These days online shopping continues to grow in popularity. Consumers shop online more frequently in order to save money, time and get quick access to products without necessity to go to shops. Retailers prefer to operate online as they can easily enter new markets and open their shops in various marketplaces, like Amazon, eBay, with just a few clicks.
Companies offering services, whether in B2C or B2B segments, have an opportunity to find new customers if they operate online.
It is evident that e-commerce is flourishing these days. However, with free access to online sales tools, e-commerce is a highly saturated market. To have a successful business, you need to make necessary work to promote your business. One of such requirements is to create a good and professional impression, for instance with having an established business in the UK.
How can I set up a company in the UK if I live in another country?
This is a common mistake thinking that a resident of one country cannot set up a company in another country. Company formation abroad is an easy and legal procedure of setting your business abroad.
Why do I need to register a company in the UK?
There can be various reasons why you may need to incorporate a company in the UK while residing in another country:
- growing business in a stable and business-oriented environment which is available for UK companies;
- setting up a legal entity which would be independent from you and your personal property in a form of a UK limited company;
- entering certain marketplaces (like eBay, Amazon) and payment systems (like PayPal, Paysera) that cannot be accessed by companies from certain countries;
- finding clients by creating a professional impression with a UK business;
- making more benefits from the tax efficiency with a proper structure as there are no local taxes for business held outside the UK;
- retaining privacy for members and directors.
How can I arrange a company formation in the UK if I reside in another country?
It is not required to visit the UK for company incorporation as all procedure is done online. During online company formation in the UK, all registration documents are submitted through the UK Companies House website.
Alternatively, you can hire a representative that would help you with all document preparation and submit all documents on your behalf. This would save your time and increase your chances to set up a company without any hassle.
Can I set up a UK company with a non-UK director?
It is possible to appoint a UK non-resident director. The residence requirement applies to a company secretary and to a local registered address. If you do not know anyone from the UK to be appointed as a company secretary and you do not have an address in the UK for company formation purpose, then you can ask an agent to provide you with the nominal services.
eCompany.ltd performs company formation services in the UK and offer nominal services of shareholders, directors and secretary. The platform provides registration address for company formation in London and other parts of the UK.
Do I need to have a corporate bank account in the UK for my UK limited company?
If your company generates profits, then you certainly need to have a corporate bank account to receive payments.
UK banks have established strict rules in relation to KYC procedure in order to mitigate money-laundering. In certain cases a physical presence for the account opening is mandatory.
Since opening a corporate bank account in the UK can take a few months, it is possible to open a virtual account and receive payments in it.
How can I ensure that I will run my UK company effectively if I live in another country?
From a legal perspective, to ensure your business runs effectively, you need to make sure that the company’s accounting is kept properly and your taxes are annually reported. If your UK company is not a UK resident for tax purposes, then you do not need to pay UK local taxes, but the tax system and taxes depend on a country in which your company will be qualified as a tax resident. It would be necessary to analyze a double taxation agreement between the UK and the relevant country to understand applicable taxes. For international companies it is always necessary to find a tax advisor that will help you with all tax and accounting matters.
Similar to company formation, you do not need to visit the UK to submit tax reports or to keep accounting. Online accounting is available on the internet, so you can easily find solutions to keep your company books. There are many solutions for online accounting specifically offered for UK companies. It enables to save time, lower operation costs and even automate the process of managing and analyzing financial information.
Please contact us if you need any assistance with company formation and nominal services in the UK. Our professional team has extensive expertise with the UK company management.