A Non-UK Resident’s Guide To Company Formation

You may feel like setting up a UK company is too much of a challenge. But if you break it down, the task is very doable. Read more: A Non-UK Resident’s Guide To Company Formation

A Non-UK Resident’s Guide To Company Formation

You may feel like setting up a UK company is too much of a challenge. But if you break it down, the task is very doable.

Here we’ll take a look at the actions you need to take to set up a company in the UK as smoothly as possible — if you’re not from the UK. You can ask for help from a competent professional and compare company formation packages to accommodate your needs better.

Can Non-UK Residents Form a Company in the UK?

The UK has a number of advantages for non-UK residents. For example, there aren’t any minimum capital requirements to set up a company. However, it’s essential to have the facts clear from the start: a non-UK resident can form a company here in the UK.

Steps to Forming a Company

The first thing you’ll likely do is make a business plan. This can take some time, but once you have that all sorted out, you can proceed to the following steps to set up in the UK:

1.     Register the Name of the Company

You can use a play of your own name or anything else for the company title. But it is imperative that the name for your company must be unique. Make sure that your chosen name is not in use by anyone else.

2.     Register an Office Address in the UK

A company registered in the UK must have an office address in the UK. You can use a PO Box for mail, but you still need to provide a physical address and a postcode within the UK. Please note that a company’s address is a matter of public record. Therefore, it will be available on the online registry.

3.     Nominate a Director of Your Company

Choose someone over 16 who can handle running the company, even if it is in a purely nominal sense. Your chosen director doesn’t have to be a UK resident.

4.     Issue Shares in the Company

If you want to create a company using shares, you need at least one shareholder. This can be the director(s) or any number of people. In addition, you can specify the value of the share.

5.     Issue a Memorandum of Association (MoA)

A Memorandum of Association (MoA) is a legal document prepared during a company’s formation and registration process to define its relationship with shareholders. In addition, it specifies the objectives for which the company is formed.

6.     Register Your Company

You can easily make online registration for a small fee if you have everything complete in the list above. A professional company formation specialist can also help you set everything you need. You have the option to register your company via post, but that may take longer.

7.     Register for Your Corporation Tax

You can register online for the corporation tax and pay-as-you-earn tax simultaneously as your company’s registration. However, make sure not to delay your company’s registration for corporate tax more than 3 months after formation. The registration process will take some time as you need to have a Unique Tax Reference posted to your company address before you complete registration.

8.     File for Your Confirmation Statement

Every limited company or LLP in the UK must file a confirmation statement once a year. The confirmation statement provides the government with current information on a company’s registered official address, company officers, SIC codes, shareholders, share capital and all the people with significant control (PSC).

Note: Please remember that you also need a UK bank account for the company. Don’t worry! An agent can help you set it up without much trouble.

Last Word

When forming your own company, there are many complex considerations to take into account. Ultimately, finding the right choice for you is a matter of weighing up each option’s costs and benefits.

Read more:
A Non-UK Resident’s Guide To Company Formation

Source : Business Matters More   

What's Your Reaction?

like
0
dislike
0
love
0
funny
0
angry
0
sad
0
wow
0

Next Article

A Guide to Successful Payroll Outsourcing for SMEs

Among the many challenges of 2020, making adjustments that will optimize efficiency and productivity in the face of pandemic operating measures has been the most significant. Read more: A Guide to Successful Payroll Outsourcing for SMEs

A Guide to Successful Payroll Outsourcing for SMEs

Among the many challenges of 2020, making adjustments that will optimize efficiency and productivity in the face of pandemic operating measures has been the most significant.

To face this challenge, many forward-thinking companies have turned to outsourcing to satisfy a wide assortment of functions.

The concept of outsourcing takes advantage of the skills and expertise of external professionals to address the internal needs of company function. This could be IT, Customer support or even payroll management.

Just about any functional role your team may require is available in the outsourcing market. Let’s examine some of the most significant benefits of outsourcing payroll management to an external professional management solution. Having this tedious task handled by a professional outsourcing service will provide your HR department with a greater capacity to meet the challenges of an unpredictable job market. Furthermore, because your company has most likely already begun outsourcing various functions of your business operations to external professionals such as Payroll Index, the transition can be easily made.

Here are a few important things to keep in mind when you are considering outsourcing payroll for your company.

Reducing Operational Costs

Due to the pressures of the pandemic most companies have already had to rethink their approach to workforce locations and outsourcing payroll could be the next logical step in your company’s plan to reduce operational costs. Payroll outsourcing addresses the time-consuming tasks of tracking, adjusting and reconciling payroll issues and paying attention to the finer details of tax administration.

The initial advantage to this will be a great relief to your HR department to apply the workforce for achieving primary company goals and allow this supplementary task to be handled by external experts.

Focus On Core Business Functions

HR departments were the most affected by the challenges that the pandemic placed on recruitment and retainment plans. Outsourcing Payroll frees up needed resources to allow these strained HR departments breathing room to focus on their core functions.

For example:

  • Engaging employees
  • Improving retention — especially in industries where talented and experienced workforce is in high demand.
  • Improved job satisfaction — essential to attracting top talent
  • Applicant tracking
  • Simplified onboarding
  • Training
  • Performance reporting and employee grooming

An HR team becomes significantly more strategic when they do not have to focus on the peripheral tasks of an efficient payroll management team.  This allows them to specialize their skills at finding the precision talent needed to fill roles directly related to company goals. This greatly enhances the efficiency of the company, by relieving the skills gaps caused by an ever-expanding company.

Technology Integration

By choosing a high-grade and very professional payroll company, your corporation will suddenly have access to better tools and technology for this task. Complete integration in payroll outsourcing means that your company will benefit from cost-saving platforms that will allow for a wide range of functions, your company may not have had before.

  • Payroll and taxes
  • Workforce reporting analytics
  • Benefits administration
  • Employee records and database
  • Time and attendance
  • Employee performance tracking

As your HR department improves their capacity to provide your company with improved services, all other aspects of company function improve as well. Your entire operations will benefit from the improved scheduling, benefits, training schedule, payroll disputes, onboarding and other primary HR functions.

Workforce Planning

Workforce planning tends to be one of the first tasks sidelined in organizations where the HR departments are consumed with the minutiae of running a company. Payroll outsourcing improves your company’s capacity to operate but especially improves their team tracking skills.

  • Your team will then be free to engage in improved
  • Sourcing top talent
  • Phasing out retirees and poor performers
  • Arranging for internal transfers
  • Being more effective in talent management
  • Simplified Certified Payroll

If your company is handling federally-funded projects then you are probably fully aware of how time-consuming the task of certified payroll can be.  Payroll management provides attention to detail in this important process.

Competitive Edge For Recruitment

When it comes to taking on heavy competition, smaller businesses need to streamline their efforts. An HR team empowered with the benefits of outsourcing payroll management. The results of improved HR management, workforce planning, benefits, training, and more will be very attractive talent. People today want to work for companies that have that stability and commitment as this is a good sign of a quality team.

While it may seem like a costly project, in the long run it is a good investment for the amount of benefits provided. As you and your team head out into the future, remember to rely on the power of outsourcing to meet the challenges that will come your way.

 

Read more:
A Guide to Successful Payroll Outsourcing for SMEs

Source : Business Matters More   

This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies.