UK corporate law, unlike other European countries, has always been characterized by flexibility and a more loyal approach to controlling business activities. Due to the absence of registration restrictions, as such, the decision to establish a company in the UK is consistently popular among experienced businessmen. One of the key advantages of the jurisdiction is that it allows 100% foreign ownership of local companies.
UK legislative strategy
First of all, it is worth saying that the UK is able to build domestic and foreign policies in such a way that the interests of the state remain in the first place.
It is useful for businessmen who want to open a UK company in the name of a non-resident to know that today, this country is no longer a member of the European Union. There is also a public register of beneficiaries in the jurisdiction.
In addition, from January, 10 2020 all British companies (all types, including partnerships) must provide the information on PSC (company controlling persons).
Having decided to register a company with a full foreign ownership in the UK, you must provide data on PSC to Companies House, if, in the company’s opinion, such controlling persons exist. These provisions are aimed at countering financial terrorism and money laundering.
If you want to open a company in England, you must know requirements for creating such a registry:
- an individual is an owner of more than 25% of the company’s shares;
- an individual has the authority to control voting rights over 25%;
- an individual has the authority to appoint and dismiss the majority of company directors;
- an individual has a proven right of control, and, in fact, he/she controls a legal entity or a trust, that meets requirements of the first 3 points.
If you decide to buy a company in the UK or already own it, then you can not submit any information, if you do not have sufficient reason to believe, that such persons exist.
UK current situation
Anyone who wants to open a company in the UK, subsequently, may enjoy such advantages as:
- Favorable tax conditions;
- Simplified business registration process;
- The presence of a large number of DTA agreements;
- Various business incentives (state grants, special programs for investors).
Registering an LLP in the UK is still valid. You can also continue the activities of both LTD and LLP. In this case, you only need to fulfill the formal conditions.
A reporting form: changes
If we talk about the reporting form, there are also some minor changes. If you want to register a company in England remotely, you should know that the Annual Return is a traditional annual report, that was replaced by the Confirmation Statement (a declarative form with the same content). It should contain the same information, namely:
- the address;
- shareholders of the company;
- a number of shares;
- a director;
- a secretary.
For those, who have been doing business in the UK for a long time, the filing date for the “new” form will now coincide with the annual renewal date.
How to open a company for international business in the UK?
As we have already said, non-residents have the right not only to register a business in England, but also to buy an existing British company.
In addition, it is worth noting that British companies (partnerships) are corporate clients of banks of any EU countries. You can easily open an account for an English company in Switzerland, Hungary, Czech Republic, Bulgaria, Estonia, etc.
Based on the above conclusions, our company recommend establishing a business in the UK. Many of our customers conduct international business here for a long time. Therefore, if you want to start activities in this jurisdiction, we recommend that you contact our specialists and request for individual advice on opening an LLP in England or assistance in registering a UK LLC. We will assist in preparation of all the necessary documentation.
Also, we will support you in opening a corporate account for a British company in the Czech Republic or any other jurisdiction.
We offer our customers only proven solutions, perfectly guided in the economic situation around the world. Thus, if you want to register a UK company for a non-resident, this will be an excellent choice for starting an international business.