International trade
Register a Company in the UK
Advantages to Choose ASTRA
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Know more about the United Kingdom
Basic of UK
The United Kingdom of Great Britain and Northern Ireland is one of the most developed economies globally and a pioneer in the offshore industry. Through its former dominions and overseas territories, the UK has shaped the modern world of banking and non-banking financial services. With the spread of English common law, the concepts of the trust and the limited company gained worldwide recognition.
The UK is a constitutional monarchy. The British monarch is the head of state of the UK and shares the same status with 15 other countries.
London
The United Kingdom of Great Britain and Northern Ireland is one of the most developed economies globally and a pioneer in the offshore industry. Through its former dominions and overseas territories, the UK has shaped the modern world of banking and non-banking financial services. With the spread of English common law, the concepts of the trust and the limited company gained worldwide recognition.
The UK is a constitutional monarchy. The British monarch is the head of state of the UK and shares the same status with 15 other countries.
There are several popular types of companies and entities that can be incorporated in the UK, including:
- Public Limited Company
- Private Limited Company
- Limited Partnership
- Limited Liability Partnership
Why choose the UK?
UK companies are widely used for international trade and holding of assets. Setting up a limited company in the UK is one of the best solutions for doing business in Europe and promoting your product or service.
Registration of a company in the UK is advantageous due to the very flexible corporate legislation and the low administration and maintenance costs. Moreover, compared to other European jurisdictions, starting a business in the UK is not difficult and can be done entirely remotely. All this is combined with the moderate corporate tax rate and several options for tax optimisation.
Opening a company in the UK is a good idea when considering different options for quality business banking. Nowadays, many of our clients ask us how to register a company in the UK with a bank account. It is important to note that a UK company can have a business bank account in any country in the world. While opening a bank account in the UK can be somewhat challenging for non-UK residents, there are various offshore options.
How do you register a business in the UK with a local bank account? Firstly, the company must have a director with a service address in the UK. Next, the director must be prepared to visit the local bank in person and write a business plan to describe his business idea in detail. In some cases, it is even possible to obtain a start-up loan if the founder is a UK resident.
When setting up a company in the UK, the business benefits from the jurisdiction’s excellent reputation and is treated much more favourably by financial institutions. This is because the UK has the reputation of being the leading European financial centre and is one of the largest economies in the world. Still, it is important to find the best UK company formation agent to reduce fees and avoid potential fines. Astra Trust can help you to open a company in the UK with a local director.
Companies incorporated in the UK are widely used for the following purposes:
There are no exchange controls in the UK.
Tax Benefits in UK
| Income tax | 0% |
| Withholding tax | 0% |
| Gift tax | 0% |
| Capital gains tax | 0% |
| Inheritance tax | 0% |
| Wealth tax | 0% |
| Exchange Controls | No |
Taxation in the UK
The UK has a moderate corporate tax rate. The worldwide income for a company in the UK is taxable if it is a tax resident. Non-resident companies are taxable only on their UK-source income. A company is deemed to be a tax resident of the UK if it is incorporated in the UK and its place of management and control is also in the UK.
The UK has a moderate corporate tax rate. The worldwide income for a company in the UK is taxable if it is a tax resident. Non-resident companies are taxable only on their UK-source income. A company is deemed to be a tax resident of the UK if it is incorporated in the UK and its place of management and control is also in the UK.
Compared to other jurisdictions in Europe, setting up a limited company in the UK is a good option for those willing to pay moderate corporate taxes and seeking to reduce the fees for the administration of complex offshore legal structures. The standard rate of corporate profit tax is 19%.
Additionally, UK company formation can provide access to double taxation treaties if the company is a tax resident in the UK. Business owners may therefore benefit from reduced withholding tax rates on passive income. This includes interest from business loans made to the company or royalties received from their businesses in the UK. The standard rate of withholding tax for interest and royalties paid by a UK limited company to non-residents is 20%. Typically, there is no withholding tax on dividends paid by the UK company in accordance with domestic tax laws.
