Services Details

To start a company in the UK, you must meet the following requirements:

• Proof of identity: You must provide your own identification, such as a residence permit, passport, or driver’s license.
• Proof of address: You must provide proof of your address in your country of residence, such as an internet bill, electricity bill, or bank statement. It is important that the document bears your name.
• Age: You must be at least 16 years old to register a company in the UK.
• Legal status: You must not have any legal restrictions that prevent you from starting a company in the UK, such as being declared bankrupt or having been convicted of certain crimes.
• Brand name: You must have a brand name for your company.
• Business activity: You must have at least 1 legal business activity that you plan to engage in. You can have up to 4.
• Registered Office: every company is required to have a registered office address, which is the official address of the company that is registered with Companies House and is used for all official correspondence and legal purposes.
• Your business must be legal and allowed in the UK.

No, there are no restrictions on residency or citizenship for opening a company in the UK. You can be a UK resident, a non-UK resident, or a non-UK citizen to set up a company in the UK.

There is a minimum share capital requirement of £1 for UK LTD company incorporation. This means that at least one share must be issued with a nominal value of £1, and the amount paid for that share must be recorded in the company’s Articles of Association.
The share capital deposit is not necessarily required to be paid into the company’s bank account, but it must be available for use by the company in the future.

Limited UK companies are subject to several taxes, including:

1. Corporation Tax: UK Limited companies are required to pay corporation tax on their profits. As of April 2023, the corporation tax rate in the UK is 19%. However, starting from April 2023, the corporation tax rate is set to increase on a sliding scale based on the profits of the company. Companies with profits of less than £50,000 will continue to pay the 19% rate, while companies with profits of more than £250,000 will pay the maximum rate of 25%. Companies with profits between these thresholds will pay a rate that is proportional to their profits.
2. Value Added Tax (VAT): UK Limited companies that are registered for VAT in the UK are required to charge and remit VAT on their taxable sales. The standard VAT rate in the UK is 20%, but reduced and zero rates may apply to certain goods and services.
3. Employer’s National Insurance Contributions (NICs): UK Limited companies are required to pay employer’s NICs on the wages and other benefits paid to their employees. The rates of employer’s NICs depend on the level of earnings of the employee.
4. Business Rates: UK Limited companies that occupy commercial property are required to pay business rates, which are a type of local property tax.
5. Personal Income Tax and National Insurance Contributions (NICs): If UK Limited companies pay salaries or dividends to their directors or employees, they may be subject to personal income tax and employee’s NICs. The rates of personal income tax and employee’s NICs depend on the level of earnings of the employee.

Again, it is important to note that tax laws and regulations are subject to change and may vary based on the specific circumstances of each company. Therefore, it is recommended that you consult with a qualified tax professional for advice on tax matters related to UK Limited  companies.

The annual services costs associated with UK Limited companies can vary depending on the size, complexity, and specific needs of the company. Here are some of the key annual services costs that UK Limited companies may need to budget for:

1. Registered Office Address: UK Limited companies are required to have a registered office address in the UK where official documents can be delivered. If the company does not have a physical office in the UK, it may need to hire a registered office service provider. The annual cost of a registered office service can vary depending on the provider and the location of the address. The cost for this service can start from £44/year.
2. Confirmation Statement: UK Limited companies are required to file an annual confirmation statement with Companies House. This statement confirms that the company’s information, such as its directors, shareholders, and registered office address, is up-to-date. The cost of filing a confirmation statement is currently £54/year.
3. Annual Accounts Filing: UK Limited companies are required to prepare and file annual accounts with Companies House and HM Revenue & Customs. The cost of preparing and filing the annual accounts can vary depending on the size and complexity of the company. Some companies may choose to hire an accountant to prepare their annual accounts. The cost for this service can start from £54/year.

It is important to note that these costs are not exhaustive and there may be additional services or fees that apply depending on the specific circumstances of each company. Therefore, it is recommended that you consult with a qualified service provider for advice on the costs associated with maintaining a UK Limited company.