The United Kingdom's business friendly laws have made it a major commercial and financial hub in Europe. With excellent local infrastructure and global reach, there are very few places in the world that can match the UK in terms of long-term stability and economic growth. Even in the most challenging economic times, policymakers in the UK have demonstrated their commitment to the country's financial and business communities.
The UK has one of the lowest tax rates in Europe and the highest number of double taxation treaties in the world. It is also home to a robust banking sector many start-up businesses can take advantage of. Midford Accountants is dedicated in providing individuals from all over the world an easy and affordable gateway to starting up a business in the UK.
Whether you're looking to register your business as a Limited Company, Holding Company, Guarantee Company, Public Limited Company or Limited Liability Partnership, you don't have to be a UK resident or even physically present in the country to do so. We take care of all the filing and registration duties with the Companies House, and guide you every step of the way in preparing all the necessary documentation. The entire process takes place online at a lightning fast pace; some companies are fully registered in as little as few hours.
Before you register a company in the UK, you have to decide what form you want your business to take. Midford Accountants can help register your business as a sole trader, a limited company, partnership or limited liability partnership. Much thought should be given before undertaking this vital step, since the type of company you chose will determine things like how you are taxed, whether you are personally liable for business debts, whether you are responsible for VAT, and so on. Choosing carefully in this early stage is often the deciding factor in the long-term success or failure of your business.
Opening your company in the UK as a sole trader is perhaps the simplest way to start a business. You alone will have total control of all business operations and can retain all profits after tax. The downside to sole tradership is that you are personally accountable if things go south. All business debts are personal debts for sole traders, meaning that assets like your house and car could be on the line when your creditors come after you.
Registering your business in the UK as a partnership is much the same as operating as a sole trader, except the risks and the profits are shared between two or more partners. Even though you are not obliged to do so, it is strongly recommended you and your partners sign a binding partnership agreement prior to registering the business.
Incorporating a limited liability company is by far the most popular option for small business owners in the UK. A limited liability company can be set up as a Private Limited Company (Ltd) or a Public Limited Company (PLC). Incorporating as a limited liability company lets you keep your business finances separate from your personal finances. A limited liability company is its own entity with one or more shareholders, and your personal assets are protected in the event of business failure. On the downside, a limited liability company has many mandatory administrative duties like yearly audits, VAT registration, and periodic corporate tax returns.
There are many other forms a company can take, each with its own specialised function. These include limited liability partnerships, holding companies, and guarantee companies.
Whatever the business structure you choose, the agents and accountants at Midford Accountants are on hand to register your business and help make it a success.