The Fastest Way to Register an Offshore Business in the UK

If you want to grow your business fast and catapult it into a multinational, we have the best prescription: registering it offshore in the UK. The county is strategically located in Europe, and owing to its diverse global network, the market available for your business will be very big. Keep reading as we explain the best way to register your offshore business in the UK.

A Brief about the UK 

Before we can set off demonstrating how you should go about registering a business in the UK, let’s start with some facts about the jurisdiction.

• The UK has a population of 67 million people.
• The country’s economic freedom score is 72.7 according to the 2022 index, which makes it the 24^th freest in the world.
• The GDP (PPP) of the UK is USD 3.3 trillion.
• In 2020, the UK’s economy contracted by about 9.9%, which was the largest in the history of the country.
• FDI inflow into the UK is USD 19.7 billion.
• The main export of the UK is Crude Oil, followed by pharmaceuticals and electrical machinery, in that order.

What are the Main Types of Companies that You can Incorporate in the UK

Once you decide to register a company in the UK, the first step is determining the type of business structure to work with. So, here are the main business entities that you can create:

• Limited liability company

This is a type of privately managed business entity, which is 100% owned by shareholders and managed by directors. It is the most preferred business vehicle because the business is considered a separate legal entity from the shareholders. In the event of a problem, such as dissolution or insolvency, the responsibility of business owners only extends to their shareholding. The limited liability company can be either limited by shares or limited by guarantee.

• Partnerships 

This is a type of business where two or more people agree to pool their resources together and share the company. This means that business risks, costs, benefits, responsibilities, and profits are all shared between the partners.

• Sole Trader 

This is considered the easiest type of company that one can form in the UK. In most cases, this is recommended for small businesses, but we have to caution you here: it can be pretty risky. Although you get to keep all profits from sole proprietorship, there is a danger of debtors coming for your personal assets if the business becomes insolvent.

The Process of Company Registration in the UK 

Now that you know the main types of businesses that can be incorporated in the UK, what is the right process of registration? Here are the main steps that you should follow.

1. Check and confirm that you are allowed to legally open a business in the UK.
2. Prepare a business plan.
3. Select the preferred business structure.
4. Select a business name, address, and register them.
5. Prepare all the documents for company registration, from the articles of association to details of shareholders and directors. Then, submit them to the Companies House for incorporation.
6. Identify any additional rules, such as the need for special permits for your company.
7. Open a bank account.

Does this process of company registration in the UK look lengthy and complex? Well, it is pretty complex for many foreigners targeting to do business in the UK. The best alternative to register a company in the UK correctly and fast is working with an agency of experts. One of the most revered agencies is ICD Fiduciaries.

The agency works with experts in offshore company registration who are ready to hold your hand and finish the process of business formation in the UK faster. That is not all. ICD Fiduciaries can also help you with a lot more activities, such as business accounting, payroll management, carrying out due diligence, and filing tax returns. Reach them now to get started and see your business grow into the multinational of your dreams.