The currency of the UK is the British pound sterling (GBP), which is one of the most traded currencies in the world.
Legislation in the UK
The UK is a common law country with a legal system comprising three different systems, namely, the law of England and Wales, Scotland and Northern Ireland. However, the formation of a company in the UK is regulated by the Companies Act, 2006. This creates a single regime for UK company registration in all parts of the UK. This also applies to the common Registrar of Companies, the Companies House.
Notwithstanding this unification, the company must have its registered office address in the part of the UK where the company was incorporated, e.g., a company incorporated in Scotland must have its registered office in Scotland and cannot have its address in England.
It is worth mentioning that English law is quite flexible and is the law of choice for the vast majority of business contracts. British courts are very often chosen for dispute resolution involving contracts and family matters in an international business environment. This is one more reason for opening a company in the UK.
It should be noted that in the UK, it is only possible to incorporate a company in the form of a limited company. It is not possible to register an LLC in the UK, as is the case in many offshore jurisdictions. The Limited Liability Company is regulated by US model legislation. The closest organisational form to the LLC in the UK is a Limited Liability Partnership. Feel free to contact Astra Trust to find out how to register a company in the UK with the corporate structure that best suits your needs.
It should be noted that in the UK, it is only possible to incorporate a company in the form of a limited company. It is not possible to register an LLC in the UK, as is the case in many offshore jurisdictions. The Limited Liability Company is regulated by US model legislation. The closest organisational form to the LLC in the UK is a Limited Liability Partnership. Feel free to contact Astra Trust to find out how to register a company in the UK with the corporate structure that best suits your needs.
Who can register a company in the UK? There are no legal requirements as to the nationality or residency of the owners and directors for company registration in the UK. The business owner can be of any nationality and residency. The directors do not need to reside in the UK for the purpose of setting up a company.
The Supreme Court of the United Kingdom is the final court of appeal in the UK.
The following laws provide
for company formation in the UK
Incorporation Process Of The UK Company
Stage 1
Contact us for more information and quotes. We answer within three hours!
Stage 2
Fill in a form, provide us with the required documents and make a payment.
Stage 3
Receive the scanned incorporation documents within two days, and hard copies by courier in up to seven days.
Required Documents To Incorporate In The UK
To Set Up A Limited Company In The UK The Following CDD Documents Are Required:
- Certified copy of passport for all directors, shareholders and beneficial owners
- Certified proof of address for all directors, shareholders and beneficial owners
- KYC form provided by your personal manager in Astra Trust
Documents And Services You Receive After The UK Company Formation
The Company Formation Services Include The Following Services:
- Company name search in the Register of companies for availability
- Revision of KYC and CDD documents
- Drafting of activation corporate documents on incorporation of the company
- Registered office services for 1 year
- Registered office services for 1 year
- Full administrative support 24/7 from your personal manager in Astra Trust
The Company Formation Services Include The Following Services:
- Certificate of Incorporation issued by the registrar of companies
- Memorandum of Association stamped by the registrar of companies
- Articles of Association stamped by registrar of companies
- Incorporation form as required by legislation
- Resolution of appointment of first directors
- Register of directors
- Register of shareholders
- Register of Persons with Significant Control
- Minutes of first meeting of directors
- Share Certificate for each shareholder
Need More Help To Setup Your UK Offshore Company?
Just get in touch with us. We typically response within 2 hrs.
Company Name In The UK
According to the Companies Act, 2006, a private company’s name shall end with the following word or abbreviation:
- “Limited” or “Ltd”.
The company name cannot suggest any connection to Her Majesty’s Government, any part of the Scottish administration, Her Majesty’s Government in Northern Ireland, or a connection to any public or local authority.
Astra Trust can check and register a company name in the UK within 1-2 working days.
