UK Company for non Residents and Bank Account
Every day we receive a number of enquiries from clients who live outside of the United Kingdom asking about UK Company Formation, residential requirements and bank account options. We have gathered answers to most frequently asked questions by non UK residents below. Even though we tried to cover as much as possible within a relatively short article, you might still have further questions. Please, feel free to contact us and we will reply, usually within an hour or two.
To register UK company you do NOT have to come to the UK and the whole registration process can be done online or/and via e-mail correspondence. Also, there is NO requirement for company directors or shareholders to be a UK resident. So, as a non UK resident you CAN be a Director and a Shareholder of your new company yourself. Also, the same person can be a director and shareholder of the company at the same time making it possible to register UK company with only one person, however there is no limit to the number of directors and shareholders and you can have as many of them as you like. All officers of UK company can be non-UK residents.
Currently we have a special package for non UK residents wishing to register UK company. The package called "Standard 85", costs 85 GBP and combines everything you need to meet statutory requirements for your company registration and maintenance. This package includes: UK company formation and all filing fees, all company documents in electronic and paper format, registration address in London, UK Tax Office registration and even FREE UK telephone number setup with redirection to any number in the world.
To proceed for UK company registration for non UK residents, please, use the link below:
Annual UK Company Renewal (or how much it will cost to run your company every year). Every year your company needs to submit Annual Return (information about current directors and shareholders) to UK company registrar and also Annual Accounts (financial statement) to HMRC (Tax Office) and to company registrar. Of course we can help you with both of these reports too. Please, let us know if you need our help with filing requirements. Our current fee for Annual Return is 80 GBP, Annual Accounts (dormant company) 120 GBP, Annual Accounts (active company) from 400 GBP. Both of these report need to be prepared and submitted only AFTER one year from your company registration.
Bank Account. As a non UK resident you can NOT open UK business bank account for your company, however do not worry as you can now open EU bank account for your UK company or yourself even if you're not UK resident. This is because UK banks recently stopped offering bank accounts for UK companies that have at least one non UK resident director, shareholder or beneficial owner (even if you use nominee Directors and Shareholders). The only exception is when you can demonstrate STRONG ties to the UK economy and can provide contracts with UK companies as well as evidence of strong connections to UK market or/and evidence of intention to set up UK operational office by providing relevant Lease Agreement or Rental License. The other exception is when your company has already been trading for at least 12 months and you can provide business bank statements from overseas bank where you already have an account for your UK company. Naturally this option will NOT suit you if you are registering new company now.
EU (European Union) for non UK residents. As stated above, we can open EU bank account for your UK company even if you're NOT UK resident. EU Bank account will be opened on the name of your UK company and will have standard bank account number in European format (IBAN). All EU bank accounts are offered to non UK residents and include online banking with international transfers facility, multi currency account, 24 hrs telephone support and Debit Card. Once applied, we can give you your new business current account number within 2 working days and your account will be activated within 5 days from when you sign bank forms.
There are two options to sign bank forms: in presence OR on distance depending on the bank. Banks that require forms to be signed in presence generally offer better transaction charges and quicker account activation terms. Forms in presence can be signed at one of our representatives in the following locations: UK (London – our office), India (Mumbai, 150 EUR additional charge applies), Latvia (Riga), France (Paris), Romania (Bucharest), Russia (Moscow, St Petersburg, Yekaterinburg, Kazan, Novosibirsk, Vladivostok), Ukraine (Kiev, Dnepropetrovsk), Belarus (Minsk), Kazakhstan (Almaty), China (Shanghai), Armenia (Yerevan), Azerbaijan (Baku), Uzbekistan (Tashkent). Other locations may be available on request, so, please, ask.
If you wish to sign forms remotely and open bank account on distance, this can be done too, however you would need to provide us with professional reference from your local accountant or bank manager as well as certified copies of your passport and proof of address.
Our fee for EU Bank account is 450 GBP and you can start your application any time after company incorporation by simply letting us know by e-mail that you wish to proceed. Alternatively, you can apply for your UK company registration and EU Bank account AT THE SAME TIME and we will then offer you a discount and let you have both services for 499 GBP (representing 36 GBP discount). Our bank account fee includes preparation of all bank forms, certification and Apostile of your company documents for the bank, provision of online banking and postage fees. This fee is refundable if after signing of all forms and providing documents you get rejected by the bank and we are unable to offer you alternative banking solution. (this happens extremely rarely though)
To benefit from our combined "UK Company + EU Bank Account" offer, please, use the below link:
What documents do you need to provide. To register UK company you only need to provide us with your details by filling out online order form using one of the above links. Once your company is registered and you receive all documents by e-mail from us, you will need to send us the following within 14 days from company registration: copy of your passport, copy of proof of your address (utility bill for example), signed declaration form (download form here). We will send you detailed instructions again together with your company documents. For EU Bank account we will also need to receive some information about yourself and your business. This can be done by simply filling out “Bank Questioner + CV” form that you can download from here. But do not worry, once you apply we will guide you step-by-step throughout the whole process.
If you still have any questions about UK company registration, bank accounts, procedure or required documents, please, feel free to contact us by e-mail, Skype (tradeformation) or phone.
*The above article is a guidance only and doe not replace any part of our Terms and Conditions.