Description
Director’s Correspondence Address
- Enjoy the convenience of a dedicated correspondence address for the company director, ensuring personal privacy and a professional image. It allows you to maintain the confidentiality of your home address by providing third parties with an alternative correspondence address specifically designated for receiving business-related mail. This is a recurring payment and a fee of 55£ + VAT will be issued from your credit card one month prior to the new period.
Frequently Asked Questions
What is an LTD or a Limited Company?
An LTD, or Limited Company, is a type of business structure that limits the personal liability of its owners (shareholders). In this setup, the company is considered a separate legal entity from its owners. The liability of shareholders is typically limited to the amount they have invested in the company, and their personal assets are protected in case the company faces financial difficulties.
The ownership of an LTD is divided into shares, and shareholders are not personally responsible for the company’s debts beyond their shareholdings. This structure is common among small to medium-sized businesses and provides a formal and legally recognized framework for business operations.
What do you need to start a business in the United Kingdom as a non-UK resident?
Company formation for non-UK residents is the same as for residents living in the UK. There are no restrictions on foreign nationals being a UK company director, shareholder, or secretary. You even do not have to live in the UK. However, the company will need to be registered with Companies House in England and Wales, Scotland or Northern Ireland (depending on the location of the company). Here are the requirements to start a business in the United Kingdom as a non-UK resident but you may also require additional services such as accounting to run your company smoothly:
- Company Name: You need to make sure that your desired company name is available and different from an existing name, it also shouldn’t contain any sensitive words.
- Director: Only one director is required for the company formation. There is no limit to the number of directors you can appoint. You cannot be the company director if you are under the age of 18, undischarged bankrupt or disqualified from acting as a company director.
- Shareholder: Only one shareholder is required. There is no limit to the number of shareholders you can appoint. Can be an individual or a corporate body, can also be the director. During the company registration, you will need to apportion a certain number of shares to each shareholder.
- Registered address: This address must be in the UK and will appear on the public register. All statutory mails from Companies House and HMRC will be sent to the registered office address. Our Virtual Office services include using our address as your registered office address.
- Directors service address: Each director, secretary and PSC must provide a service address for Companies House. This address can be located anywhere in the world but it will be on public record. Ordering directors service address is a good opportunity to keep your own home address private from customers, suppliers and other third parties. Any legal documents addressed to the directors of the company will be sent at this address.
- Filing and reporting: Companies are legally required to submit annual accounts and a Confirmation Statement (previously called an annual return) every year. If you require any help our UK accountants are at your service.
- Corporation Tax: The company must be registered with HMRC when they begin trading.
What are some of the things to keep in mind when starting a business in the United Kingdom as a non-UK resident?
Starting a business in the UK as a non-UK resident involves navigating certain considerations to ensure a smooth and successful venture. Having a good support in business admin services can help alleviate some of bureaucracy that comes with operating a successful business in the United Kingdom but here are some key things to keep in mind when you decide to try and do everything on your own:
- Visas and Work Permits:
If you plan to work in the UK, understand the visa and work permit requirements for non-resident entrepreneurs. - Banking Solutions:
Explore banking options suitable for non-residents. Collaborations between service providers, like 1Office and Wise, can offer integrated solutions for smoother transactions. - Tax Implications:
Be aware of UK tax regulations and how they apply to your business. Consider seeking advice from a tax professional to optimize your tax strategy. - Accounting and Reporting:
Understand the requirements for filing annual accounts and other mandatory reports.
Consider engaging with local accountants who specialize in working with non-UK residents. - Brexit Implications:
Stay informed about any changes in regulations or procedures related to Brexit that may impact your business. - Legal Requirements:
Ensure compliance with UK laws and regulations. Understand the specific requirements for non-UK residents in terms of company registration and operations.
