Register a UK company: 1st-formations-limited.sjv.io/c/2444120/863390/12045 Few clicks away from your UK business ;) P.S. FYI, in May 2024, Companies House, the UK’s registrar of companies, increased the filing fee for registering a limited company and other services. In order to cover these added costs, 1stFormations had to increase their own prices. Other than that, nothing changed. Good luck with your businesses, top guns!
I was just about to register when I saw that the prices have doubled/ tripled and the confirmation statement service is now included in the first two packages unlike the video where it was only available from the third package. This video was posted just a month ago. I would register immediately I got a promo code or discount because my finances are limited
@@Zanzansdiary yes, the prices have risen up, that's true! 😣 It could be due to the law regulation changes. Unfortunately, I don't have any discounts for their services, as this video has not been sponsored, and I'm not their representative, only an affiliate partner. I'll make an inquiry, though, but no high hopes for that.
@@OlgaPogozheva thanks a lot for explaining everything. I have just started travel blogging and I plan to become a digital nomad very soon and your channel will be very useful to me. I came across this video randomly but I’ve become your latest subscriber. I will also follow you on instagram. Cheers🍻
@@OlgaPogozheva you didn’t tell us that they would demand for a uk proof of address when opening this company. I registered and submitted my information but they are demanded for proof of uk residential address like utility bill to be sent through email. I only have a uk virtual address. I don’t have a uk physical address utility bill to present to them.
@@Zanzansdiary you shouldn’t need that! You probably chose some other package or filled you data differently. I advise you to contact their support, as this is definitely something you shouldn’t need to present as a non-resident. All should be solvable with their support (during business hours).
Options strongly depend on the type of business you're gonna run. Also, if you don't add them while registering, you can always add them later. If you're unsure if you need one option or another, you'd better consult either 1st formations support (via the link in the description, then go to their live support - only available through UK business hours though) or any UK accountant before you register a company. You may also ask UK accountant about any extra alternatives you may have regarding the bank account (according to your situation), but typically, you can't open a biz bank account if your office is not physically in the UK. Alternatives are Payoneer, Revolut, Wise and other e-systems. They work just fine for taxes as well, you just use income statement from your e-system business account. For personalized advice, you'd better consult with a UK accountant, as I'm not the one, this is from personal experience only (and your situation might be slightly different). Good luck with your business!
@@OlgaPogozheva Thanks a lot! I already have REVOLUT, it might help for that. I saw that they also offer their adress to register your company there, but no indication if it's to pay per year or per month.. I might as well ask them. Thanks again for your insightful answer!
@ for a local address, you pay per year. And yes, if you have revolut, they have options for corporate/business accounts. But you might want to consider terms (bank fees, yearly account fees etc) of different e-platform providers, and then choose the best. Good luck! ✊
@@AkashDahal-u5s I don’t know if you can open a corporate PayPal account, I haven’t done that, but I think you can. But keep in mind that it has to be a corporate account, not personal. ALSO: Registering a business in the UK doesn’t give you any extra privileges. So if you’re eligible to do anything as you are (as a citizen of your state), you’ll be eligible to do it after registering your UK company. If you’re not, UK company doesn’t grant you any extra rights. Hope this helps
Thank you, great video! I only have one question as I am planning to register my business in the UK. I understand that it is possible to claim the UK tax allowance as a non resident as long as I am a resident of a EEA State. Is that correct? Does the same rule apply to businesses?
This one is a great question, but unfortunately, I'm not a UK tax expert (I'm not an expert even for Irish or Estonian tax system, and I literally pay taxes here 😁). I turn to my accountants every time when I need to file a report or ask about extra tax returns of benefits. However, In regards to the UK, I know that there is such thing as Capital Gains Tax Returns, BUT the question is, whether you HAVE to pay the capital gain tax in the first place (in most cases, you don't - depends on your business). There are so many details to consider before claiming any tax returns or allowances - your yearly turnaround and such. I would stick to the governmental guides for taxes for non-uk business owners: www.gov.uk/guidance/register-a-non-resident-company-for-corporation-tax And also, I would book a consultation with a UK accountant to clear out all tax questions (I did before registering my 1st company in Estonia, and even now I book separate consultations regarding taxes from time to time, when I have too many questions and I'm unsure if I understand the law correctly). Sorry I couldn't be more specific here; these are questions better be answered by UK accountants. Btw, I think 1st formations provide accounting services now (or at least , they could consult you - might be even for free, if you ask their support before registering your company). Hope this somehow helps - and good luck with your business!!
