You probably do.
You see, starting a company is difficult. And the process is even harder in a foreign country.
After all, what kind of paperwork do you need?
What’s the process of setting up your company in the UK?
Then you’ve got finances to deal with.
What are tax laws like, and what are acceptable accounting procedures in the UK?
And let’s not forget the infrastructure. You need to setup your business’ online presence, different communication channels, and your offline presence.
Seems Like a Lot of Work
It is if you opt to do everything alone.
This is where a company formation agent UK comes in. Those kinds of companies specialize in setting up companies with foreigners, and at reduced costs.
If you’re wondering what those reduced costs are, they can be as little as £20! You can save anywhere from £200 to £300 in accountant fees, or fees from dealing directly with the Companies House.
Speaking of that, the Companies House has some strict requirements on what your application fee should look like. We’ll take care of that by checking everything from missing information, to spelling mistakes!
In fact, we’ll design your company incorporation application to be accepted in the least amount of time!
But all of that is a glimpse into what we offer. So if you want to know what else we’ve got, then keep reading. We’ll discuss the most important benefits of our service and the hassle they save you!
But First: Who Do We Work With?
Ltd24ore works with digital companies. Specifically, we offer company formation for any UK non-resident.
Businesses we work with include e-commerce stores, ICT businesses, and app developers.
Currently, we support over 500 digital companies. We also provide services in multiple EU languages (including German, French, Spanish and Italian).
All of our support exists online, by email, and by phone. You can contact our consultants directly or through chat.
So if English isn’t your forte, then no worries. You can start a company in the UK. We’ll translate any legal terms you should know that are relevant to the process!
Ltd24ore also has a high level of customer satisfaction. We’re well rated on Trustpilot, at a 92% rating, and over 18 reviews.
Picking a Trustworthy Company Formation Agent UK
It’s a tricky process. You need to select your company formation agent UK wisely.
After all, you do run the risk of being scammed by fraudulent agents.
For example, some agents will operate as money launderers. They operate for criminals seeking to funnel illegal money into legit UK businesses.
Dealing with those agents puts your company at risk. After all, you’re business will likely suffer if your agent’s platform goes down.
You might also be at risk of having your activities halted by authorities, or worse face prosecution.
Those aren’t issues you’ll find with our platform. Ltd24ore is certified and well-liked by many clients!
Back to Our Reviews
Want to know what all reviews share in common? It’s their appreciation of professionalism, and a fast setup time.
Ltd24ore will setup your company in less than 24 hours. And that’ll include all the complex platforms and paperwork we’re about to discuss!
Next: Establishing a Limited Liability Company
Our agency focuses on limited liability companies, and for a few reasons.
First, they’re separate entities from their owners. So if they do run risk of failure, the owners aren’t liable to pay anything from their personal assets.
It’s the safest type of company to start.
Also, limited liability companies operate on a shareholder system. Multiple shareholders can own the company, including the directors (those who run the company).
Directors aren’t obliged to own any shares in the company. This makes LTD companies one of the cheapest structures for a UK startup!
Optimal for Low Net Worth Entrepreneurs
You can start a business on nothing but good marketing, a reliable business model, and the ability to convince investors.
If you’re a foreigner, this is a much better alternative than other routes to starting a business (and eventually residing) in the UK.
For comparison, just look at the UK’s investment residency programs. Those are offered by the government as a way to attract new foreign investments. It comes with pre-defined investment channels (for those with little business experience).
However, the program comes with high entry barriers.
A Tier 1 Visa (designated for investors) requires a £2 million just to qualify. And this doesn’t guarantee permanent residency. It’s the minimum for temporary residency.
To be a permanently residing investor, the UK government requires anywhere from £5 to £10 million.
As is obvious, that’s too much for any startup. Combined with the fact that you’re penetrating a new market (and starting a business far from home), you’re better off starting with less capital.
Back to LTDs – How Do You Start One?
First, your presence isn’t required in the UK. You can finish the entire process online and from home.
You’ll need the following information:
- Company name (one that isn’t used or is registered by another company).
- Director name(s). You should provide at least one name. They should be over 16 years of age. Corporate directors don’t count towards director names.
- Shareholder name(s). The name of at least one shareholder, preferably over 18 years of age.
- Registered address. The address has to be in the UK. All of your business mail will be sent there, and it’ll be your public address when marketing your company.
All you have to do is provide us the information, and we’ll take care of the rest!
It Comes With Advisory Services
We provide support before and after incorporating your company.
That support includes explaining the rules and requirements you should be aware of. That’ll include the naming, appointing directors, and issuing shares.
This is all offered through an online management portal. It’s connected to the Companies House, and it lets you change your company’s details with minimal paperwork!
