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Benefits of Setting up a UK Company as a Non Resident


2022-03-13


Why Should You Consider Starting a Company in the UK? Below is a brief rundown of the five good reasons why you should set up a company in the UK instead of operating as a self-employed trader. Tax Advantages Registered companies in the UK get more tax breaks than self-employed sole traders, with the potential for much higher take-home pay. In the same vein, you can make claims on a wide range of overhead costs associated with running the business, such as accounting fees, software, phones, travel, equipment, and much more. Your Personal Assets Are Protected When you set up an LTD in England, the business is registered as a distinct legal entity in the UK. Generally, lenders can only go after the assets of the LTD, not the assets belonging to its owners. As an owner of the business, you cannot be held liable for the company’s debts. This means your homes, vehicles, investments, and bank accounts are protected in the unlikely event of getting sued. Easy Startup and Upkeep The initial fees and paperwork associated with forming UK companies are relatively light, with minor variations depending on the structure. The process is simple enough for foreign owners – but it’s always a good idea to consult formation experts for help. Greater Credibility and Professional Image Conducting business as a limited company is a great way of building credibility and rapport you’re your clients and suppliers. Indeed, one feels more confident working with an established business than a self-employed trader. There is a sense of professionalism associated with the business. In fact, there are many large businesses that refuse to work with sole traders but will be more than happy to collaborate with a limited company. Protected Business Name Once your business name is placed on the official register of companies, your name will be protected by UK law. This means that no one else can be allowed to use your business to trade under. Moreover, no one is allowed to trade under a name too similar to your business name, especially if their business is identical to yours or operates in the same sector. This is great because no one will be able to steal your trade name or use it to siphon customers away and benefit from your hard work. Frequently Asked Questions for Company Formation UK If you are ready to open your UK business, you may have a few questions that are left unanswered. We will answer 5 of the most frequently asked questions about forming and operating a UK company as a foreigner. Are There any Visas Required? No, you do not need any visas for UK company registration. However, there are specific visas available for foreign nationals who would like to start a UK business. You can choose from various options, including the Start-up visa and Innovator visa. But again, these are not required to start a UK company. Do I Need to Open a Business Bank Account? You don’t have to open a business bank account to run your UK company. In fact, you could just as easily collect payments in a local bank account through a payment gateway provider. What Tax Accounts Do I need to Set Up? Your UK company is required to prepare an annual financial account to submit to Companies House at the end of its financial year. You will be required to prepare the following: • Full annual accounts • Company Tax Return This applies whether your company is active or dormant. You can learn more here. What is the Process of Registering with a Formation Agent? It’s as simple as talking to the formation agent and communicating your requirements to them. The formation agent will provide you with a simple online application that you can fill out in a matter of minutes. The application is jargon-free, and the team will always be available to answer your questions and help you complete the form. Moreover, your formation agents will thoroughly review the information you have provided by checking it for spelling mistakes, irregularities, and missing information. How Long Does it Take to Register the Company? The length of time it takes to form a UK company depends on your chosen process. Online incorporation with the help of Future Formations will take only a few working hours (3 to 24 hours), but it depends on how busy Companies House is at the time. You could go through the postal registration process, but this will take at least ten days and cost significantly more. Wrapping Up Working with a company formations expert will speed up your application and save you time and money. Simple send in your query to our experts at Future Formations, and we’ll get your business up and running in no time. Yes, it is that simple with Future Formations Ltd. acting as your company formation agent. Now that you are aware of the several benefits of forming a UK company as a non-resident feel free to visit our website here to open a company in the UK, quickly and professionally. Our team is here to assist you with any questions you may have – feel free to get in touch with us for more information