Register a Company in the UK (Comprehensive Guide) Did you know that you can move your existing business, or even establish a new one in another country? If you have been dreaming and planning to establish your own company but are yet to do it, now is a great time to get started. Maybe the thought of registering your company and opening a business bank account seems impossible, but we’re here to tell you that it’s not! With wamo, you can easily register a new company in the UK. New UK businesses can be conceptualised and formed from outside the UK and then registered with Companies House. Whether you currently run a business, are just getting started, or offer services like a freelance copywriter or filmmaker, for example, forming a UK company will simplify and reduce the cost of many aspects of your business development. If you’re geared up with all the correct information you can quickly establish your company online in just a few clicks. You can do this yourself, although it might take a bit longer with more possibility for error. Another option is to get help from a company formation agent – they do this kind of thing daily and will know exactly what you need to help the process run smoothly. With wamo’s Company Formation service, you can set up your business in the UK within 48 hours of registering – meaning you’ll have a fully registered UK company and active business account. This service is convenient as it offers company owners a quick and simple method to expand their operations and enter the UK market. In this article we’ll walk you through all the steps you need to follow to establish your company in the UK, from registering, to naming your company and even opening a business bank account.
Register a company in the UK in 5 steps
It may seem daunting to think about opening a company in the UK. But we are here to help show you how simple it can actually be to get your business up and running in the UK. Below are some steps to follow that include planning your business, registering it and getting your business bank account organised.
STEP 1
The UK is one of the most significant markets when it comes to the demand for your goods and services since it consistently has room for businesses like IT, healthcare, finance, e-commerce, food and beverage, and more. A good first step to take is to do your own market research in order to better understand potential customers and the market more generally. This research will provide information about • details on your target market, • rivals, and • the most current changes in your industry. Once you have a better idea of the landscape, you’ll know if it is a good idea to establish your business in the UK.
STEP 2
Next on your to do list, after researching and analysing the market of your product/service in the UK, is to work on deciding what type of business your company will be. . This is a crucial decision since it will have an impact on many aspects of your business, including management, liability, and taxation. There are several company types to launch a business in the UK; let's examine them one by one.
Types of companies
- Sole Proprietorship (Sole Trader): A sole proprietorship is a fantastic business form if you are a self-employed entrepreneur. There is not any registration fee if you choose this business structure. You don’t need to register for VAT if your yearly income is less than €35,000 for products or €24,000 for services.
- Partnerships: Small and medium-sized businesses can consider setting up a partnership; either or limited. For general partnerships, a partnership is formed when two or more people join forces in any business venture intending to make and share profits. The partners' liability, in this case, is unlimited, and they may be held jointly and severally accountable for the obligations and debts of the partnership. Every UK-registered general partnership is obligated to keep a local office open. The partnership earnings must be included in the partners' individual tax returns and be charged at the appropriate personal trade tax rate. On the other hand, there must be a minimum of two partners for a limited liability partnership, one of whom should be a general partner with complete authority. If there are several general partners, their share of the company's assets and liabilities is divided among them, with at least one limited partner making a financial contribution to the business. The legal status of a limited liability partnership is distinct from that of its partners. However, the responsibility of the general partners is not limited to the initial investment in the company; instead, it is limited to the amount given to the partnership by the limited partners.
- Limited Liability Companies: The two most common companies limited by shares are public and private. Concerning the lowest share capital requirements and the number of shareholders, these two company types vary significantly. For the first type, there cannot be more than 50 investors. Although the legislation permits forming a certain kind of private business with at least one shareholder, a private limited company must have at least two distinct founding members. A company must have a corporation secretary for administrative responsibilities and at least one director for daily operations. A private company must have authorised capital stock of at least €1,200 or its equivalent. During business registration, the paid-up authorised capital stock must reflect the company's capital of at least 20%. A public limited company may have more than 50 shareholders. The minimum amount of authorised stock required to register this firm organisation is about €47,000. You can choose the amount in Euros or another currency. Paid-up shares must comprise at least 25% of the whole amount of the authorised stock. The authorised capital stock of a public limited company is split into shares having a predetermined nominal value. Corporations which issue shares must offer adequate data on the revenues and losses in addition to their financial statements for investors to make a good decision about purchasing shares. Forming a limited company is the most common choice if you wish to establish a business in the UK as a separate legal entity. But if you want total command over your company, a better choice is sole proprietorship. If you want to share management and responsibility with another individual or group, you should choose to register as a partnership. Pick the one that most closely matches your requirements and needs. Selecting a company structure that supports your business' needs and goals is critical.
To open a business account at wamo you should be a sole proprietor or another type of self-employed person with a recognised corporation. Registered limited companies can also open accounts at wamo.
