For inbound UK startups, we generally provide them with a setup package at a fixed cost, which includes the following:
- Formation/registration of UK entity
- Registration for Corporation Tax
- Registration for Payroll scheme
- Registration for VAT; if appropriate
- Use of a client trust bank account – often referred to as a “RE” account
- Open a UK bank account – we complete all the forms on your behalf
- Support and advice during setup and post-setup
- Registration of a payroll scheme; if required
- Preparation of an employment contract
- Setup of a compliant workplace pension scheme for auto-enrolment if there are UK based employees
- Produce Letter of Agreement/Engagement
- Complete full anti-money laundering (AML) and know your client (KYC) checks. A requirement for all new clients and with your permission – passed to your UK banking partner.
In our experience, these are typical functions an overseas company needs to set up and succeed in the UK. Some will not be required on day one, however most can only be arranged after the entity has been setup and registered with Companies House.
We prefer to work on a fixed fee basis where possible to ensure there are no hidden surprises and costs from both our perspective and our clients. The setup fee is usually based on the ownership structure, how many shareholders are involved, whether any of these are corporate entities or Trusts of ownership.