Third: Our Financial Services
Here’s another problem business startups run into…
That would be accounting failure. Accounting is a fundamental business skill, but the problem is that the requirements change from one country to another.
You might be dealing with different reporting rules from what you’re used. This means differences in how certain principles are reported, such as your inventory valuation, taxes, depreciation, etc.
So if you’re new to the UK accounting system, you’re probably exporting that job to someone else. And luckily, that’s something we offer!
We’ll help you set an online accounting software. The software will be geared to the UK’s accepted accounting practices.
Being online, it has a multitude of advantages, which include…
- Easy Access. You don’t have to visit or call your accountant on certain schedules. You can update your accounting records anywhere, and anytime!
- Automation. The software is built for accounting novices. It instructs you on the info required, and any other calculations are taken care by its algorithms. This leads to higher accuracy rates, and less chances of reporting errors.
- Security. The last thing you want is for your financial info to leak out. You don’t want hackers or third parties getting information on what you’re spending on, and why!
- Real-Time. That’s part of the automation process. Since you’re running an online business, you can connect your accounting software to your transaction processing. From there, any transaction is immediately recorded. So little manual input is required!
We’d like to stress the real-time and automation advantages. This takes a lot of accounting stress off your shoulders. And it lets you focus on other parts of your business.
For example, you’ll have more time for research and development. You can invest more time and be personally involved in new product concepts.
Something else you’ll have time for is customer relations and marketing. You can take that time to spread your brand name, instead of wasting it on financial paperwork!
That aside, accurate and easy accounting aren’t all we offer. Our software includes a tax management system too!
Tax Management System
We’ll help you setup software that lets you file taxes online. Similar to online accounting, it’s faster and more accurate.
Plus, it’s more intelligible. An online tax system will help you see the deductions and tax credits you’re eligible for. So it’ll shave the costs you’ll pay to the government!
Also, you’ll get better organization for your financial records. So you’ll never get into problems with tax authorities!
Our services include consultancy with experts with lots of tax backgrounds. They’ll help you improve your business’ long-term gains!
Business Banking and VAT Setups
Domestic UK companies have an easy time setting up a business bank account. But this isn’t the case for foreigners.
Some banks might hesitate to offer you their services, and for a multitude of reasons.
They include fraud attempts. It’s easier to get away with stolen funds if you’re a foreigner who lives hundreds of kilometers away.
Another is locality. Some banks work with local residents only.
With us, you can circumvent those problems. We’ll help you setup a bank account for your business initiatives!
Some banks to consider include:
- Barclays International. You can open an offshore account there, but you’re required to place £25,000 minimum.
- HSBC. Provides some services for companies whose directors and shareholders aren’t UK residents. Though anyone holding over 25% of shares is required to meet the bank manager.
- Lloyds. They allow companies of non-UK residents, on the condition that one of the directors resides in the UK.
That aside, you’ve got VAT to account for.
In the UK, that’s a tax charged on sold goods and services. The final customer pays that tax, and at a 20% rate. You’re required to sign up for VAT if your turnover is over £83,000.
Even if your business doesn’t hit that figure, you can still apply for the tax voluntarily. It’s preferable, especially if you think your projected turnover is about to exceed the value we just mentioned.
However, do note that registering for VAT does significantly increase your product’s final price.
So if you’re far from eligible, then set it aside for now. It’ll give you a competitive advantage during your business’ beginning stages!
But Can’t I Do it Myself?
We welcome you to establish a business in the UK without an agent’s help. What we offer is a quick setup for online businesses.
Our company formation UK non-resident service helps you avoid bureaucratic hurdles.
But bureaucracy isn’t all you’re avoiding. You’ve got some political and social issues to deal with, such as…
The past few years have put a strain on the UK’s entrepreneurial market.
First, it’s harder to find labor. And while the UK already offers a highly-skilled and mobile workforce, there’s less supply.
So you’re already competing with local businesses for employees.
Many of those employees would rather work for a business that has a solid foundation, which is what our platform sets up.
Next come the trade barriers.
Your business might be operating with physical products as part of its merchandise (such as selling IT equipment).
You need to ensure that your business can get through those barriers. You should be able to import or export materials and products without problems.
Our platform can assist with that. Our advisory services will keep you up-to-date on changes in trade relations between the UK and countries you’re working with.
Growing Your Business Following
For your business to thrive, you need long-term customers.
That might be hard to establish at first. Your market needs to know who’s behind the brand. They also need to trust the culture of your business.
This might be trying to accomplish. If you don’t have a well-functioning online presence, much of your local market isn’t coming back for more!
Time to Get Started
Company formation Agent UK isn’t a convenience. It’s a necessity for any foreigner.
You’ll have the groundwork set up in no-time. And, you’ll have time to invest in the processes that “really” matter.
Save yourself time and money, and contact us today!