STEP 3
Once you’ve done your market research and decided on the type of business your company will be registered as, you’ll need to choose a name and get a virtual address in the UK for your company. Naming your company is an important aspect in establishing and running a business. The name you choose should be memorable and appropriately capture the spirit of your company. When you’ve decided on your company name, you’ll need to register it with the government agency in charge of forming and dissolving limited businesses, Companies House. Additionally, you will need an official virtual address that will serve as the UK-registered office for your business. You must have a registered office address in England, Northern Ireland, Scotland or Wales before opening a business. If you register your company through wamo, we can offer you a virtual address for your company as part of our Company Formation service. This official address is required for accountability and exchange of information when registering with Companies House, for example you might need to receive official statements with regards to your taxes or your business bank account. Once you’ve organised the name and registered office address of your company, you should write up a solid business plan. This can help you comprehend your business better and act as a road map for its potential growth.
STEP 4
As a next step, you’ll need to make sure you have a few crucial documents in order. These will be needed when registering at Companies House or opening an account with wamo, for example. It is a good idea to have the following documents handy: • Memorandum of Association (MoA): The MoA is a document that contains essential company information, such as the names of the shareholders, the company name, the location of a company's registered office, its goals, and its primary line of business. The document includes any information about shares and the names and contact details of the company directors, which are all included in the authorised capital stock. • Articles of Association (AoA): This is a formal legal document outlining the company’s internal rules. Every corporation must file one describing how internal matters will be handled. • Stockholder and Company Director Information: This document should contain basic information about you, your partners, and your company directors. It should contain personal data, including the applicant's birth date, citizenship, and residential address. To form a corporation in the UK, business owners must meet particular requirements for business management and director duties. The individual has to be 16 years of age or older before proceeding. Note that you’re still able to register even if your director is not a citizen of the UK. • Company Name and Registered Office Address: When establishing your company, you must choose a unique UK limited company name. The legal obligation of Companies House is that your company name concludes with LTD or Limited. You can use the Company name availability checker on the gov.uk website when finalising your company’s name. The registered office address must be a physical address where you’re able to receive and forward letters. If you don't reside in the UK, you can use a friend's or relative's home address, albeit a registered office location is advised. You can use your business or home address if you are in the UK. You may utilise your existing virtual registered office address. However, if you don’t have access to any of these, wamo will provide a virtual office address in Wales, Northern Ireland, Scotland or England. When you’ve finished the registration process, you will get a Certificate of Incorporation, which serves as proof that your company has been formed correctly in the UK.
STEP 5
The last and perhaps most crucial step is ensuring you have access to a business bank account. Once you have incorporated your company in the UK it is required that you have a business bank account that your company can use for all its business transactions. Once your digital company is formed you will need a business bank account in the UJ to simplify your life. This will make it easier for you to split your business and personal assets and finances. At wamo you can set up a business account and establish a corporation in the UK thanks to our streamlined services.
Opening a business bank account in the UK
As a financial management service provider and a payments platform in one, we at wamo offer UK company formation packages that provide you with a virtual registered office address, a local business account, and essential financial services all in the same place. Opening a business bank account is required as part of the UK company registration process. If you have all the necessary paperwork, you’ll be able to complete this process quickly and successfully. When deciding to go the route of using a company registration agent, as opposed to doing it all yourself, make sure to check all the fine print and costs involved. These might vary greatly; therefore, it’s crucial to take time to decide which agent can offer you the most affordable and efficient detail for your digital company. No matter where in the world you’re based, wamo is here to enable small and emerging businesses to set up and manage their company accounts with ease and confidence. Steps to get an online wamo business account immediately:
- Sign up for a wamo account with your work email and then you’ll be asked to provide your personal data.
- Provide basic information about your digital company, such as the kind of business, company name, and registered location.
- wamo's cutting-edge technology can automatically recognise your name and corporation when you register so that you can get started immediately.
- Once you've given all the required information, you may select the account type and establish a password. The whole process takes around 10 minutes to register.
Advantages of opening a business bank account for a registered company in the UK
For freelancers and small-to-medium-sized firms, creating a business bank account in the UK is an excellent idea since it will allow you to handle and significantly control your personal and business finances separately. Opening a business account with wamo comes with additional benefits. For example, you may set up multiple sub-accounts, plan one-time or recurring payments, and do business anywhere with SEPA and SWIFT options. Additionally, you have the opportunity to issue limits and request a variety of cards for your employees. This is an excellent way to manage company funds. Entrepreneurs can track spending in real-time using wamo, which offers them complete access to all transactions. Additionally, account users can create separate accounts for different currencies, company officers, or projects; store money for future needs, and have access to analytics and statistics for each account. wamo allows businesses to generate digital or physical cards and, if necessary, link those cards to sub-accounts or Visa debit cards. Having a business bank account offers your company legitimacy, which is essential for connecting with customers and growing your business. The benefits provided by opening a business account with wamo further strengthen the legitimacy of your business.
How can I set up a wamo account to register a UK business?
