As people think of starting a Business as a non-resident of foreign nations, most of them would prefer to start and register their business in the UK due to its competitive environment, plenty of business opportunities available in the UK for foreigners, incentives by the UK government and technology. Moreover, the UK provides favorable attributes for new business and industrialists. The business environment in the UK is more stable and simple, which makes the company formation in UK viable for countries like India.
Benefits of Company Formation in the UK
- An incredible beneficial hub for commercial development with significant opportunities.
- Great connectivity exist for foreigners all around the globe
- Enhanced technological and infrastructure development
- Reduced business costs and eradicates trade barriers
- The UK has a higher standard of living and the most preferred place of all due to its amenities
Basic Requirements to register a company in the UK
Some of the basic requirements in registering a company in the UK from India are,
- You can be of any Nationality but must possess a minimum of 1 shareholder and 1 Director
- In addition, the director and the shareholder can be the same person and may be involved in 2 or 3 companies.
- The physical address must be a UK address (which obtained easily as rental or use your friend’s address who is already).
Some of the documents required to register a company in the UK are,
- Memorandum of Association (Related to the company)
- Complete details of shareholders, directors, and employee contracts if any with significant control
- Standard Industry classification code
Various other stipulations to startup a business in the UK and register your business as a non-resident are considered vital enough during this process. Registering a company with the Companies House within one month of opening a UK establishment is more important. This can be done by just filling the Form OS IN1 with the details of the company’s latest accounting documents, and still more.
Factors considered registering a company in the UK from India
Many factors considered during the registration process and the most important among them are,
- Type of Business
- Choose an appropriate name for your business (unique form your competitors)
- Strictly abide by the laws of the UK Government
Type of Business
In order to start up a business or company in the UK, the type of business has to be chosen well in advance, which is more important in the Formation of a company in the UK. There are different types of business like a sole trader, partnership, Social Enterprise, Overseas Company, unincorporated company.
Name of your business
The name that you choose for your company should not be against the provisions of laws of the UK government. Moreover, it should be unique and easily recognizable so that you can reach your target audience easily. In addition, it should abide by the intellectual property rights of the UK.
The company or business you register in the UK must strictly come under the domestic laws and regulation of UK be more focused in choosing the type of business structure like whether it is a sole trader company or limited liability company or a private limited company where each structure has unique specifications to be followed during the registration process.
The procedure involved registering a Company in the UK
Always set up a business in the UK is a straightforward process. Suppose the individual wants to incorporate a company as a separate legal entity then the option is yours and the most popular choice would be a private limited company in this case. The online process to register a company in the UK is typically less than 24 hours.
To get started with registering or incorporating the process you should choose the business structure and physical address to register your company as mentioned above. Besides all these, it is not mandatory to have or open a UK business bank account but it is advisable to open it since it makes your business trading easier and many financial beneficial factors come to you if you have a bank account in the UK.
You can also approach the expert’s advice or business consultant in the UK before setting up a business in the UK and registering the same. The UK government provides or helps all individuals with proper advice and funding with few network angels available in the UK for your business.
It is always better to have a UK business law specialist in order to guide you in all aspects to run your business smoothly in the UK. Usually, the time taken to register a UK branch of an overseas company is comparatively more than registering the limited liability company due to the submission process of documents and information to the company’s house. It may take nearly 4 weeks to review all these documents related to your business.
The above-mentioned are the complete details of how to register a company in the UK from India based on the requirements and other factors, which are considered or should be focused more during the registration process.