Nowadays, it’s important to register as an overseas company to connect your business around the world. With an overseas company, most of your business activities can be processed online in an independent manner.
There are many benefits of an overseas company. It can be a secure, more transparent, and easy jurisdiction to go into business more profitably.
This guide helps you to register as an overseas company and with registering as an overseas company in the UK.
Some considerations to register as an overseas company
The benefit of registering your international company is to easily connect with partners or customers, expand the new markets or enjoy some tax benefits from local governments.
Of course, there are many factors involved before picking a country that will be the most suitable option for your business. Some of these factors can be listed such as: ease of doing business, quality of banking services.
In regard to an online business, the country with registration can have a big effect on their customers. An overseas company registered in an untrusted country will have difficulty in attracting their customers.
Register as an overseas company: what you need to know
The political stability in that country is an important aspect. Sometimes, the unpredictable changes in the law can have a negative influence on your business.
It will take time to register a company. Before getting started with registering as an overseas company, you need to consider some following factors:
Do your research and narrow down your choices
It’s compulsory to do deep research of the needs of your business. Of course, there are a lot of things to be considered. These elements should be focused with respect to your business standards and your vision for your business future.
However, your research should not just be involved in the incorporation procedure with corporate laws and corporate entities. There are also a lot of changes in law which can require changes for your business in the future.
While doing your research, you will be provided with more than 40 countries which experts suggest are qualified to open an overseas company, and each of them has their own pros and cons.
Get aware of your business demands
Every business industry has its different requirements and challenges. The size and structure of the organization will have effects on the international methods.
A company relying on human resources needs to check the availability of qualified labor in native locations. Many countries will require you to have a staff/representative as a resident nominee director.
Compare several overseas providers
Nowadays, there are many overseas providers with registration & management services.
Remember to check their qualifications, services and reviews, and discussion about your demands and which services they can provide.
The packages given to you by those overseas providers often include: registration, tax filing, and some annual compliances.
The detailed package needs a name availability check, document preparation, and providing a residential registered agent.
Check what included in the fees
The registration procedures require payment of fees at different government offices. Overseas providers include total fees in their charges. If not, you should check beforehand while comparing the packages.
Some packages consist of the charges for registered agents and registered addresses, while others don’t.
Remember annual fees and compliance
In general, the packages of overseas providers are sorted out into 2 categories. First, they are one-time charges of incorporation and other added expenses. Second, they’re annual charges for compliance requirements & renewal fees.
These fees have time-limits to pay. Make sure you pay all fees on time and if they are a part of your package, make sure your service provider fully pays them.
Prepare your legal documentation
The personal details of directors, registered agents and shareholders are required to be submitted. Resolutions of appointment of directors and office holders are key documentations to be prepared in advance.
Copies of passport and address proofs of all directors & shareholders will be required to be attached, too.
Basically, your international provider will get this documentation ready after the details and proofs are given to them.
Lodge your documents for incorporation
After filing all required documents and proofs, they will be processed and verified. After completing all your steps, you will be given the certificate of Incorporation.
Depending on the regulations of native locations and the core of your business, you may need to obtain other licenses to do business there.
Registering as an overseas company in the UK – what to know?
If you have an overseas business and plan to set up a branch in the UK, there are general considerations that you need to follow to be onboard and compliant.
When is an overseas company required to register in the UK?
Any overseas company operating within the UK is only required to officially register the business in case of physical presence. The physical presence can be a factory, a store or offices.
You are not required to register an overseas company if you have distributors or independent agents in the UK.
How to register an overseas company in the UK?
For 1 month of opening a company in the UK, your company must hand in a completed registration form to Companies House in the name of Form OS IN01.
When your overseas company in the UK has been registered, a code will be given to you by Companies House with ‘FC’ or ‘BR’ which depends on whether it’s a branch or not.
Companies House will need to get informed about all changes on the company activities: new agents appointed, distributors and franchisees. An overseas company must deliver the forms to notice your changes to Companies House in 21 days.
It’s vital to carefully read all information given by Companies House because it will help you be fully compliant. Before being legally registered, you must pass certain anti-money laundering checks.
Information about DNBC Financial Group
DNBC Financial Group is an online money transfer provider in the Fintech industry. It offers money transaction solutions internationally when you’re into business anywhere.
By putting a top standard for innovation in the money transfer platform since 2017, DNBC Financial Group has provided full payment solutions to collecting payments, transferring and managing funds.
At present, DNBC Financial Group has a considerable number of customers all around the world and is well-known as one of the best international money transfer service providers.