Registration and maintenance of a company in England (UK LTD) with a bank account

Registration and maintenance of a company in England (UK LTD) with a bank account

Opening a business in a safe country like the UK is a guarantee of security for the entrepreneur. The country is valued for its prestige and reliability, ranking among the top 10 countries in terms of economic development.  Every year between 250,000 and 300,000 new companies are established here. 
Due to the simple and clear structure resident companies LTD (limited liability companies), if properly used can be an effective tool for tax planning.

What are the benefits of incorporating a company in the UK?

  • the ability to incorporate a company quickly and remotely;
  • ease of incorporation and administration;
  • banks and payment systems are loyal to British companies when opening accounts;
  • low registration and renewal costs compared with other jurisdictions;
  • wide choice of ready-made companies for any sphere of activity;
  • respectable jurisdiction: economically stable, with a well-developed banking system;
  • favourable tax environment;
  • no currency control.

We are interested to make client's business not only work like clockwork, bringing consistent profit, but also be insured against errors. Therefore, Intelligent Solution Group specialists will work hand in hand with the client to register an LTD company in England with turnkey account:

  • We will go deep into the case and the request you came to us with; we will study company's activity, information on beneficiaries, turnover, currency, main contracts and counterparties.  
  • We will check the company name for uniqueness. It is essential to know that it is not registered in the UK and does not infringe on the trade mark rights of other companies.
  • Prepare documents and submit a request for company registration.
  • Receive and deliver the apostilled package of documents.

Optional service:

  • Register the company with HM Revenue & Customs; 
  • obtain a VAT number.

Intelligent Solution Group will help you open a bank account for a UK company:

  • We will carry out a detailed analysis of your company's requirements to determine the best bank and the type of account that meets them.
  • We will help you to prepare the necessary documents to open an account with the selected bank.
  • We will submit requests to several banks in order to obtain a Pre-approval.
  • We will then choose one financial institution from those who approve applications.
  • Followed by KYC and AML procedures. 
  • We will take care of the communication with the bank and resolve any issues associated with the account opening process.
  • At the end of the process, we will notify you that the account has been opened.

We can also provide you with additional services such as online banking, debit or credit cards.
If you have any difficulties in communicating with the bank already in progress, we can always help you, just write to your manager. 

Related services:

  • Obtaining a licence if your company will engage in specific activities such as financial services;
  • annual renewal of the company;
  •  Accountancy and annual company accounts filing;
  • Substance service; 
  • Preparation and filing of CFC reports; 
  • issuance of additional documents (Good Standing, Certificate of Incumbancy).

Is the beneficial ownership register open in the UK?

Ownership details are only published on the register for those beneficiaries who hold more than 25% of the assets.

Taxation in UK for LTD

Corporate income tax on LTD in England is 19%. 
The tax on capital gains is 19%. Dividends are not taxed.

What forms of business are available for companies in England?

There are several types of companies that can be registered in the UK:

LTD/LLC - a private limited company. The most popular form for business in the UK. One shareholder and director are enough, nationality does not matter. Tax returns are submitted to Companies House once a year.

PLC is a public limited company. In order to register it needs to open an account with a British bank and place the shares on the stock exchange. PLC must be audited and publicly disclosed financial statements.

LLP - limited liability partnership. In this case, at least two partners enter into an agreement between them. It specifies the order of distribution of profits, management functions, as well as the rules of accession of new members.
Branch or representative office of a foreign company. For this, the incorporation documents of the parent company are provided, an address in England is registered and a local manager is appointed. The company also needs to be authorised by HMRC and the Companies House.

What documents are required to incorporate a company in England (UK LTD)?

Application for registration.
Passport details of the directors and shareholders of the company.
Documents certifying the address of the company and directors.
Payment of a government fee.

What documents are required for opening of the bank account for the English company?

The following set of documents is usually required:
1. A registered address of the company in the UK, supported by documentary evidence (e.g. a lease contract or utility bill).
2. Documents proving the identity and address of the directors, authorised persons and beneficiaries of the company, including passports, driving licence and/or utility bills.
3. A set of company constitutional documents.
4. Documents confirming the nature of the company's business and the approximate scope of its operations, e.g. business plan, contracts with customers or suppliers, etc.
5. Documents confirming the financial position of the company, such as accounting statements, bank statements or income statements.
6. Documents confirming the right to open a bank account in England, such as the company's articles of association or the decision of its founders appointing an authorised person to open and manage the account.
Depending on the bank, the requirements may vary slightly. It is also worth considering that the procedure of opening a bank account in England can take from several weeks to several months.

Ownership and management structure

English LTD has a structure: 
The minimum number of directors is one. The director may be appointed as an individual or a legal entity, but necessarily one of the directors must be a natural person. There are no residency requirements. 
The minimum number of shareholders is one. A shareholder may be a natural person or a legal entity. There are no residency requirements. A director and a shareholder may be the same person. 
A local secretary is appointed for the convenience of registration and further service.

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