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The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK),is a sovereign country in western Europe. The UK includes the island of Great Britain, the north-eastern part of the island of Ireland and many smaller islands.The UK's capital and largest city is London, a global city and financial centre with an urban area population of 10.3 million.
With an area of 242,500 square kilometres, the UK is the 78th-largest sovereign state in the world. The countries of the United Kingdom are include: England, Scotland, Wales, Northern Ireland.
It is also the 21st-most populous country, with an estimated 65.5 million inhabitants in 2016.
The UK's official language is English. It is estimated that 95% of the UK's population are monolingual English speakers. 5.5% of the population are estimated to speak languages brought to the UK as a result of relatively recent immigration.
The UK is a constitutional monarchy with a parliamentary democracy. The United Kingdom is a unitary state under a constitutional monarchy. Queen Elizabeth II is the monarch and head of state of the UK, as well as Queen of fifteen other independent Commonwealth countries.
The UK has a parliamentary government based on the Westminster system that has been emulated around the world: a legacy of the British Empire.
The cabinet is traditionally drawn from members of the prime minister's party or coalition and mostly from the House of Commons but always from both legislative houses, the cabinet being responsible to both. Executive power is exercised by the prime minister and cabinet, all of whom are sworn into the Privy Council of the United Kingdom, and become Ministers of the Crown
The UK has three distinct systems of law: English law, Northern Ireland law and Scots law.
Also read: Starting a business in UK as a foreigner
The UK has a partially regulated market economy. Based on market exchange rates, the UK is a developed country and has the world's fifth-largest economyand ninth-largest economy by purchasing power parity.
London is one of the three "command centres" of the global economy (alongside New York City and Tokyo), and is the world's largest financial centre — alongside New York — boasting the largest city GDP in Europe. The UK service sector makes up around 73% of GDP while tourism is very important to the British economy, with the United Kingdom ranked as the sixth major tourist destination in the world, while London has the most international visitors of any city worldwide.
British Pound (GBP; £)
There are no exchange controls restricting the transfer of funds into or out of the UK, although anyone carrying the equivalent of €10,000 or more in cash when they enter the UK must declare it.
The City of London is one of the world's largest financial centres. The Canary Wharf is one of the two main financial centres of the UK along with the City of London.
The Bank of England is the UK's central bank and is responsible for issuing notes and coins in the nation's currency, the pound sterling. Pound sterling is the world's third-largest reserve currency (after the US Dollar and the Euro).
The UK service sector makes up around 73% of GDP while tourism, finance is very important to the British economy, with the United Kingdom ranked as the sixth major tourist destination in the world, while London has the most international visitors of any city worldwide.
Read more: Merchant account in UK
UK companies are regulated under the Companies Act 2006. The UK Companies House is the governing authority. The legal system is common law.UK companies are the easiest and most flexible of companies to incorporate within the European Union and visiting the UK is not required to incorporate your company.
One IBC provide the United Kingdom incorporation services with the type Private Limited, Public Limited and LLP (Limited Liability Partnership).
UK Private Limited Companies cannot undertake the business of banking, insurance, financial services, consumer credit, and similar or related services.
A company must not be registered under this Act by a name if, in the opinion of the Secretary of State (a)its use by the company would constitute an offence, or (b) it is offensive.
The name of a limited company that is a public company must end with “public limited company” or “p.l.c.”.
The name of a limited company that is a private company must end with “limited” or “ltd.”
Restricted names include those suggesting patronage of the Royal Family or which imply an association with Central or Local Government of the United Kingdom. Other restrictions are placed on names that are identical or too similar to an existing company or any name which would be considered offensive or suggests criminal activity. The following names or their derivatives require a licence or other Government Authorisation: “assurance”, “bank”,“benevolent”, “building society”, “Chamber of Commerce”, “fund management”, “insurance”, “investment fund”, “loans”, “municipal”, “reinsurance”, “savings”, “trust”, “trustees”, “university”, or their foreign language equivalents for which the approval of the Secretary of State is first required.
