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Formation of a UK Company with a UK Bank Account for Non-residents in 2021

The UK is the world’s best place to open your business and has the largest economy in the world. However, if you are a non-resident and are considering opening a company in the UK, you might feel that it is impossible; well, if you have an agent, you will have peace of mind.  

Every entrepreneur has a dream to start a business in the United Kingdom. Anyone and everyone can open a business regardless of nationality of a person. You do not need a residential address of your own to be able to open your business. 

Still, the business must have a UK address, and this is for accountability and correspondence purpose. You can UK company formation non-resident with bank account easily acquire an address by renting/purchasing a property in the UK; you can register a company on a family/friends address if they agree to let you use the address, company formation UK of you can use a virtual office address.  

The last option is to ask your agent to be your registered address, which I presume would be the best option; they would charge you a nominal fee to forward any correspondence.

Do entrepreneurs ask whether they need to come to the UK or have a visa? No, they do not need to go to the UK to register their business, and there is no need to provide UK company formation with bank account any proof that you can work in the United Kingdom. Starting a business in the UK does not give you the right to work in the United Kingdom, but you can apply to work here in the UK work.

To start running your business, you can either run it remotely from the country of residence, or you can employ people who have the right to work in the UK where you will pay them an agreed salary, you as a director can also draw a paycheck that will be taxed as per UK law, non-residents do not get the privilege of tax-free allowance unless living here in the UK. 

Remember you then can trade as a British firm and sell in the UK where people will have confidence in your product.

You will also require a Bank account for the limited company with a bank account to run your business smoothly as all banks charge for transfer of the fund to any other country, which can be very costly in the long run. Having a local bank account will assist you in smooth local transactions, be prompted credited into the account, and save you loads of banking fees. 

Also, keep in mind it will also be easy to manage your finances. It is difficult for a foreign national to open an account without being in the UK physically and having the right to work visas. 

Finally, it would help if you also were careful about the Tax in your country of residence. It can cause you to pay a hefty income tax according to the laws of the country. To avoid any pitfalls, appoint an agent who can look after your business and accounts for you in the United Kingdom. 

It looks very simple to register a company. Still, you need to UK company registration with bank account follow all the laws of the UK getting all the required permissions from the relative authorities, which depends on the type of business you wish to do.

Registering a Limited company in the United Kingdom as a foreign national is no different from a British National registering a limited company. 

The process of Opening the Company:

  • First, you need to select a name and confirm if this is available for registration. Your agent can do this for you in a matter of minutes.
  • You must have a UK address; if you do not have one, ask and arrange with your agent to provide you with one. **Note there will be a fee for this.
  • You must provide the Directors and Shareholders information, i.e., passport copies, proof of address (utility bills in the name of the Director).
  • You might need to register for VAT if you reach the threshold.
  • Corporation tax registration should be done within three months of starting your business, and PAYE is also supposed to be done, all with Her Majesty’s Revenue and Customs. This will take some time before you get your Unique Tax reference number sent to the registered address. This can only be done after receiving this code.
  • You will also need to file your yearly Tax returns to the company’s house, whether in business or Dormant.

Once this is provided to us, we shall start the process only after receiving the full payment of our invoice in advance. We then proceed with the registration of the company on your behalf. After that, we shall offer you the first consultation for free. This is to make sure you understand how and what our role will be and what your role will be in the business. 

To make things clearer, you can change address UK company formation with guaranteed bank account details at any point and time if you have come to the United Kingdom and are settled here, or you can leave it as it is. We shall continue to serve you with world-class service.

We will send you electronic copies in PDF format of all the certificates and documentation on registration of the company; in case you require original documents Limited company formation packages, there will be an extra charge for this. We can discuss this when we discuss all your requirements, and we will quote you for this.

In the future, if you decide you do not need the company before you have started trading, we also provide a dissolution service that will have a modest price. However, once you have started trading, it is a bit more complex as you shall have to file all the accounts with Companies House and HMRC; you will have to pay all the taxes paid before closing the business.

We also Apostille the documents if require doing so and this is done at the Foreign and Commonwealth office. But, again, there is a charge for this as it must be submitted in person and collected in person.

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