To get started with wamo, download the wamo app and complete the company registration process to provide the necessary personal and business data. Use your business email address to sign up for wamo. After logging in, enter the name of the company you wish to start in the UK. We’ll check to see if this name is available or not and whether the business has been established as a private limited company. Next you’ll be prompted to select the industry related to your business. Then, you will be asked to provide essential company details. You’ll be asked to enter your details to authenticate your identity. Once you finish the registration process for a business account (all of this can be done in 10 minutes!) you’ll obtain your certificate. Within 24 hours of receiving your application, a wamo team member will contact you. If you have any questions about the business formation packages, you can get in touch with us via email on support@wamo.io or through the chatbot on our website. We’re big on human-centred customer service and are here to guide you through the whole process should you need it.
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Who can open a company in the UK?
Business owners (or anyone with a business idea really!) who want to expand to the UK market can open a business there. It’s straightforward and hassle free, particularly if you do it through wamo, where you can set up a limited company in the UK in only two days and obtain a business account. As there may be different requirements to fulfil when expanding your firm into the UK market, you probably want to get a high-limit card that can be used anywhere. It is also appealing for independent contractors to open a business in the UK, particularly if you work as a freelancer with UK companies in your sector. By setting up your company with wamo you can easily track your income, expenditure and overseas customer billing globally.With wamo you can open accounts in both Pounds and Euros in as little as 10 minutes. The amount you spend for a transfer is shown on the website, we always offer full transparency with any fees and costs involved. People interested in e-commerce can also open companies in the UK. This could greatly increase their sales in foreign markets and profiting from the numerous online marketplaces, including Etsy, Amazon, eBay and Shopify, becomes more viable. Once you’ve decided on what to sell, you can easily start your UK business in 2 days if you choose to use wamo. Opening a company in the UK could also be advantageous for content producers that receive orders from other countries. While living in a foreign country, you can work as a content producer for companies or brands abroad. Payments are made to your account immediately without any fees or needless formalities. When you’ve set up your company using wamo’s company formation feature, you will get IBAN accounts in Euros and Pounds, making international payments much simpler to keep track of. A Visa debit card, widely used, can enable you to make payments more quickly.
How much does it cost to set up a company with wamo in the UK?
To set up your company in the UK with wamo, which includes a virtual registered office address is only £99, excluding card and transaction costs. Have a look at our various offers to see what option will best suit your company. You can choose from three plans, depending on your needs; Start, Grow or Scale. The first plan, Start, is perfect for micro and small businesses and costs just €19.99 per month. Our Grow starts at €49.99 a month and is perfect for growing or small-to-medium-sized businesses. The Scale option is aimed at medium-sized to big companies with starting prices at €99.99 per month. Choose the plan most appropriate to your business and then we can put together your company formation package. On all these offers, your wamo business account will be completely free for the first three months. An added bonus when creating a business in the UK with wamo, is that you’ll get three days to test out the Shopify app for free. Thereafter, if you wish to keep using it, you can do so by paying $1 for three months of access. The benefit of using Shopify is that you can easily create a virtual shop with their excellent templates. You can also do marketing and all your financial transactions through the same app simultaneously. There are also secure options offered for cargo transportation and money transfers. If you use the wamo company formation feature, you’ll also get a free Ikas service for a year. Ikas helps you to create your online store rapidly. You will be able to provide your consumers with a quick buying experience with Ikas. You can increase sales even if the quantity of visitors stays the same. This would allow you to reduce advertising expenditures and maintain a low cost of operation.
Why is the UK the perfect place to register a company?
The UK is a welcoming and beautiful environment to launch and operate your own business for various reasons. First, the government's highly lenient guidelines for starting and running a company make it simple for foreigners to get going. Additionally, foreigners wishing to invest in enterprises or start operations have many local options. Starting and growing a business is more straightforward than in some other nations since it is less expensive to apply for a corporation. The UK is one of the most enticing countries for small to large international businesses. It is a stable and secure environment to live and work in, with plenty of qualified people, excellent transportation alternatives and a substantial high-speed broadband network. The United Kingdom has a trustworthy and open tax system. In contrast to other countries, you won't have to worry about sudden tax increases. Business owners in the UK are not subject to heavy corporate taxes. Both payroll taxes and capital gains taxes are absent. Since just 15% of small businesses are obliged to complete quarterly VAT filings, you won’t need to spend too much time worrying about this. Low tax rates for small companies also allow you to lower your taxable revenue more than you might if you were operating internationally. If you want to grow your business abroad, the UK is a great place to accomplish it. It is one of the most multicultural and diverse communities in Europe and is often viewed as a melting pot of cultures and customs due to its long history of immigration. Additionally, global corporations rate it as the top location for direct investment from overseas. The UK has great potential to draw businesspeople and investors from all over the world to launch or expand a company there.
Time for you to get registered!
We know that establishing a new company and a business bank account in the United Kingdom has always been challenging, but hopefully this article has highlighted that it doesn’t need to be so difficult. Thanks to wamo’s company formation process for non-residents you can easily and quickly open a limited liability company, hassle-free! Of course, no matter where you’re operating from, you should always stay informed and in compliance with UK taxation and company management regulations to efficiently conduct business in the UK. Install the wamo app from Google Play or the App Store to register your company in the UK. Applying for a corporation and business account with wamo is quick and easy, you can have both up and running within 48 hours!
