How to set up a company in the UK in 2 days as a Canadian Entrepreneur
Communication Team
Communication Team

December 27, 2022

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How to set up a company in the UK in 2 days as a Canadian Entrepreneur

New entrepreneurs are shifting their focus towards the UK's burgeoning business scene, with seemingly endless opportunities to get started. With rapidly growing industries like tech, creative services and health care, there's no shortage of options to test the waters for creating a business in the UK.

Canada is one country that has been enthusiastically embracing the benefits of the UK markets. There has been a long history of mutually beneficial trade and investment relations between Canada and the UK. Canada has been exporting and investing in the UK generously. Similarly, the UK reciprocates with generous amount of exports and invests in Canada and both the countries wish to maintain and enhance these relations in their mutual self-interest in the coming years too.

Broadly speaking, setting up a company in the UK as a Canadian entrepreneur can be broken down into a few main steps and is pretty straightforward. You can set up and run a company in the country without having to travel or stay there. Everything can be done online, making the process much easier.

Tips for setting up a company in the UK

If you're thinking of setting up your own business in the UK, here are a few tips: 1. Make sure you have a good idea for what you want to create – No matter how big or small your business may be, make sure that it has potential and can really stand out from the competition. 2. Do your research – There are hundreds of startup companies operating in the UK today, so it's important to do some digging before making any decisions about which one to choose. 3. Get organised – Once you've nailed down the specifics of your business, it'll be much easier to start putting together a plan and timeline. Make sure you have all the paperwork in order ( incorporation documents, financial statements etc.), as well as images and videos that illustrate how your product/service works (these can really help when pitching investors). 4. Don't be afraid to ask for help – Whether it means finding a business accountant or working with a professional body to get your company out there, there are plenty of resources available in the UK to help new businesses take off.

How to open a business in the UK from Canada

If you're located in Canada and you want to start a business in the UK, you'll need to follow these steps

1) Check if you can legally start a business: In order to start a business in the UK, you'll need to comply with all of the local regulations. This includes meeting certain income requirements and filing relevant paperwork with your local government.

2) Write a business plan: Creating a business plan is a key to making sure your startup succeeds. Your plan should outline your company's goals, financial projections and strategies for growth. This document is further required during your company registration.

3) Decide on your business structure: There are a variety of business structures available to Canadian businesses operating in the UK. You may want to consider registering your company under a corporation, partnership or sole proprietorship.

4) Choose a business name and address: Once you've determined your business structure and goals, it's time to choose a business name and address. Registering your company with the UK government will involve some fees.

5) Prepare tax documents: You'll need to submit all of the appropriate paperwork related to taxation in the UK if you're incorporated or operating as a sole proprietorship.

6) Register your company in the UK: Once you're satisfied that you can legally open a business in the UK, it's time to register it with Companies House (CH). This process is relatively straightforward and should take around a few weeks from when you submit your application. This might take longer in case of any complexities or missed out information. You'll need to provide detailed information about your company, including its name, registered office and legal entity status.

7) Get a business account: Once you've registered your company with the UK government, it's time to get a business account with one of the major banking institutions in the country. You can look up High Street banks like HSBC UK, Lloyds Banking Group or business finance solutions like wamo, Wise or N26 to open a business account. Opening a business account is essential for accessing modern financial services, such as merchant banking and factoring.

Note that, as a foreigner in the UK, opening a business account with High Street banks can be tricky and time-consuming. Alternatives like wamo are faster and easier and at wamo we provide personal customer support all along the journey.

Why do you need a business account in the UK?

8) Check any additional rules for your type of business: There might be additional legal documents required for your business, which depends on the type of business that you would be running. These documents could be

  • Legal permits
  • Insurance
  • Rules to follow if you buy or sell goods abroad and have personal information.

The easiest way to open a limited company in the UK from Canada

Setting up a limited company in the UK can sometimes become a daunting and a long process. It is always suggested to take professional help if you are not confident enough to go through the process entirely alone.

With so many procedures to go through, it is best to have a company formation service handle the process for you.

There are various organisations and professionals that can help you in setting up a company, and at wamo we’re happy to say we’ve made it particularly easy. Using our app or web app, it’s possible to go through the process of registering a new company and applying for a business account in under an hour and have your new company and business account ready for business in just 48 hours. All you need is a few basic business documents and an idea of what you would like your company to do.

Read: How can I reach wamo customer services?

So if you are ready to hop on this journey, get prepared with these documents to register with wamo

  • Memorandum and Articles of Association (M&A)
  • Proof of shareholder structure
  • Proof of company address

Not necessary to open an account initially, but will be asked for after registration:

  • Registry extracts
  • Certificate of Incorporation (COI)

Download wamo business from the App Store or Google Play or head to wamo's website to register yourself.

Related: How to set up a limited company in the UK

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