November 21, 2022
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In general it’s not difficult to open a company in the UK as a non-resident. But it can be tricky, especially the bit about needing a bank account for your business. It’s for this reason that we’ve built a company formation service into wamo - this means that it’s possible to opena UK company and get a business account sorted from one place (the wamo app or desktop version) and in just 2 days. If you are a non-resident of the UK, there are several ways to open a company in this country. However, it is important to understand all the legal requirements before you decide to register your company here. In this article we'll discuss some of the steps involved in setting up your own business as a foreign national who does not live in Britain.
If you are thinking of setting up a company in the UK, it’s important to understand the process and some of the legal requirements.
The first step in the process is to make sure that the company you want to open does not conflict with other companies operating in this space. To do this, you must check that the name of the company you want to open is not already taken and that it is not too similar to any existing company. You should also be aware of whether or not your chosen name is offensive in any way; if it is, there could be some serious problems ahead!
If you don't have a physical address in the UK that can be used as your company's registered office, then you will need to rent one. This can cost anywhere between £100 and £500 per month depending on where you choose to rent it from and whether or not it comes with any additional services such as cleaning, repairs, maintenance and so on (which is why we recommend finding an office rather than just renting something like an apartment).
You will need an address to register your company in the UK, so you will also need to rent a place to work. You can't just use a PO Box. If you want to be able to receive mail and packages, it is best that they are delivered to an actual address (or at least one with a street address).
There are many options available for renting offices, but these tend to be more expensive than working from home or sharing an office space with other companies.
When you register a UK company with wamo, you will have the option of requesting a virtual office address removing the need to have anything to do with physically renting an office space that you likely will never need.
If you are not familiar with the legal and tax requirements of the UK, it is best to hire a professional who can help you deal with any difficulties you may have along the way.
A professional can also help navigate some of the more complex aspects of setting up a business in the United Kingdom such as complying with regulations regarding directors' responsibilities and corporate governance.
While you’re in the process of filing for your company, you will need to apply for a visa that allows travel time in the UK. This is called a Tier 5 Youth Mobility Scheme visa and it must be applied for at your local British embassy or consulate.
You will need to provide proof of your identity, address and finances along with other documents depending on where you live. The amount of time it takes to obtain this visa depends on where you live; most people should get their visas within a few days or weeks but some may take longer.
There are many ways to set up a business in the UK as a non-resident, but all require special knowledge and understanding of the tax codes and laws of this country. It's best to hire an accountant or lawyer who specialises in non-residents' businesses. They will help you understand what you need to do and also ensure that your company complies with all local legislation.
One thing that most people overlook when starting an overseas company is having a UK address for registration purposes. You can't just register your new business at home: it must be registered somewhere else.
If you want to start a company in the UK, wamo makes it easy. Download the wamo app from Google Play / App Store or open your account from the wamo website and you’ll be guided through the processes for opening a UK company and getting a business bank account.
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© wamo 2022, all rights reserved wamo & the wamo logo are trademarks and trade names of wamo technology Limited and may not be used or reproduced consent of the owner