Form a company UK, one of the issues that has been highly researched by everyone lately is that the UK has one of the largest economies in the world today. This situation makes England a favorite country for those who want to do business.
The UK has brought very easy and applicable systems for people to form a company. People residing or not residing in the UK can open a company by performing different procedures for different types of companies.
In this article, we will be talking about the types of companies that can be established in the UK; the requirements for form a company UK; form a company UK procedure; required documents about form a company UK; and all the other information you need. If you are planning to form a company UK or want to get more detailed information about the subject, stay with us and continue reading.
Conditions for Form a Company UK
The procedures for form a company UK for Turkish citizens were easier in the past. The Ankara Agreement (as known as Turkish Businessperson Visa), signed between Turkey and EU states, created an opportunity for Turkish citizens to live and establish businesses in EU countries. Today, as a result of the UK’s withdrawal from the European Union with the Brexit agreement, this convenience for Turkish citizens has disappeared.
Today, there are certain conditions that must be fulfilled in order to form a company UK. First of all, the person who applies to form a company UK must be at least 18 years old. In addition, a UK investor visa or other visa appropriate (start-up, innovator) to their situation should be applied for. The person who fulfills these prerequisites will be able to decide on the type of company he will establish and start the transactions. In the UK, eight types of companies can be established as legal person merchants, including a real-person merchant. Four of them have a more common usage area than the others. These company types are:
- Sole Trader: This type of company is the easiest in terms of establishment and operation. The person form a company UK is primarily responsible for the company’s operations.
- Limited Company: The limited company structure is the most preferred company type in England. If you want to get more detailed information about the establishment of a limited company in the UK, you can read our article on the subject.
- Partnership: This type of company is established by the coming together of more than one partner. Partners are considered to be primarily responsible for debts and transactions.
- Limited Liability Partnership: This type of partnership is established with 2 or more partners. It is accepted that the partnership is personally liable for debts.
In terms of these types of companies, some distinctions can be made within themselves.
Form a Company UK Procedure
Form a Sole Trader Process
It is considered that the person who will establish a sole trader in the UK personally manages their business. For the establishment of this type of company, it is necessary and sufficient for the person to register a profession with the Revenue Administration (HMRC). The sole trader is liable to pay income tax.
Form a Partnership
A partnership can be established by more than one partner. Each of these partners is fully liable for their debts. Partners must register as self-employed with the Revenue Administration. Apart from these, there are no other procedures required for the establishment of the partnership.
Form a Limited Company
A limited company is the type of company most preferred by people who want to form a company UK. You can find the detailed information you need on this subject in our article titled ” Limited Company Formation UK.”
FAQ About Form a Company UK
1. What do you need to form a company UK?
In order to form a company UK, people who have the prerequisites for the establishment of ordinary companies can apply to the revenue administrations. You can form a company UK by completing the necessary conditions for the establishment of a legal entity company, by applying to companies house.
2. How much does it cost to start a company UK?
At this point, it is of great importance whether the company to be established is a capital company or a sole proprietorship. In terms of capital companies, there must be a certain amount of capital. In addition to all this, there are taxes that must be paid. Therefore, it is necessary to pay different amounts for each type of company. You can contact us for more detailed information.
3. How quickly can you form a company?
Form s company UK is completed within 24 hours of submitting all required documents to Companies House.