The process of establishing an offshore company is faster and easier than establishing an onshore company.
Choose a Company name:
You must choose a proper company name by selecting the right word, as some countries like the UK do not accept certain words included in the company name.
If the desired company name is already used by some other company then you will not be allowed to take that particular name for your company. The best way is to run a series of searches through Google and other search engines to ensure that your desired company name is available.
Select a structure that suits your company:
You must select a type of company structure for UK company incorporation. For an LLP of the business, all partners must have limited liabilities, in which they are not collectively responsible for misconduct or negligence of an individual partner. A shareholder is responsible for settling the outstanding financial liabilities of the company despite their investment in the company.
The UK company incorporation involves registering your company name with the Companies House. It will reinforce your brand name and build confidence among people to buy your products and services.
Registration of overseas companies may require several documents, such as:
- Certificate of incorporation - This official certificate ensures that your UK company is registered with the Companies House. It confirms the company name, the registration number and date.
- Certificate of good standing– Depending on the activity you do in another country, such as opening an account or collaborating with another company, they can request some form of paperwork that certifies you are in good standing as a UK business entity. Even this certificate can confirm the structure of the company.
- Partnership Agreements – If you intend to partner with another company or expand your business abroad, you will need to draw up a negotiated partnership agreement to ensure that both parties agree on all aspects of the business.
- Distribution Agreements – Distributors are also expected to have a letter from the organisation stating they have the right to sell the goods.
- Licenses – You will need to show proof that you have a license to operate within a specific market, depending on the type of business you wish to conduct abroad.
- Work contracts – When you hire workers abroad, you will need to establish work contracts to ensure that they are still employed by your UK-based company while these individuals are abroad.