The United Kingdom is not just an affluent market of buyers with strong purchasing power, but it also serves as a connection between the continents, i.e. if you are an Asian brand looking to expand to Americas or if you are an American brand looking to penetrate in the Asian market, the UK will connect you. The strong economy with highly developed infrastructure makes the United Kingdom one of the best places in the world to do business. That’s the reason, tens of new innovative startups emerge on UK startup arena on daily basis. Moreover, the UK is the next stop for all the startups that gain traction anywhere else.
So, if you plan to do business in the UK but actually you want to carry out the operations from somewhere else, you must have to get your business registered as an offshore company or an overseas company. An offshore or overseas company is registered with Companies House in the UK.
This article will cover the requirements and procedures necessary to register an offshore company in the UK.
Step 1- Make Sure You Have the Right Company Type:
There are some types of companies that can’t be registered as an overseas company in the UK, for instance, partnerships and unincorporated bodies. You must contact UK Trade and Investment officials to verify your business’s qualification for registration. Follow the link below to send them your inquiries:
Step 2- Submit OSIN01 Form to Companies House:
This form is available online at Companies House Website. Download the form, fill it properly and submit it to companies house along with the registration fee which is GBP20. All the required documents and other necessary information is printed within the form. Read the form thoroughly in order to avoid rejections and objections.
Step 3- Update Changes if There’s So:
Call Companies House within 21 days in case if you have any changes in company name, owner profile, address, scope of business etc. Call them at 0303 1234 500 for help.
Step 4- File Accounts:
You must be a tax payer and so you must file accounts for the same. Find the form OS AA01 with companies House, fill it and submit it. If you are a resident of European Union, you must do it in your home country.
You must be aware of the fact that if you do not pay tax, you may be prosecuted, so file all accounts to avoid any inconvenience.
Step 5- Look for Additional Resources:
This is off course additional step and you may look into the details only if you need them.
Call 020 7215 5000 UK Trade & Investment for help.
If you wish to set up your offshore business in Scotland, Wales or Northern Ireland, call Scottish Development International at 0800 917 9534.
Setting up an offshore company in the UK, Scotland, Wales or Northern Ireland with the above guidelines should be easy. However, if you feel you need any further assistance, do not hesitate to ask by posting your comment below.