Getting businesses up and running faster in the UK
Finding all the services you need in one place can be a challenge for small businesses. With our comprehensive support services getting businesses up and running seamlessly is no longer a challenge.
Helping you get things started
We will advise you on the best company structure to use for your business plans. Setting up a company can be done within a matter of days and implementing accounting systems and taking care of financial and tax compliance is something we do every day. However, our service doesn’t stop there when there are so many other things to consider, like opening a bank account, finding office space, drafting legal documents, finding employees. If we can’t do this for you, we can put you in touch with the right people who can.
Our start-up services comprise everything you need for getting your business up and running
- Business Plans and market entry support services
- Advice on choosing a business structure
- Registration of the entity
- Help with opening a bank account
- Tax registrations (Corporation Tax, VAT, PAYE, CIS)
- Outsourced accounting and compliance services if required
- Help with getting specialist legal advice
- Advice on finding office space
- Assistance with finding employees
How long does it take to set up a UK bank account?
Money laundering regulations for banks are very strict and there can be a great deal of red tape if the circumstances are anything but standard. That’s why so many overseas businesses and individuals encounter delays when setting up a UK bank account. The number of checks and documents that must be provided by the applicant can draw the process of opening an account out to six months. We work together with several major banks and can often assist with the process.
What should non-resident overseas companies know?
Often the incorporation of a private limited company can be the best option for an overseas business to establish a presence in the UK quickly and relatively cheaply.
Setting up a private limited company requires an application to Companies House, where it will be registered. This is known as ‘incorporation’ and means that the company has its own legal identity.
- In theory, a company name can be whatever the owner wishes, but there are rules on what it can and can’t include and it can’t have an identical name to an existing limited company.
- The company address must be in the UK and if the overseas business, does not have physical offices which can be used for the registered address, its registered office address can be a mailing address. If a mailing address is required we can provide one.
- There must be at least one director
- There must be at least one shareholder
- The memorandum of association is the agreement of all initial shareholders (‘subscribers’) to create the company
- The statement of capital details the shares and the rights attached to them
- The articles of association are the written rules about how the company will be run
- Keeping a persons with significant control (PSC) register is now mandatory. It details people with significant control, for example anyone with more than 25% shares or voting rights
- At least one standard industry classification code (SIC) should be provided, which is the number that identifies what sector the company operates in.
- A ‘Certificate of Incorporation’ is provided when the process is complete. This confirms the company legally exists and shows the registration number and date of formation.
How to Incorporate a new company in the UK?
Some companies can be incorporated online, whereas other need to be incorporated by an agent or formation specialist. Unless you are familiar with the requirements, it is best to take advice from a professional to ensure firstly, that a UK corporation will be the best vehicle to achieve your business objectives and secondly that the set up has been done correctly and in accordance with your requirements and UK legal requirements. At Axada, we will initially advise on what the best option is for establishing a presence in the UK and explain the alternatives that are available. If a UK company incorporation is chosen, then we can take care of the entire set up process.
What Are the Company Incorporation Fees in the UK?
The cost will depend on the number of directors and shareholders involved and the businesses specific constitution requirements. Please contact us for a free quotation.
Company Incorporation Documents Required in the UK
No specific documents are normally required, however Axada are subject to stringent anti money laundering laws and will required ID and proof of address, as a minimum, of all persons who control or own 25%+ of the shares or fulfill various other criteria.
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