I would like to open a UK LTD company as a non-resident, but I can't open a UK bank account because I'm from another EU member. I would actually like to work as a Sole Trader but as a non-resident I can't get an NI number without being physically present in the UK, so I have no choice but to open an LTD. I plan to move to UK next year and the easiest way would be to just wait until I relocate and then open a company, but I don't want to wait any longer because I'm losing potential customers and money. So I would like to open a company with a foreign bank account and then change that as I move to the UK.
1.Can I incorporate a bank account from my country to the UK company? Does it need to be a business account or can it be a personal one?
2.Do I need to pay myself a salary or can I do business without that and just keep the money in my company?
3.Can I get a full time job in the UK if I own a Limited company?
4.Can you tell me what are the annual maintenance fees of an Ltd? (minus accounting, virtual address, mail forwarding...but legal fees to the government)
5.What kind of papers do I need to submit annually?
there are people on this site who could answer your questions but I would advise that you post your question on Accouningweb.
I'll answer a couple of the questions (less than I could but as many as I am willing to answer without the answers venturing into advice), maybe others will chip in other answers but as I say your question should be asked on Aweb rather than here.
If you leave your money in the business then you will pay corporation tax on it.
There is no reason that you cannot have permanent employment or multiple employments as well as owning Limited companies (you are not restricted to one compnay).
You file annual returns to companies house (filing fee £13), abreviated accounts to companies house, full accounts to HMRC, a CT600 to HMRC.
To set up in the UK you will need to prove your identity and the source of all funds beyond question in order to pass money laundering tests before a bank or accountant will be able to represent you.
As mentioned above, repost your question on Aweb (www.accountingweb.co.uk) where you are more likely to find accountnats who deal regularly with your scenario.
kind regards,
Shaun.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Thank you. I will do that. Can you help me get passed the security question: "What is the term for an official inspection of an individual's or organisation's accounts?" That website appears to be for accountants only.
Several terms depending on the level and type of inspection but I think that the one that they may be looking for is Audit.
The site is really for accountants only but occassionally others including business owners do post on there.
If they are not happy with you not being and accountant they will probably ban you but it wouldn't hurt to at least ask the question and see if it gets anywhere as that could yield quite useful answers for others to read.
kind regards,
Shaun.
__________________
Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Audit is correct. Thank you very much for your time. Can I ask you two questions.
Can I register a company and leave it as non-active? Are there any fees associated with this?
If my Ltd is inactive, can I still put it on my website or not?
By definition if your website is active and the company is on the website then even though the company may be receiving no income it is (to my interpretation) active.
You may wish to include that on your note over on Aweb and also call companies house directly to clarify that.
There are still fee's and filing for dormant companies similar to active companies (you also still need to file dormant accounts). See here for a helpsheet on dormant companies :
Considering the added complexity of setting up a business in a different jurisdiction I would advise that you seek out a UK based accountant to help you through the minefield of matters such as the potential for double taxation.
Also, accountants that deal in this area would be able to confirm that what you are looking at is the best for your circumstances.
This really isn't the right site for this sort of advice though and whilst we may give you bits and pieces of information you really need access to people who handle your scenario on a daily basis.
kind regards,
Shaun.
__________________
Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
