How Shelf Companies Lost Their Appeal and What to Do Now
Also known as a ready-made company or an off-the-shelf company, a shelf company is a pre-registered business you can buy and customise.
Doing business in the UK is a great option for anybody. You will have access to one of the leading markets in the world. Unlike some countries, you will have the same rights as any company opened by a UK national. By far, the best way to form a private limited company is to do it via a formation agent.
They will help you compile the documents required to form a limited company. And they will help you avoid some of the biggest mistakes associated with trying to form a limited company.
This guide is going to show you everything you need to know about how a non-UK resident can form a private limited company.
Can a Non-UK Resident Open a Private Limited Company?
In short, the answer is yes. The process is very much the same for non-UK nationals as it is for locals. You still have to register your company with the relevant authorities. With the right agents helping you, your company can be up and running within 24 hours.
The only difficulties foreigners experience can be in dealing with banks, but even those challenges aren’t impossible with the right support and the right due diligence.
Why Should You Open a Company in the UK?
Deciding to change your registered office address to a UK address is a big step to take. But it’s a step that gives you access to a number of key benefits.
First of all, your company will become part of an economy that is amongst the strongest in the world. It’s growing faster than Germany’s and is the overall second biggest economy in Europe. This is also one of the most stable economies, due to the power of the pound.
Opening a company in the UK also gives you access to the common market. You have access to the European common market, which gives you access to one of the largest trading blocs in the world. At the same time, you are not constrained by EU law, due to the UK maintaining its sovereignty in that area.
What Do You Need to Get Started?
Your company can be registered in the jurisdiction of England and Wales, Scotland, or Northern Ireland. The rules are exactly the same regardless of where you try to open your company. It will nearly always be dictated by your registered office address. There’s nothing preventing you from having multiple locations across the UK.
To create a company, you will need at least one company director and one shareholder. Both positions can be filled by the same person. You have the choice as to how many people you decide to appoint as directors and shareholders. When setting up the company, you will be asked to apportion a certain number of shares to each person, denoting the amount of the company each person owns.
The rules were recently changed regarding the position of the company secretary. Previously, it was necessary to have one, and it couldn’t be the same person. These days it isn’t necessary, although you will still receive communications from the bank addressed to this position.
Finally, you need a registered office address already in place. It can be either a residential address or a commercial address, and it can be changed at any time after the company has been formed.
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Open Your Company Today
Another advantage of opening a company in the UK is you are able to open the company using an online portal. A formation agent can help you to do this because there are some complicated terms to deal with. They will be able to have your application submitted in a matter of hours.
You will receive a verdict on your application within 24 hours, in most cases. Once you have been accepted, you will have everything you need to start doing business in the UK, and crucially you will be able to open a bank account.
Conclusion
The UK is a powerful market with a relatively simple company incorporation system allowing you to operate as you would in your home country.
Hire a formations agent today to make sure that everything is done right and everything is done quickly!