Board Of Directors And Shareholders Of A UK Company
A UK private company must at all times have at least one director who is a natural person. Corporate directors are available, however, one of the directors who is an individual of any residency and nationality must remain appointed to the office.
The company must have at least one shareholder, which can be either an individual or a corporation, of any nationality and residency.
A private company with registration in the UK may appoint a company secretary. A corporate secretary is optional for a private limited company and obligatory for a public one.
Information relating to the directors, officers and shareholders must be kept and updated at the Companies House in electronic format.
Astra Trust can advise on how to set up a business in the UK with maximum effectiveness for the client.
Share Capital Of A UK Company And Types Of Companies
There are several types of companies under modern law that can be incorporated in the UK. They differ by organisational structure, corporate regulation requirements, taxation and capital types. In short, the following types of entities can be formed in the UK:
- Public Limited Company (PLC)
- Private Unlimited Company
- Private Company Limited By Shares
- Private Company Limited By Guarantee
- Private Company Limited By Guarantee With Shares
- Limited Partnership
- Limited Liability Partnership
- Scottish Limited Partnership (SLP)
The Private Company Limited By Shares makes up the majority of companies incorporated in the UK. The share capital can be any number starting from GBP 1 per share, or any other currency. However, it must have a fixed nominal value, share capital with no par value is void.
Contact us to find out how to open a company in the UK with share capital that suits your particular needs.
Privacy Of A UK Company
The UK is considered a jurisdiction with a low level of privacy.
Information on registers of directors, shareholders and persons with significant control (PSC) is available for public inspection through the Companies House.
As of 2016, the UK introduced a publicly available register of beneficial owners of companies, namely the PSC register. Every company incorporated in the UK must maintain this register that is available publicly at the Companies House. The following persons are deemed to be persons with significant control and, as a consequence, are included in the register:
- an individual who holds more than 25% of shares in the company;
- an individual who holds more than 25% of voting rights in the company;
- an individual who holds the right to appoint or remove the majority of the board of directors of the company
- an individual who has the right to exercise, or actually exercises, significant influence or control over the company
There are more complex rules for determining the PSCs of a company owned by a trust or private foundation, allowing a certain level of privacy over the company to be retained.
How To Check Company Registration In The UK?
Anyone can easily do this by accessing the public register of companies on the Companies House official website. It contains information on the address, share capital, officers, PSCs and accounts filed with the Registrar. For more details, please contact one of Astra Trust’s specialists.
Economic Substance Requirements In The UK
There are no Economic Substance requirements in the UK.
Reporting Requirements In The UK
Every limited company must establish an accounting period that, for newly incorporated companies, starts from the date of incorporation. A private company must prepare and file its annual accounts within nine months of the accounting reference date.
There are some exemptions for certain types of companies, such as micro-entities and small companies, and for certain partnerships.
There is a requirement to prepare audited accounts, which can be omitted if the company is eligible and applies for an exemption. So how to set up a company in the UK that is exempt from the auditing of accounts? This depends solely on the turnover and size of the assets held by the company.
The requirements for a company seeking exemption are as follows:
There is a requirement to submit corporate accounts in the form of a confirmation statement to the Companies House on an annual basis.
Key Features
General Information
- Jurisdiction – Independent nation
- Entity type – IBC
- Corporate Tax – 0%
- VAT – 0%
- Currency – BZD and USD
- Currency Echange Control – Not for IBCs
- Legal framework – Common Law
- Recognition of Trust – Recognised
- Court of final appeal . – the Caribbean Court of Justice
Business Activity Restrictions
- Business Activity Restrictions – No. Subject to standard licensed types of activities.
