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46 Comments

I've incorporated my Company in UK remotely

Hi,
Happy to share my experience of forming my company remotely..

I heard about Stripe Atlas & applied for that.. In that time due to my business nature my Application got rejected.. & I got suggestions from them I have to apply for a business nature that is supported by stripe..

So I started planning to change my business nature & Looking for some other options

& Found Estonia & UK

Compared both Estonia & UK & come up that it's super easy to incorporate Company remotely in UK.

So I decided to go with UK & Applied for a UK company by a Company formation agent ..

After verifying my self it took 20 minutes to form the company & Instantly got all the company papers in email.

After 7 days I got all the company papers (hard copy) posted to my Home.

I choose TransferWise as my business Banking solution.

& Then got Stripe account.

Formation , Business Account & Stripe the whole process was super smooth & easy..

This is the summery of setting up my business remotely ..

If anyone need help regarding business formation reach out to me via Twitter or email I will try to help as per my experience..

Here is the link to my company Information https://find-and-update.company-information.service.gov.uk/company/12392337

Thanks for reading

  1. 2

    Very very useful piece of information, thanks so much for sharing.

  2. 2

    A bit flabbergasted here that this is so easy (and cheap). Thnx for sharing. Question; any cost for upkeep of the entity?

    1. 2

      yes there are some on-going costs but thats quite affordable

  3. 2

    Are you a UK resident?

    1. 2

      No I am a citizen & resident of Bangladesh

  4. 2

    Thanks, interesting. What were the total costs?

    1. 2

      Incorporation + Hard copy delivery + TransferWise Business Card delivery all costed me not even 100GBP

  5. 1

    I was thinking about this myself- need to get one registered for Stripe!

    Can I get your email?

  6. 1

    How they gonna forward mail to you etc? and what about hmrc?

    1. 1

      Every govt (hrmc, companies house) mail sent to my registered office address.. & the agent immediately emails me the digital copy.. if I need hard copy they can ship my home address as well..

      Btw companies house also have my home country address .. they posted me a rules & regulation letter directly to my home address instead of my registered office address

  7. 1

    How do you pay taxes? Do you pay in both countries UK and the One you reside?

    1. 2

      both
      In UK I have to pay the corporation tax for the Legal entity
      & in my country I have to pay the income tax (personal) no matter from where I generate my income

      1. 1

        What amount or percentage you have to pay as corporation tax for Legal entity?

          1. 1

            So you in total paying 45% of net profit if we include 25% tax in Bangladesh?

            1. 1

              In Bangladesh that's my personal income tax ... Suppose I have a registered company in Bangladesh in that case I had to pay taxes separately here as well ... For business corporate taxes & for personal income Income tax...

              1. 1

                When you pay yourself as a director, your salary is not taxed in UK as you a not a tax resident, that is your company expense and deducted from net profit before tax. Therefor it is not taxable. My guess, you only pay your salary tax in Bangladesh. Do you have to pay tax on your UK company net profit?

                1. 1

                  Yes correct but in Bangladesh I don't have to pay taxes for my UK business... & In UK I have to pay the taxes after all business expenses., Salaries & dividends..

                  1. 1

                    Not dividends.

                    You can't pay dividends if you don't make a profit.

                    1. 1

                      You don't have any corporation tax to pay if you don't make a profit either 😛

                    2. 1

                      Yes ... Right you are

  8. 1

    Really helpful! Thanks for sharing! Didn't know setting up a company in UK was that easy!

    Congrats!

  9. 1

    What about tax filing? And did you just incoprated in UK to get a Stripe account or any more reasons?

    1. 2

      Tax filing can be done online by your self or by agents.. My filing start date is 8th Jan, 2021. & I am preparing my accounts by help of a guy found on fiverr & I will do the filing my self.

      My Main purpose of setting up an offshore company to do business Globally not just to get a stripe account.

      I would say if someone sets up a offshore company only to get an stripe account or paypal account then its a very bad idea as they will ask you for a clear business model & in any point if they found you are not complying with their terms they will suspend your account.

      & maintaining a legal entity is not an easy task

  10. 1

    What about taxes, how does that works. Do you to UK or to your country?

    Or you maybe both?

    Curious to know.

    1. 1

      both
      In UK I have to pay the corporation tax for the Legal entity
      & in my country I have to pay the income tax (personal) no matter from where I generate my income

      1. 1

        wow, that's pretty much.

        Thank you for answering, I was super curious.

        Good luck Salehin!

    1. 1

      To incorporate on Estonia as non-resident you need e-Residency Card. & In Bangladesh there is no pickup point to receive the e-Residency card. & another thing on Estonia incorporation & ongoing cost is bit high compared to other options

  11. 1

    I hope you dont mind if I ask you some questions.

    What would be the tax obligation (if any) of your business in the UK?

    Do you know of any other banking solutions?

    What is the annual recurrent cost (not counting taxes)?

    1. 1

      What would be the tax obligation (if any) of your business in the UK?

      You pay the corporation tax as per the UK Law

      Do you know of any other banking solutions?

      Banking is tricky on UK ... There are lot of good traditional & Digital Banks on UK like, Tide, Monzo, Starling etc but they all want you to reside on UK
      Thats why I choose TransferWise as my Business Banking solution.. I got Multicurrency Business account all features that traditional banks provide & a Business Debit Card except check book facility

      What is the annual recurrent cost (not counting taxes)?

      On UK it is required to have UK address as your registered business address you can rent one virtually & you have to pay the fee per year from 29GBP- 95GBP a year

      & some fees to companies house like Confirmation statement submission fees 10 GBP

      & other cost is if someone else is preparing your files to submit

      I hope this info helps... If you need more info please DM me on twitter ..

      Thanks

      1. 1

        Yes, it helped thanks. Why do you choose the UK then if it in America you dont get to pay taxes as an individual foreign owned LLC with no residency?

        1. 1

          Thats a long story but all of above UK was my personal preference ... but First i had applied for Inc. in the US via Stripe Atlas that time LLC for non residents wasn't allowed..

          1. 1

            I understand, the important part is that you set up your company. BTW if you are interested in an American company in the future you dont even need Stripe Atlas, to get the bank account with Mercury you just need the EIN. To get the EIN you can do it online, so you only need a registered agent to fill your company. When you have the time read this topic: https://www.offshorecorptalk.com/threads/firstbase-anyone-has-experience-with-them.28342/

            1. 1

              Hi Thanks for the information... but currently I am trying to kick-start my UK company.. I heard about firstbase, if in future a US company is needed will go for that ...

              Thanks again

              1. 1

                Good luck with your company,Will you be sharing it here?

                1. 1

                  Yes ... I am already on a road map to build some products... The first one is https://spookey.io

                  1. 1

                    Fantastic, good luck from Costa Rica

  12. 1

    Thanks man! Do you mind sharing the agent’s contact information?

    1. 3

      Sure you can get all the information from the agents website https://www.1stformations.co.uk/

      & if you need any help DM me on twitter

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