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Understand the Jurisdictions Setup Requirement Before Proceed Your United Kingdom Company Incorporation Services
Both the geography and business cultures are the factors that have further cemented its position as the centre of a diverse collection of markets and sectors. The openness of the market and diversified economy provide opportunities for new investors to access the domestic market as well as the gateway to the rest of the world. Furthermore, the UK is a flexible and business-minded location, historically recognised as a well-established and reputable jurisdiction in which to conduct business. As one of the world’s global financial centres, the UK has the wide network of Tax Treaties.
Please note that the UK refers to the United Kingdom of Great Britain and Northern Ireland and consists of three distinct jurisdictions:
- England and Wales;
- Scotland; and
- Northern Ireland
In the UK, there are few types of businesses, which are:
- UK establishment – a UK establishment is usually a branch or a place of business, which is not a separate legal entity from the overseas parent and therefore does not have limited liability in its own right.
- Limited company – is a separate legal entity with its own limited liabilities.
- Limited Liability Partnership (‘LLP’) – is a legal entity with a flexible organisationa structure like the partnership.
Unlike company incorporation in other countries that usually involve high cost and the length of time, the simplicity of incorporating in the UK remains as the best option. In the UK, companies need only a minimum £1 paid up capital, and incorporation is complete within just a few hours. Also, a UK company can be established with its share capital in other currencies.
However, there are various documents that must be filed with the UK authorities and at Companies House periodically whenever there are changes to the company, including annual returns. A company must also file financial statements at Companies House every year which must be prepared in English and strictly in accordance with the rules [that determine how the information is presented].
As of now, it’s really easy to incorporate a company in the UK, long gone are the days when people had to file paper forms, wait weeks (even months) for approval and pay a lump sum for the privilege. If you are thinking of setting up a UK company, 3E Accounting is ready to help you with our professional company incorporation services. Contact us today at firstname.lastname@example.org and let’s work out the best solution for your business.