You're absolutely correct! There's a separate package for Non-Residents, thanks for pointing out! BUT the cost of that package is way more than the one I picked for the video 😉 This quick tutorial was for educational purposes only, thus I chose one of the most affordable packages to walk you through the process. Hope this makes sense :)
@@OlgaPogozheva no not really. Upon contacting 1st formations I found out that you could technically use any of the packages they are offering as a non-resident (apart from the digital one) and the difference between the other packages in the Limited Company section and the Non-Resident package is that the Non Resident package comes with a company secretary. tbh lots of confusing stuff is involved when starting a company ESPECIALLY as a non resident, I appreciate your videos, will be going through them all soon. Above is just what I learnt from speaking with the 1st formations support team for countless hours.
@@i_inspire- but that’s what I was saying: you can literally choose any, then add extra services they offer as you need them. No need to start with the most expensive package (that’s what I figured). Or is the secretary a must for non/uk residents? What did they tell you? Ps. Btw, thank you so much for sharing your experience and knowledge about 1stformations support. Naturally, there are particulars I wasn’t discussing with them, so it’s great to have another feedback on their service.
@@OlgaPogozheva Yea I get what you're trying to say, theres just alot of particulars in these type of things. The secretary is not a must as you can contact companies house directly to make these changes to your ltd. I think it has some fee and some docs need to be sent, but you can do it yourself and its a whole lot cheaper than what they are selling the service for (secretary service for 144pounds I think), which is included in the Non-Resident package but its not really a necessity. overall I think the professional or prestige service should be enough for most people trying to start their own ltd in the uk as a non resident.
@@i_inspire- sooo I picked the right package! 😁 Seriously though, thanks for the extra info. I'm sure people watching this video would benefit a lot from your experience. Which is priceless. Btw, which package did you choose in the end? Or still evaluating?
As far as I know, no, you don't. If you live abroad without a UK NI number (and you CAN'T get a NI number if you're a non-UK resident), you register a limited company (LLC). NI numbers are only needed for PAYE and sole traders if I remember correctly. The limited company must have a registered office address in the UK, and that's it. But to be 100% sure, you can ask 1stFormations support, they're typically fast in responding. P.S. Unfortunately the prices went up, so they differ from the ones in video, and that's because Companies House, the UK’s registrar of companies, increased the filing fee for registering a limited company and other services. That's the only change so far. Good luck to your business!!!
I think so (I mean, why not, since there's an option for non-UK people who don't even have to physically be in the UK), but you could address your question directly at their live support (right bottom section): www.1stformations.co.uk/?Affiliates&Impact&irgwc=1&irclickid=wksxReXNJxyPTpjWPA2F1TK1UkHQOJShgQIPVY0&irpid=2444120
I am just curious to know as you add your personal details that you are from Ukraine, it'll show your nationality as Ukrainian what about residency? Will it show UK as you buy registered address or it'll show Ukraine?
@@OlgaPogozheva thank you for your quick response 🙏🏻 so if we check your company on govt website it'll show your residency and nationality both Ukrainian, right?
@@notorioustk6842 my current company is Estonian registered (lots of videos on that previously). I don’t think they show nationality of the founders on gov website, either in Estonia or in the UK, or elsewhere, just the company data and who the founders are. But you can try and check. Why is it so important for you though?
@@OlgaPogozheva well what i was thinking is what if i put all my details as I'm Ukrainian and on director address i put UK address buy from any website, will it show that my nationality is Ukrainian and residency as UK? Curiosity 😅
@@notorioustk6842 I think you misinterpret the process entirely. When you buy smth from any website, you use a bank card. If you use your company’s bank card, then it’ll reflect your company’s details. If you use your personal bank card, it’ll reflect yours. Simple 🤷🏻♀️
The main benefit imo is the excellent global reputation. And if you plan to have UK clients, this is a must-have. So it all depends on your goals/type of business. As to the UK bank account, as in most countries, it would require from you a physical presence in the country. But you can have your corporate bank account elsewhere (e.g. Revolut, Wise etc) and file tax reports out of those accounts. Hope this helps!
@@RahimMiah-ls6sz list your questions. If I can help, we will schedule a consultation through Patreon. If not, I’ll try to revert your questions to someone who can help. You can list your questions either here, or dm them to me on instagram or LinkedIn.
Register a UK company: 1st-formations-limited.sjv.io/c/2444120/863390/12045
Few clicks away from your UK business ;)
P.S. FYI, in May 2024, Companies House, the UK’s registrar of companies, increased the filing fee for registering a limited company and other services. In order to cover these added costs, 1stFormations had to increase their own prices. Other than that, nothing changed. Good luck with your businesses, top guns!
I was just about to register when I saw that the prices have doubled/ tripled and the confirmation statement service is now included in the first two packages unlike the video where it was only available from the third package.
This video was posted just a month ago.
I would register immediately I got a promo code or discount because my finances are limited
@@Zanzansdiary yes, the prices have risen up, that's true! 😣 It could be due to the law regulation changes. Unfortunately, I don't have any discounts for their services, as this video has not been sponsored, and I'm not their representative, only an affiliate partner. I'll make an inquiry, though, but no high hopes for that.
