With flexible government policies, low taxes and tremendous business opportunities, the UK has become one of the most popular business locations in the world. Businesses from around the world can set up a company in the UK from their home country relatively easily and enjoy a range of benefits, including access to talented employees, a strong infrastructure, and ample funding options.
Startup companies may want to consider choosing to be located in one of the major UK cities such as London or Manchester, both of which have an excellent quality of life and thriving startup communities. In addition to enjoying multiple business benefits, businesses will also find an abundance of resources available for growth and expansion within the UK market.
The best part about setting up a company in the UK is that you can do everything online. This means there is no requirement to stand in long queues, visit physical offices back and forth or travel to the country. All you need is to follow a few steps and guidelines to get started!
With this blog, you can explore the entire process of setting up a business in the UK from Hong Kong and get ready to set up shop in the blooming international market of the UK in no time. So let’s get started!
How to register a company in the UK from Hong Kong
The registration process in the UK for company formation is straightforward and will require you to go through a basic process.
The general process to establish a company in the UK is:
- Pick a type of business entity: A company can be either a sole proprietorship, partnership or limited liability company (LLC).
- Choose a company name: You need to choose a company name for your business. The name should be unique, easy to remember and must not have any offensive or sensitive words.
- Identify the required paperwork: The process of setting up a business in the UK typically requires the submission of various documents, such as articles of association and directors' declarations which we have discussed in detail in the next section of this blog. Keep in mind that some requirements may vary depending on the type of business entity you choose.
- Register with Companies House: To establish your company in the UK, you must first register with Companies House. The registration process is straightforward and usually requires only a few simple documents to be submitted.
- Get a business account: Once your company has been registered with Companies House, you will need to open a business account with one of the major banks (or alternative banking platforms, like wamo!). This is necessary in order to receive payments and make invoices.
- Start managing taxes: It's important to become aware of all the tax requirements that come with starting and running a business in the UK. Some of the most common taxes are VAT, corporation tax and income tax. Make sure you comply with all the tax regulations set out by the HM Revenue and Customs.
Once you have completed the registration process, you will receive an official notification confirming that your company has been approved. From here on out, it's important to comply with all the regulations set out by Companies House. This includes filing annual reports and submitting amendments to your Articles of Association as required.
Required documents for registration
Documents you will need to submit when registering your company in the UK can vary depending on your business type, but typically you will require:
- Article and Memorandum of association
- A directors' declaration
- Proof of registration with Companies House (usually a notification confirming approval from the government agency)
- A registered office address (if you will be carrying out any business activities from the registered address. If not, this can be a virtual office address)
There are also some specific documents that may be required depending on your company type:
- Tax ID number
- Proof of financial security in case of insolvency proceedings
Once you have gathered all the required paperwork, it's time to start filing your annual reports with Companies House. This process can take between two and six weeks and requires you to provide a variety of information, including:
- Your company's financial statements
- A list of shareholders and their addresses
- Details about any subsidiaries or joint ventures your business has entered into
Note that it is important to be accurate and to keep all documentation up-to-date. Even a slight mistake in your paperwork can lead to rejections or delays. So, it is always suggested to seek the help of experienced professionals or agents who can help you comply with all the necessary paperwork and regulations.
Open your business with wamo
wamo can help you open your business in the UK. Established for small and mid-sized businesses, wamo is a growing fintech company that has been helping businesses to set up a company in the UK without any hassle or time-consuming processes. With a team of experienced professionals, wamo can help you get your virtual office address registered, open your international business account, and manage all the necessary financial aspects of your company in one place.
Opening your business with wamo is pretty simple, all you need to do is download the app from the Apple store or Google Play Store or head over to the homepage of wamo's website and follow the streamlined process to qualify. With transparent and up-to-date documentation, you can open a company in the UK within 48 hours with wamo. Plus, you get one of the best customer support services from their team, which means you will always be in good hands!