- Economic Substance Requirements – Applicable
- VAT – 0%
Requirements to Directors
- Register of Directors – Publicly not accessible. Stored in Registered Office
- Minimum Number of Directors – 1 natural person
- Corporate Director – Available
- Local director – Not required
- Nominee Director – Available
Requirements to Secretary
- Requirements to Secretary
- Economic Substance Requirements – Applicable
Requirements to Shareholders
- Register of Shareholders – Publicly accessible
- Minimum Number of Directors – 1
- Corporate Director – Available
- Annual General Meeting – Not required
- Location of Meetings – Anywhere in the World
- Nominee Shareholder – Available
Share capital
- Minimum Authorized Share Capital – USD 1
- Standard Authorized Share Capital – USD 50,000
- Minimum Issued Share Capital – USD 1
- Currency of Share Capital – USD or any other
Reporting Requirements
- Preparation of Accounts – Not required
- Filing of Annual Return – Not required
- Publicity of Annual Return – Not public
- Audited Accounts – Not required
Other features
- Redomiciliation to/from Jurisdiction – Permitted
- Shelf companies – Available
Questions & Answers
Company name in the UK
According to the Companies Act, 2006, a private company’s name shall end with the following word or abbreviation:
“Limited” or “Ltd”.
The company name cannot suggest any connection to Her Majesty’s Government, any part of the Scottish administration, Her Majesty’s Government in Northern Ireland, or a connection to any public or local authority.
Astra Trust can check and register a company name in the UK within 1-2 working days.
Board of directors and shareholders of a UK company
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Share capital of a UK company and types of companies
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Privacy of a UK company
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Economic substance requirements in the UK
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Reporting requirements in the UK
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Do Belize banks provide their foreign clients with letters of credit?
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How do I choose the best bank in Belize?
Before opening a bank account, it is important to set up goals for your business that you wish to pursue. These goals can vary from diversification of financial duties or asset protection to safeguarding privacy. Once your goals and priorities are clear, Astra Trust’s team will provide you with free and detailed legal advice on which Belize bank would be the best bank in Belize for your business. Belize banking laws are quite strict when it comes to opening a bank account for Belize IBC or foreign companies that are engaged in the following activities: cryptocurrency, adult entertainment or weapons trading. However, the Astra Trust team is always ready to provide our clients with individual solutions to find the best bank for their businesses.
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Before opening a bank account, it is important to set up goals for your business that you wish to pursue. These goals can vary from diversification of financial duties or asset protection to safeguarding privacy. Once your goals and priorities are clear, Astra Trust’s team will provide you with free and detailed legal advice on which Belize bank would be the best bank in Belize for your business. Belize banking laws are quite strict when it comes to opening a bank account for Belize IBC or foreign companies that are engaged in the following activities: cryptocurrency, adult entertainment or weapons trading. However, the Astra Trust team is always ready to provide our clients with individual solutions to find the best bank for their businesses.
If you are a Belize resident, the most practical choice is usually a domestic bank with a wide branch network, such as Belize Bank Limited or Heritage Bank Limited.
Can a foreigner open a bank account in Belize?
Yes, Belize laws and regulations allow both foreign individuals and companies incorporated worldwide (including Belize IBC) to open an offshore bank account with a Belize bank.
Do Belize banks provide their foreign clients with letters of credit?
The issuance of letters of credit is an additional service, which commercial banks in Belize may provide upon an individual request. However, the application process is not straightforward and the outcome depends on the length of the relationship between the Belize bank and a customer.
How do I choose the best bank in Belize?
Before opening a bank account, it is important to set up goals for your business that you wish to pursue. These goals can vary from diversification of financial duties or asset protection to safeguarding privacy. Once your goals and priorities are clear, Astra Trust’s team will provide you with free and detailed legal advice on which Belize bank would be the best bank in Belize for your business. Belize banking laws are quite strict when it comes to opening a bank account for Belize IBC or foreign companies that are engaged in the following activities: cryptocurrency, adult entertainment or weapons trading. However, the Astra Trust team is always ready to provide our clients with individual solutions to find the best bank for their businesses.
If you are a Belize resident, the most practical choice is usually a domestic bank with a wide branch network, such as Belize Bank Limited or Heritage Bank Limited.
