Incorporation and administration
Incorporation and administrationwill be carried out by ANGLO in conjunction with a firm of chartered accountants.
Share capital
The authorised share capital is typically £100. Of this share capital only one share of £1 is ordinarily issued.
Ownership
The company’s capital can be owned personally, by a company or by a trust. A nominee agreement, (a Declaration of Trust), is then entered into between the legal owner (the beneficial owner) and the company or person who is named as the nominated owner (the nominee).
This construction is often used when you wish to hide the ownership of the company. ANGLO often acts as nominee, giving the legal owner absolute anonymity.
Management
The company must have at least one director. ANGLO can facilitate the appointment of a British domiciled director.
Registered office
All British companies must legally have an official registered address in the UK, where the company’s share register may be viewed and where official documents can be sent to. The address is often different from the company’s business address.
Bank account
It is difficult to open a bank account in the UK due to very stringent money laundering regulations.
ANGLO can open bank accounts for non-domiciled foreigners once KYC, compliance and other terms and conditions are met. ANGLO use Barclays Bank and HSBC.
Internet banking, debit card and multi-currency accounts are also available.
Accounts and auditing
An active British company is obliged to submit a set of accounts to the British Company Register annually. The company’s books and records are normally audited by a British based firm of chartered accountant. ANGLO requires all clients to register with a firm of chartered accountants. ANGLO can organise this if required.
ANGLO will instruct their accountants to prepare the legally required accounts and communicate with the British tax and customs authorities.
Tax and VAT
Corporation tax in the UK is 21 % on net profits of up to £300,000. Above that the tax rate gradually rises to 28% for companies with an annual turnover of between £300,000 and £1,500,000.
VAT registration is not required below an annual turnover of £67,000. VAT registration can only be applied for after the company has acquired a British bank account. As it can take several weeks for the VAT registration to come through, ANGLO recommends the application for VAT registration as soon as the British bank account has been opened.
ANGLO can also arrange a temporary EORI registration for goods imported from countries outside the EU.
Constitution
A private limited company requires two documents. These are the Memorandum of Association and the Articles of Association. The Memorandum sets out the actions and activities that can be legally undertaken by the company. In the Articles rules are listed as to how the company should be managed.
Annual Return
Every year an Annual Return has to be filed with Companies House. ANGLO will take care of this process.
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Call Anglo on: +44 (0) 1473 249 024 |
