Many people who live outside United Kingdom (UK) and are non-UK residents normally enquire whether it’s possible to set a Uk business from abroad and run it smoothly from their country of residence. Most of them have no idea on how to open a business in a foreign country especially in the United Kingdom. The good news to these non-UK residents and overseas investors is that in the United Kingdom you’re not limited on the basis of being a non-resident from owning and setting up your business in the UK. That means whether you are a director, shareholder or a secretary you can be able to own and manage your company from anywhere on the planet. However, you need to be familiar with some things that are a requirement as stipulated by law in Companies Act 2006 which governs the registration of business in the United Kingdom.
When setting and running a business in the UK, you can opt to outsourcing the services of a business or rather company registration agents or do it you self personally. Below are basic requirements that you might need when registering a foreign business in the United Kingdom on a personal level.
What you need to know
These are some of the basic needs you need to be familiar with.
1. Business structure
If you want to set up a business in the Uk, you must first make a decision on the kind of structure your business will form. The most common business structures in the country are sole traders, limited companies, and business partnerships.
The following documents need to be submitted to Companies House for verification and approval upon registration of business in the United Kingdom
- you have to complete a registration form which is called form OS INO1
- a fee of £20 is needed as part of registration
- A certified copy of the company’s constitutional documents
- A copy of the company’s latest set of accounts
- Details of directors, secretaries or persons authorized to accept service or represent the company
- United Kingdom establishment name, address or the business activities
3. Hire Agents
Agents in the United Kingdom offer their business registration services to individuals, professional intermediates, and entrepreneurs from all over the world. They advise their clients on the best business legal entity that suits them and save them the time which they have to spend while researching or contemplating different options. When you choose to outsource their services below are some of the services they offer to their clients which might range from £100- £1000
- Incorporation of the UK Company
- Filing of fees for company house annual return
- Virtual office services
- Maintenance of statutory books
- VAT registration
- Director’s service address
- Provision of office address
- A UK domain
- Nominee shareholder provision
- Nominee company secretary
- Provision of a reputable accountant
- Full mail forwarding service
4. So what’s the business startup ideas in the UK?
The best business startup ideas in the UK are under these categories below
- Entertainment and gaming
- Web solutions
- General consumer
- Human performance, health, and wellness
- General Analytics
5. Internet connection is vital
When running a UK business from abroad, you certainly require a reliable internet connection for the daily management and monitoring of the business. You need to skype with your employees daily, conduct virtual meetings and provide timely answers to actions. The Internet therefore becomes a basic necessity and an essential tool which influences the success of your cause. In the States you can use Comcast login to email your clients.