Are you considering opening a company in the UK?
In 2023-2024 financial year, 890,684 new companies were registered in the United Kingdom.
There are a few rules but it is possible (with a little help) to open a UK company without having to travel there. There are a number of companies offering such services and 1st Formations is among the recognised leaders.
Simply put, 1st Formations offer a number of packages to get you started. The basic one offers:
- Company incorporation in 3 hours.
- Virtual office in the centre of London.
- Email forwarding so you don't miss important dates.
- Client support.
- Assistance with filing annual confirmation statements.
- Corporate secretarial services.
Sounds expensive? Actually, for what you get it’s very reasonable. For example, you can incorporate a Ltd company for just £70.
Although 1st Formations will mange the administration of the exercises, it’s important to understand they do not offer legal or accountancy advice.
Another important point to consider before you take the step is the ability to open a corporate bank account.
There are two main methods of opening an account:
At a traditional bank (high street bank). To do this, it will be a requirement that one director is a UK resident. Opening time for the account is about 1 month.
At an online bank. Opening an account is easier for EC and UK passport holders. It is possible to open an account for RF passport but proof of a UK or EU residency/address is needed. Processing time is normally 24h.
It is advisable to apply to two or three banks at the same time. If one is rejected, you have two more options under consideration.
If you work with legal support based in the EU or UK, it is often possible to appoint a director from that company to the board of your new company thus ensuring the administration and banking requirements are met.