Registering Your Business in the UK and Partnering with Overseas Individuals
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If you’re considering registering your business in the UK and partnering with your friend who lives there, it can be beneficial if you both bring complementary skills or resources to the business.
There is no legal obligation to partner with a UK resident to incorporate a UK limited company. However, having a UK resident in your UK limited company can be beneficial and can help your business navigate the intricacies of operating in the UK effectively.
Let us explore the advantages of partnering with a UK resident as an overseas individual to incorporate your business.
Advantages of partnering with the UK resident as an overseas individual
Local knowledge
A UK resident understands the local culture, business practices, and legal requirements. This will help a non-UK resident adapt quickly and effectively.
Residents know areas that are best to set up your business, they are informed about the market trends in terms of market fluctuations, supply and demand dynamics, and emerging trends.
They can efficiently communicate with customers, partners, and suppliers who can make the operations of your business smooth.
They also know the local governance requirements which are often different from your home country.
Reduce time and cost
Having a UK resident will help to reduce the time and cost of settling and starting operations. Decisions will be made quicker since there will be no back-and-forth communication with professional advisors on what will suit your business.
It will also be easier to open a business bank account with High Street Banks without needing a visa and traveling requirements to sign paperwork. The UK resident can deliver all the requirements to the bank and sign where needed reducing the time spent to acquire a business bank account.
Efficient market entry
Entering into a new market can be daunting but having a resident director swiftly allows your business to capitalise on emerging opportunities.
With knowledge and insights into the local consumers, a UK resident will help your business adapt effectively.
It is also easier for them to establish relationships with local partners, suppliers, and distributors during early entry.
Compliance and legal obligations
Navigating the complexities of a new country’s local laws, permits, and licences is critical, so having a UK resident director can help your company navigate the governance.
A UK resident can oversee day-to-day business activities, manage finances, and ensure that statutory filings are met according to the Companies Act 2006.
Credibility and trust
Having a UK resident will enhance your company’s credibility. Clients, investors, and lenders often feel more comfortable dealing with a company that has a local person.
It will also provide transparency since shareholders will feel safe and comfortable knowing there is someone to communicate with within the country in case of any issues.
How Icon Offices can help start your limited company in the UK from overseas
If you're a non-UK resident looking to start a limited company in the UK, Icon Offices can assist you in forming your company. We offer company formation services for both UK and non-UK residents. You can get your UK Ltd company set up for a one-time fee of only £43.99 if you have an address. The process is straightforward and takes just 2 minutes.
However, if you do not have an address, we have a Virtual office address service that allows you to use any of our addresses for your business without actually being located there.
We have a range of virtual business address locations to choose from located in Central London, East London, Essex, Scotland, and Northern Ireland.
For more information, contact us at [email protected].