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5 things you probably didn’t know about English companies


1. It is actually much easier to set up a company in the UK than in most other jurisdictions:

the process is simple, quick and free from bureaucracy.


2. As a foreigner it is almost impossible to open a bank account in England.
Or at least it is very difficult. The banks, almost without exception, insist that the person owning the account must have a residential address in the UK, and must be able to verify this with a utility bill issued in his/her name.


3. It is even more difficult for English companies to obtain EU tax numbers.
This is due in part to the lack of a bank account in the UK, and in part to the fact that the tax authority does not issue EU tax numbers automatically, but assesses applications on a case-to-case basis. If they are not satisfied that the company is truly operating in the UK, then they will reject the application.


4. The reason that service providers don’t tell you this is that they rely on company formations and related services for their living. The clients are only faced with all these problems once they have parted with a considerable amount of money.

5. So is the UK company worthless outside the UK?

ABSOLUTELY NOT!

As we are talking about a highly prestigious country, the two main types of company which can be registered,

  • the Limited company by shares – Ltd. and
  • the Limited Liability Partnership – LLP

can both operate perfectly with bank accounts opened abroad.

 
LLP: can be used primarily for foreign trade and services outside the EU in cases where EU tax numbers are not required.
Ltd.: a perfect tool for foreign investments and company set up requiring

 

For more information please click here:

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