UK company formation non resident is possible! How does it function? If you want to get more detailed information on the subject or if you are not residing in the UK but want to open a company to take advantage of the UK’s large trade volume, stay with us and keep reading!
In this article, we will be discuss the conditions for UK company formation non resident, the requirement to open a bank account after company formation, the procedure, and all the other information you need.
UK Company Formation Non Resident Conditions
The number of people who want UK company formation non resident, which is one of the largest economies of the current century, is quite high. For people who already have a company in another country and want to expand their trade volume, as well as those who want to open a company for the first time, England is the first stop.
The economic power of the UK, the support given to foreign investors, the developed trade routes, and the advanced technological infrastructure make the UK a favorite for investors.
Prior to the UK’s exit from the European Union, with Brexit, Turkish citizens could establish a company without the requirement of residing in the UK, with the Ankara agreement. Nowadays, visas such as investor and start-up visas are required. As an option, UK company formation non resident could be possible by working with a company that manages the process by doing the necessary procedures for establishing a company in the UK on your behalf.
In addition to the visa requirement, there is another prerequisite for establishing a company in the UK. If you want to open a company without residing in the UK, you must be at least 18 years old. After these conditions are met, there are also special conditions regarding the selected company type. You can read our article titled “Form a Company UK” to review the specific requirements for each type of company.
UK Company Formation With Bank Account Process
UK company formation non resident with bank account has multi-step, detailed process. Here are the steps you need to follow, in order:
- First, you have to decide on the type of company you want to start. There are various sole proprietorships and equity firms in the UK. The legal procedures and legal procedures required for the establishment of these companies differ from each other.
- After choosing the type of company, you need to decide on its name. There are some points to be considered about the name of the company. You can reach these points through Companies House. In addition, you should check with the company name registry whether the company name you have chosen has been used before.
- Depending on the type of company you choose, you must appoint the required contacts. These individuals are usually directors and, optionally, the company secretary.
- Next, you have to decide who your company’s guarantors and shareholders are. However, you should appoint managers who will have a say in the management of the company.
- After all these steps, one of the most important things to do is to create the company incorporation agreement. All details regarding the operation and activities of the company will be determined by this contract.
- Finally, you need UK company formation non resident with all the documents required for company formation. The authorized body for this registration is HMRC for some company types and Companies House for some company types.
Company Formation UK with Bank Account Obligation
There is another very important issue required for uk company formation non resident. This is the obligation to open a bank account registered with the company. If there is no bank account opened on behalf of the company, money cannot be provided to the company even if it is established in a valid way.
There are many types of bank accounts that can be opened in the UK. An international or non-resident bank account is one of them. There are some documents that need to be opened for these bank accounts.
For freelancers and unlimited sole traders/partnerships, a passport/ID for all partners, proof of personal addresses, as well as a business address, have to be provided. Limited companies also have to provide a Companies House registration number, details of all directors, and an estimated annual turnover in order to open a bank account.
Topo Law Firm’s UK Company Formation Non Resident with Bank Account Services
Topo Law Firm has been providing consultancy services to people who want to open a company in the UK, since its establishment in 2015. Company formation in the UK and opening a bank account without residing in the UK is a very detailed and complex process. Failure to do so may invalidate the establishment of a company and the opening of a bank account. In this respect, it is very important to get consultancy from experts on these issues in all these processes.
You can contact us to get consultancy from the expert lawyer team of Topo Law Firm and to manage your UK company formation non resident with bank account processes in the UK in the fastest and most effective way.
FAQ About UK Company Formation Non Resident with Bank Account
1. Can a non-UK resident open a business bank account?
Yes, there is no requirement to reside in the UK to open a bank account. Non-UK residents can also open a business bank account.
2. Does a UK company need a UK resident director?
No, there is no requirement to reside in the UK for persons appointed as company directors.
3. Can I set up a UK business from abroad?
As we mentioned before, even if you are not a resident of the UK, UK company formation non resident is possible by individually fulfilling the conditions described above or by getting help from a company.