If your business is set up in Singapore and you wish to expand into the EU, there is no better time than now. The market is relatively young and there are many opportunities for businesses looking to venture into the European market. Additionally, with the EU government easing regulations, businesses are now able to open and run companies from their home country.
The best way to set up a business in the UK is through an established company that already has a presence here. This allows you to develop relationships with local individuals and make use of their resources. It's also important to remember that not all providers are created equal - choose wisely and stick with firms that have proven themselves over time.
Laine Redpath
There are various ways for companies wishing to enter the UK market to do so. An important step to take in the entire process is obtaining a business account which will enable you to make international transfers and be connected with your vendors for selling your products or services. Once your business has been set up and registered, it is important to make sure you are complying with all the various UK regulations. This includes ensuring that your company is validly established (e.g., having a valid incorporation or trading licence), keeping accurate records, and adhering to laws.
Can you set up a UK company from Singapore?
Yes, you can set up a UK company from Singapore. However, there are some restrictions that apply. For example, your company must have a registered office in the UK (physical or virtual) and you will need to meet certain regulatory requirements (such as filing accounts and keeping corporate records).
This can usually be done by contacting banks or financial service providers in the UK. The process is pretty straightforward and can be done entirely online from your own country. All you would need is a few documents for the process like:
- A copy of your company's Memorandum and Articles of Association
- Proof of Your Firm's Business Registration (such as a Commerce Control Certificate or Company Registration Document)
- A Taxpayer Identification Number (TIN).
- A copy of your company's current passport or driving licence
- A letter from the company secretary confirming that you are the owner and director of the company.
- A copy of the company's business banking account.
- A letter from your attorney confirming that you have the legal authority to set up and operate the UK company.
Company registration in the UK
To set up a UK company, you will first need to apply for company registration. This can be done online through the Companies House website.
Companies House requires all the necessary information before you can register your new company. It's quite a bit, so let's get started. Here's what you need to do
- Decide on a company name
- Get a company address
- You will need one or more directors
- Details of Company Shares - Statement of Capital
- SIC Code that outlines the main activities of your company
- Memorandum and Articles of Association
- Details of People with Significant Control (PSC)
İlayda Birol
Once your application is complete, you will receive an acknowledgement indicating that it has been received and assessed. You will then receive a Company Registration Certificate which must be filed with your Companies House registered office.
Best way to open a company in the UK from Singapore is through wamo
When it comes to getting a business account for the company you want to set up in the UK, you might run into difficulties with traditional banks. Sometimes, your application might get rejected by banks if you are applying from a country outside of the European Economic Area (EEA). This can be due to a number of reasons, for example:
- Your business looks high-risk to the UK banks
- Your financial history might not be good enough
- Issues with your credit score
- You don't have a proper virtual address for the company
Which is when a bank alternative like wamo that is more flexible, quicker and cheaper can come to your assistance. Possibly the single most important difference when opening an account with wamo is that we focus on you. Where traditional banks and many digital-only banks often fall short is in developing a personal relationship with the business owners whose businesses they serve. At wamo we take building a relationship with you and getting to know your business very seriously. We aim to be there with you from the start, to see you through setting up a business account and a UK company and to provide you with the tools you need to help you go from strength to strength. wamo team members are all trained to support our customers, and you can reach out at any time to speak to an actual person.
Laine Redpath
Create your new UK company and get a business account sorted from Singapore through the wamo app
As a holistic financial management platform, wamo can provide you with company formation and entire financial services in the UK which includes company address registration, business account opening, and virtual debit cards etc. Registering for a wamo business account takes all of 10 minutes and filling out the application forms using the wamo app is easy. Once you’ve completed applying for both, you won’t have long to wait: you’ll receive confirmation of your new business account and your new UK company certificate of registration in just two days!
We provide a ‘Getting started pack’ that is purposefully so good, you shouldn’t be able to resist finally getting your business dreams off the ground:
- Company Formation process from start to finish for just £99.00
- 3 months of wamo subscription-fee FREE (whichever package you choose save between £19.99 - £99.99/ month for 3 months)
- 3 months of Shopify at $1 / month - easily get your goods or services seen on one of the world’s largest online shopping platforms.
This starter pack will have you up and running in no time! If you’re in Singapore and are ready to create a business presence in the UK, we are ready to help you make that happen.
To open an account with wamo, all you need to do is Download the wamo business app from Google Play or the App Store.
