration, then you would certainly need to consult with an agent.
Tax matters are important in every country. But the tricky thing is that tax laws are different from country to country. If you try to google tax rates in the UK, you can find contradicting information. A qualified agent will help you with tax matters.
Many other questions
Of course you will have many other legal questions, including trademark registration in the UK, obtaining a legal address in the UK, nominee services and many more. If you have an agent that you can contact with these issues, then it would be a great help for your company.
If you operate a few companies registered in various jurisdictions, it would be a good option to find a firm that provides fiduciary services in the exact same countries.
eCompany.ltd provides company registration and fiduciary services in the UK and other countries. We are proud of having a team of professionals who can assist with corporate and tax matters in the UK.
If you have any additional questions, please feel free to contact us, we would be happy to assist you.