The UK is one of the most demanded places in the world to live and work due to its high standard of living and relaxed way of life.
The process of UK company formation for non resident is the same as it is for UK citizens. You don't even need to reside in the UK to become a company director, shareholder, or company secretary for a UK company.
Your business must be registered with Companies House and have a UK address that corresponds to where the company is based.
Please watch the video given below to get more details:
Why should a non-UK resident set up a UK company?
A UK company is the best business structure because it provides a number of benefits, such as:
- The UK has the third-largest e-commerce market in the world and the largest market in Europe.
- It provides a credible and professional image.
- It provides limited personal liability for business debts.
- It provides the opportunity to minimise your personal tax liability.
- It can be set up and owned by one person or a group of people.
- It gives access to more tax reliefs and allowances.
- Setting up a UK company is an easy and inexpensive process.
There are many reputable banks in the UK, so you will have many options if you are planning to open a bank account. UK business banks provide high-street bank accounts, online bank accounts, and e-money institution accounts. It is worthwhile to invest the time necessary to find a suitable account partner for your business.
Also read: How to set up a UK limited company online?
You can open a UK business account even if you don't reside there:
Non-residents are not required by law to open a business account in the UK.
Those who run sole proprietorships or have businesses registered in the UK are also exempt. However, a recognised business account is a requirement for all limited companies.
Although foreigners can open bank accounts in the UK, they should be aware that banks need proof of residence in the country. When you try to open your account remotely, this could make things a little more challenging.
In this situation, you will need to hire a UK-based director and come to an agreement with him that he will open a bank account by using his name and documents, but he will not be allowed to use the account or make any decisions regarding it. You must use a UK Nominee Director service from RTRSupports Limited if you don't know anyone in the UK.
Also read: UK business bank account for non-residents online
Why should a non-UK resident open a UK business bank account?
Having a UK business account is an effective tool for business expansion. It makes managing finances and expenses easier. Businesses will find it easier to pay local overhead, salaries, and suppliers as a result.
A company can gain credibility and trust by using a UK business bank account. Your business will look more credible and run more smoothly if you open a business account in its name.