Guide to Company Incorporation in UK

1.  What is the minimum share capital for a Limited Liability Company in UK ?

A limited liability company in UK or a private company limited by shares does not have to pay an initial capital before registration, therefore there is no minimum sum.

2. What is the minimum share capital for a Joint Stock Corporation in UK?

When it comes to setting up a Public Company Limited by Shares or a Joint Stock Corporation in UK, the entrepreneur has to provide a minimum share capital of 50,000 GBP (approx. 56,500 EUR), out of which only about 14,000 EUR have to be paid in cash.

3. Are there any special requirements for establishing a Limited Liability Company in UK?

When providing the documents for registration, the company needs to have a name. UK companies have to use the suffix Limited or Ltd that means limited liability and can use any name with the exception of words such as Empire, Crown, Imperial, Windsor, Royal, Assurance, Bank, Building Society British, National, Great Britain, United Kingdom, England, English, Scotland, Scottish, Wales, Welsh, Ireland or Irish. A company’s formation procedure stands in submitting its Memorandum and Articles of Association to the Companies House along with the registration fee.

4. How can I register for VAT in UK?

When you register a new company, the Companies House will pass on the details to HM Revenue&Customs (HMRC), but you should also contact their office to let them know that your company exists, unless you want to pay a penalty.

5. How can I open a bank account in UK?

It is recommended that all companies have their own business bank accounts. It is possible for non-UK residents to open a bank account in the UK, but it can be a longer procedure than it would for a UK resident. An alternative to opening an account in the UK is to open an account in your own country as it is not a legal requirement for a UK company to have a UK bank account.

6. How can I recruit personnel in UK?

If you do not want to be assaulted be piles of CVs, you can hire a recruitment agency who can find you the best-suited employees for the company.

7. What is the average salary in UK?

The average salary per month in Great Britain is around 2000 EUR.

8. What is the overall economic situation in UK?

The UK economy is currently on growth, but there i still a high unemployment rate. Despite a difficult economic period, authorities still hope to find a way of improvement. Although there has been a loss in the investors’ confidence, things are starting to look up and get stabilized.