Company Formation Costs in the United Kingdom

Company Formation Costs in the United Kingdom

There is no requirement to reside or be a citizen of the United Kingdom to establish and operate a limited company in the United Kingdom. You can complete the entire process of setting up a company in the United Kingdom online without having to travel there, which is particularly suitable for non-residents.
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How to Set Up a Company in the UK - United Kingdom?

To register a company in the United Kingdom, you need to fill out an official application form. The process is very simple and is exactly the same whether you live in the UK or overseas.

The best way to set up a company is to use the services of a reputable online company formation agent like World Company Setup. We make the process as easy and stress-free as possible by providing everything you need to set up a non-resident UK company.

This includes specially tailored packages, a simple application form, and professional advice and assistance at every step. So let's take a look at the 4 simple steps you need to follow to set up a company online with World Company Setup.

 

Step 1: Choose a company name

The first step in the process of setting up a company in the UK is to choose a company name and check if it is available for registration.

If the company name is available, you can proceed with the company formation. However, if it is already in use, you will need to change the name until you find one that can be registered.

There are specific rules you must follow when choosing an official name for your company. Therefore, you need to use the name search tool before completing the company formation application. The official company name rules and restrictions state that a company name:

You should also find out if your company name is available to be registered as a domain name for your website.

There is a lot of information online praising the benefits of setting up a limited company. Whether you are a newly established business owner, or an established business owner looking to transition from a sole trader or partnership model to a limited company or LLP structure.

Step 2: Choose one of our Non-Resident Company Formation Packages

The next step in the formation process is to choose a package to register your new company. At World Company Setup, we have designed two Non-Resident Packages to suit the specific needs of non-residents who want to set up a limited company in the UK.

Our Overseas Non-Residents Package provides everything you need to set up a UK company and start trading:

If you choose our Overseas Plus Package, you will also benefit from the following services:

 

Opening a Corporate Bank Account for UK Non-Residents

   The Wise UK business account included in our Non-Resident Packages is an ideal banking solution for non-residents. It allows you to send, spend, and receive multiple currencies with the real exchange rate. You will get your own UK account number and sort code, Eurozone IBAN, US account and routing number, and Australian account number and BSB code, no matter where you are in the world. UK company formation costs and legal obligations

Step 3: Add optional extras and check out

After choosing your company formation package, you will have the opportunity to add 'optional extras' (additional services) to your order before you check out and complete the application form. These optional extras include:

You will then be ready to check out, pay for your package and additional services, and proceed to the final step of filling out the online application form to register a UK company.

Step 4: Fill out the online application form

The final step in the UK company formation process is to complete our simple online application form. To do this, you will need to provide the following information about your company and the people who will own and manage it:

Company Name

The company name you have chosen will be automatically added to the form. Check the name to ensure there are no spelling errors, that the capitalization and spacing are correct, and that you have added 'Limited' or 'Ltd' to the end.

Registered office address

Our London registered office address will be automatically added to the form. This will be the official address of your company that will appear on the public record. All official correspondence from Companies House (the UK's company registrar) and HMRC (the UK's tax authority) will be delivered to this address. When such mail is received, we will scan and email it to you on the same day.

Standard Industrial Classification code (SIC code)

You must provide a Standard Industrial Classification code (SIC code) to describe and classify the main business activities of your company. You can choose up to four.

Our online company formation form includes an SIC code search tool that you can use to find the appropriate codes for your company. However, you may want to find out your company's SIC code(s) from the SIC code list before starting your order.

Articles of association

This is a constitutional document that sets out the rules for managing your company. We will provide you with the standard 'model' version of the articles of association. This is suitable for most limited companies, so you don't need to worry about creating your own.

However, if you would like to provide bespoke articles of association to suit the specific needs of your company, you can upload a copy to your application.

At least one director must be appointed to the company. You must enter the following details for each director:

Directors are the people who manage a company on behalf of its shareholders. You can appoint yourself as a director and/or appoint other people to this role.

It is common for the directors of a company to also be shareholders. This means you can set up and run the company on your own by appointing yourself as director and shareholder. Alternatively, you can set up and run the company with other people.

Shareholder Details

At least one shareholder is required. You must enter the following information for each shareholder:

Shareholders are the people who own and control the company. You can add yourself as a shareholder and/or add other people to this position.

It is normal for the shareholders of a company to also be directors. This means you can own and run the company on your own by appointing yourself as shareholder and director. Alternatively, you can own and run the company together with other people.

Share Capital

To form a limited company, you legally need to issue at least one share for each shareholder. If you are setting up the company on your own, you can issue one share to yourself.

It is important to consider your long-term plans before deciding on the number of shares you will issue. Do you want to sell shares in the future to bring in investment or new business partners? Do you want to gift shares to your spouse or family members? If necessary, you can always issue more shares after incorporation.

Persons with significant control (PSCs)

Persons with significant control (PSCs) are people who own and/or control a certain percentage of a limited company. Usually (but not always) PSCs are shareholders.

You will need to identify your company's PSCs and provide the following details for each person:

It is normally really very easy to identify and determine who your PSCs are. For example, if you are setting up a company on your own, you will be the only PSC. Or, if you are setting up a company with only one or two other people and you all take the same number and value of shares, you will all be classed as persons with significant control.

 

UK Company Formation and Processes

 

If you have all the necessary information before starting the UK company formation process, it should not take you more than 5 minutes to fill out the online application form.

When you are finished, we will submit your application electronically to Companies House for approval. Most companies are approved and registered within 3 to 6 working hours. As soon as your company is incorporated, it is ready to start trading.

We will notify you by email when your application is approved and provide you with digital copies of your company formation documents and company registers. These are extremely important, so you should keep them safe and store them for the life of your company.

We will send printed copies of your company documents by tracked delivery, free of charge to any UK or international address you choose.

Our Non-Resident Packages include everything you need to register a UK limited company and start trading, including prestigious London company address services, company documents with free international delivery, business banking and accounting solutions, VAT registration with HMRC, GDPR compliance, and much more.

UK company formation costs and legal obligations 2

Company Formation Costs in the United Kingdom

In this article, we will discuss the best way to register a company in the United Kingdom, explain how the company formation process works, and summarise the information you need to provide to set up a UK company, including the costs and procedures involved.

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