@@OlgaPogozheva thanks a lot for explaining everything. I have just started travel blogging and I plan to become a digital nomad very soon and your channel will be very useful to me. I came across this video randomly but I’ve become your latest subscriber. I will also follow you on instagram. Cheers🍻
@@OlgaPogozheva you didn’t tell us that they would demand for a uk proof of address when opening this company. I registered and submitted my information but they are demanded for proof of uk residential address like utility bill to be sent through email. I only have a uk virtual address. I don’t have a uk physical address utility bill to present to them.
@@Zanzansdiary you shouldn’t need that! You probably chose some other package or filled you data differently. I advise you to contact their support, as this is definitely something you shouldn’t need to present as a non-resident. All should be solvable with their support (during business hours).
As someone with an American company, this was extremely interesting to watch! Thank you for making such thorough videos, Olga.
Hey, Simona! I think as everywhere, companies are easy to register but impossible to close 😅 thanks so much for commenting! 😊
This video is a total lifesaver, Olga! Your step-by-step guide to registering a company in the UK made it so easy to understand! Thanks a bunch!
Glad you found it useful, Marina! ^_^
Haha, Scottie from Star Trek! He used to say "okie dockie" :))) niiicee Olga
Exactly! Glad you noticed :)
Finally :)
They do provide a non-resident package with a lot more. As an EU resident, do you need it?
Very interesting!
what are the options that are better to add in order to avoid any future surprises?
and how the bank opening works with them?
Options strongly depend on the type of business you're gonna run. Also, if you don't add them while registering, you can always add them later. If you're unsure if you need one option or another, you'd better consult either 1st formations support (via the link in the description, then go to their live support - only available through UK business hours though) or any UK accountant before you register a company.
You may also ask UK accountant about any extra alternatives you may have regarding the bank account (according to your situation), but typically, you can't open a biz bank account if your office is not physically in the UK. Alternatives are Payoneer, Revolut, Wise and other e-systems. They work just fine for taxes as well, you just use income statement from your e-system business account. For personalized advice, you'd better consult with a UK accountant, as I'm not the one, this is from personal experience only (and your situation might be slightly different).
Good luck with your business!
@@OlgaPogozheva Thanks a lot! I already have REVOLUT, it might help for that. I saw that they also offer their adress to register your company there, but no indication if it's to pay per year or per month.. I might as well ask them.
Thanks again for your insightful answer!
@ for a local address, you pay per year. And yes, if you have revolut, they have options for corporate/business accounts. But you might want to consider terms (bank fees, yearly account fees etc) of different e-platform providers, and then choose the best. Good luck! ✊
Can I be able to open a PayPal account after registration business in the UK as a non UK resident and also eligible for Shopify drop shipping
@@AkashDahal-u5s I don’t know if you can open a corporate PayPal account, I haven’t done that, but I think you can. But keep in mind that it has to be a corporate account, not personal. ALSO: Registering a business in the UK doesn’t give you any extra privileges. So if you’re eligible to do anything as you are (as a citizen of your state), you’ll be eligible to do it after registering your UK company. If you’re not, UK company doesn’t grant you any extra rights. Hope this helps
Thank you, great video! I only have one question as I am planning to register my business in the UK. I understand that it is possible to claim the UK tax allowance as a non resident as long as I am a resident of a EEA State. Is that correct? Does the same rule apply to businesses?
This one is a great question, but unfortunately, I'm not a UK tax expert (I'm not an expert even for Irish or Estonian tax system, and I literally pay taxes here 😁). I turn to my accountants every time when I need to file a report or ask about extra tax returns of benefits. However,
In regards to the UK, I know that there is such thing as Capital Gains Tax Returns, BUT the question is, whether you HAVE to pay the capital gain tax in the first place (in most cases, you don't - depends on your business). There are so many details to consider before claiming any tax returns or allowances - your yearly turnaround and such. I would stick to the governmental guides for taxes for non-uk business owners: www.gov.uk/guidance/register-a-non-resident-company-for-corporation-tax
And also, I would book a consultation with a UK accountant to clear out all tax questions (I did before registering my 1st company in Estonia, and even now I book separate consultations regarding taxes from time to time, when I have too many questions and I'm unsure if I understand the law correctly). Sorry I couldn't be more specific here; these are questions better be answered by UK accountants. Btw, I think 1st formations provide accounting services now (or at least , they could consult you - might be even for free, if you ask their support before registering your company).
Hope this somehow helps - and good luck with your business!!
Big question, there is a separate page with a Non-Resident package on 1st formations, why didn't you take that?
You're absolutely correct! There's a separate package for Non-Residents, thanks for pointing out!