UK corporations should expect some of the corporate information to be made available to the public.
Because two designated officers, an executive director and a secretary must be appointed by a UK corporation and are considered liable for certain aspects of the corporation, their information is generally made public.
Corporation accounts also must be filed and may be made available for inspection by the public.
Step 1: Select basic Resident/Founder nationality information and other additional services which you want (if any).
Step 2: Register or login and fill in the company names and director/ shareholder(s) and fill in billing address and special request (if any).
Step 3: Choose your payment method (We accept payment by Credit/Debit Card, PayPal or Wire Transfer).
Step 4: You will receive soft copies of necessary documents including: Certificate of Incorporation, Business Registration, Memorandum and Articles of Association, etc. Then, your new company in a UK is ready to do business. You can bring the documents in company kit to open corporate bank account or we can help you with our long experience of Banking support service.
Passport of each shareholder/beneficial owner and director;
Proof of residential address of each director and shareholder (Must be in English or certified translation version);
The proposed company names;
The issued share capital and par value of shares.
A company cannot be formed as, or become, a company limited by guarantee with a share capital.“The authorised minimum”, in relation to the nominal value of a public company’s allotted share capital is (a) £50,000, or (b) the prescribed Euro equivalent.
Shares can be issued with par value only. Bearer shares are not permitted.
A private company must have at least one director.A public company must have at least two directors.
A company must have at least one director who is a natural person. A person may not be appointed a director of a company unless he has attained the age of 16 years.
Read more: UK nominee director services
The shareholders of the United Kingdom company can be either corporations or individuals.
If a limited company is formed under Companies Act 2006 with only one member there shall be entered in the company’s register of members, with the name and address of the sole member, a statement that the company has only one member.
The names of directors and shareholders are filed at the companies registry.
From 1 April 2015 there is a single Corporation Tax rate of 20% for non-ring fence profits. At Summer Budget 2015, the government announced legislation setting the Corporation Tax main rate (for all profits except ring fence profits) at 19% for the years starting the 1 April 2017, 2018 and 2019 and at 18% for the year starting 1 April 2020. At Budget 2016, the government announced a further reduction to the Corporation Tax main rate (for all profits except ring fence profits) for the year starting 1 April 2020, setting the rate at 17%.
Corporations must keep corporate accounting records and submit accounts for inspection by the public. UK corporations are required to file annual tax returns and keep yearly tax and financial records in case of audits.
UK corporations must have a local registered agent and a local office address. This address will be used for process service requests and official notices.
The United Kingdom is party to more double tax treaties than any other sovereign state.
The object of the Company is to engage in any act or activity that is not prohibited under any law. There are no restrictions on doing business within or outside of the UK by UK companies.
Your company or association must file a Company Tax Return if you get a ‘notice to deliver a Company Tax Return’ from HM Revenue and Customs (HMRC). You must still send a return if you make a loss or have no Corporation Tax to pay.
The deadline for your tax return is 12 months after the end of the accounting period it covers. You’ll have to pay a penalty if you miss the deadline.
There’s a separate deadline to pay your Corporation Tax bill. It’s usually 9 months and one day after the end of the accounting period.
You’ll have to pay penalties if you don’t file your Company Tax Return by the deadline.
| Time after your deadline | Penalty |
| 1 day | £100 |
| 3 months | Another £100 |
| 6 months | HM Revenue and Customs (HMRC) will estimate your Corporation Tax bill and add a penalty of 10% the unpaid tax. |
| 12 months | Another 10% of any unpaid tax |
If your tax return is 6 months late, HMRC will write telling you how much Corporation Tax they think you must pay. This is called a ‘tax determination’. You can’t appeal against it.
You must pay the Corporation Tax due and file your tax return. HMRC will recalculate the interest and penalties you need to pay.
We are always proud of being an experienced Financial and Corporate Services provider in the international market. We provide the best and most competitive value to you as valued customers to transform your goals into a solution with a clear action plan. Our Solution, Your Success.
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