BUT the cost of that package is way more than the one I picked for the video 😉 This quick tutorial was for educational purposes only, thus I chose one of the most affordable packages to walk you through the process. Hope this makes sense :)
@@OlgaPogozheva no not really. Upon contacting 1st formations I found out that you could technically use any of the packages they are offering as a non-resident (apart from the digital one) and the difference between the other packages in the Limited Company section and the Non-Resident package is that the Non Resident package comes with a company secretary.
tbh lots of confusing stuff is involved when starting a company ESPECIALLY as a non resident, I appreciate your videos, will be going through them all soon. Above is just what I learnt from speaking with the 1st formations support team for countless hours.
@@i_inspire- but that’s what I was saying: you can literally choose any, then add extra services they offer as you need them. No need to start with the most expensive package (that’s what I figured). Or is the secretary a must for non/uk residents? What did they tell you?
Ps. Btw, thank you so much for sharing your experience and knowledge about 1stformations support. Naturally, there are particulars I wasn’t discussing with them, so it’s great to have another feedback on their service.
@@OlgaPogozheva Yea I get what you're trying to say, theres just alot of particulars in these type of things. The secretary is not a must as you can contact companies house directly to make these changes to your ltd. I think it has some fee and some docs need to be sent, but you can do it yourself and its a whole lot cheaper than what they are selling the service for (secretary service for 144pounds I think), which is included in the Non-Resident package but its not really a necessity.
overall I think the professional or prestige service should be enough for most people trying to start their own ltd in the uk as a non resident.
@@i_inspire- sooo I picked the right package! 😁 Seriously though, thanks for the extra info. I'm sure people watching this video would benefit a lot from your experience. Which is priceless. Btw, which package did you choose in the end? Or still evaluating?
Re-registering are we?
Maybe :)
Total lifesaver, just a question. How would you go about the taxes, do we need a National Insurance Number?
As far as I know, no, you don't. If you live abroad without a UK NI number (and you CAN'T get a NI number if you're a non-UK resident), you register a limited company (LLC). NI numbers are only needed for PAYE and sole traders if I remember correctly. The limited company must have a registered office address in the UK, and that's it. But to be 100% sure, you can ask 1stFormations support, they're typically fast in responding.
P.S. Unfortunately the prices went up, so they differ from the ones in video, and that's because Companies House, the UK’s registrar of companies, increased the filing fee for registering a limited company and other services. That's the only change so far. Good luck to your business!!!
Is the website useful for an overseas company registration?
If you plan to register your company in the UK (as a non-UK resident), then yes
ca someone who is holding a valid skilled worker visa can register a business without British citizen of ILR holder
I think so (I mean, why not, since there's an option for non-UK people who don't even have to physically be in the UK), but you could address your question directly at their live support (right bottom section): www.1stformations.co.uk/?Affiliates&Impact&irgwc=1&irclickid=wksxReXNJxyPTpjWPA2F1TK1UkHQOJShgQIPVY0&irpid=2444120
I am just curious to know as you add your personal details that you are from Ukraine, it'll show your nationality as Ukrainian what about residency? Will it show UK as you buy registered address or it'll show Ukraine?
@@notorioustk6842 my residency/citizenship as a founder is Ukrainian; business address would be UK.
@@OlgaPogozheva thank you for your quick response 🙏🏻 so if we check your company on govt website it'll show your residency and nationality both Ukrainian, right?
@@notorioustk6842 my current company is Estonian registered (lots of videos on that previously). I don’t think they show nationality of the founders on gov website, either in Estonia or in the UK, or elsewhere, just the company data and who the founders are. But you can try and check. Why is it so important for you though?
@@OlgaPogozheva well what i was thinking is what if i put all my details as I'm Ukrainian and on director address i put UK address buy from any website, will it show that my nationality is Ukrainian and residency as UK? Curiosity 😅
@@notorioustk6842 I think you misinterpret the process entirely. When you buy smth from any website, you use a bank card. If you use your company’s bank card, then it’ll reflect your company’s details. If you use your personal bank card, it’ll reflect yours. Simple 🤷🏻♀️
Whats the benefit of Registering a business in UK?
Can i get my UK BANK virtually
The main benefit imo is the excellent global reputation. And if you plan to have UK clients, this is a must-have. So it all depends on your goals/type of business. As to the UK bank account, as in most countries, it would require from you a physical presence in the country. But you can have your corporate bank account elsewhere (e.g. Revolut, Wise etc) and file tax reports out of those accounts. Hope this helps!
Incorporating in the UK is easier than getting a visa there
100%!!! It definitely IS. :)
Big problem open a bank account
You can use Payoneer corporate account, Transferwise or Revolut. No problem at all.
Can I talk to you
@@RahimMiah-ls6sz list your questions. If I can help, we will schedule a consultation through Patreon. If not, I’ll try to revert your questions to someone who can help. You can list your questions either here, or dm them to me on instagram or LinkedIn.