A Concise Checklist for Greece Residents

Getting Started

We have discussed previously how hard it is for our foreign clients to set up their business in the UK. To simplify the processes and requirements for you, we have come up with a concise checklist of what you need and what we provide. It will make your decision of setting up a business in the UK with us relatively easier for you. Since 2006,Corporations established in the UK have to comply with the Companies Act 2006. It is entirely possible to set up a company in the UK if you live in Greece, but your registered office must be situated in the UK. The most expeditious way to start a new business setup in the UK is through an approved online company formation agent like Premier UK Business. Your forms of application are completed online and submitted electronically to the Registrar in Cardiff. It should be kept in mind before commencing a business in the UK that the non-UK directors have to fulfil the same responsibilities and duties as the directors who are UK citizens. It should also be kept in mind that after your UK business registration, all the company details like directors, secretaries, address, shareholders, and Persons with Significant Control (PSC) are displayed on the public records.

company formation
1.    Select an appropriate name for your business
2.    Choose and customize a company formation package
3.    Types of company addresses needed, (we provide the registered office address and the business address, if required):
 a.    Registered Office Address: Official address placed on public records. Only this needs to be in the UK. For your primary business location, we will find a feasible location that can provide you with the ideal space needed to conduct business.
 b.    Business Address: Optional
4.    Details needed for the application form of the Companies House:
 a.    Company name.
 b.    Description of main business activities.
 c.    Director’s details (minimum of one, must be least 16 years old). Required to fulfil all duties as that of one based in the UK.
 d.    Shareholder’s or guarantor’s details (minimum of one), can be same as the director.
 e.    Secretary details (optional). Appoint a company secretary if its Articles of Association require one.
 f.     Information about PSC.
 g.    Memorandum and articles of association.
 h.    Capital Statement (outline of the share capital of a company limited by shares).
 i.      Supporting documentation (required if company name is similar to another or it has any sensitive words or expressions).
5.    Submitting your online application to us or sending us the required details. Normally it takes around 3-6 hours for Company House to approve applications sent by our team, considering that all documents are complete.

 

Required Information to form UK Company

1.    Owner’s full name (including middle names – not initials)
2.    Residential address including postal code and telephone number
3.    Date of Birth
4.    Nationality (Copy of Passport)
5.    Business Occupation
6.    UK Residential Address Proof of Director(s) (provided by us- if included in the service)
7.    Office Address Proof (provided by us- if included in the service)
8.    Number of issued shares: can be one share value of £1
9.    Documents for Company Registration (covered ahead)

Setting Up Your Business

1.    Business Structure: Decide on a legal business structure for your incorporation:
 

 

 

a.    Private Limited Company: At least 1 director, 1 shareholder and a registered local address is required.
 

 

 

b.    Limited Liability Partnership (LLP): At least 2 members and a registered local address is required. Corporate member is allowed as long as one member is a natural person.
2.    Accounting and Record Keeping System:
 a.    Hire an accountant. Depending on which service you opt for, this may be covered by us.
 b.    Choose an accounting system
 c.    Decide a fiscal year
3.    Bank Account: An optional but a necessary step. Opening a bank account in the UK with our experienced team, who will introduce the client to the right bank manager.
4.    Hiring Employees: Another step we help you cover. No need to recruit, interview, hire, and train employees as we extend our own team for you. If, however, you do not opt for that service, you need to:
 a.    Register with HMRC for PAYE/NI
 b.    Hire an accountant
 c.    Contact a solicitor if needed
5.    Register for Corporation Tax: Your company will be required to file tax return annually. This is covered by our package.
6.    Register for PAYE and VAT: You need to register for VAT if the turnover exceeds the VAT (Value Added Tax) registration threshold. We will cover this for you too!
7.    Filing Financial Statements: Our adept team takes care of filing your company accounts to Tax Office and Companies House.
8.    Keeping Accurate Records: Done by our accountants if option is selected.
9.    Insurance(s): Evaluate and select insurance policies required for your business: statutory insurance cover (e.g. Employers’ Liability Insurance), tax investigation insurance, workers’ compensation, or health insurance.
10. Maintenance Services: Replying to correspondence; distributions; growth strategy; annual meetings; meetings with shareholders, etc.
11. Business Plan: As discussed below, it is a map to your entrepreneurial vision. It identifies your aim, your purpose, research of the competition, the market, feasibility, and your financial and marketing plan. A bank may ask for it before considering to open your company bank account.

 

Documentation Delivered on Registration of Company

1.    Documents after Company Registration:
 a.    Certificate of Incorporation – A certificate that has company’s name, registration number, and the company incorporation date.
 b.    Memorandum and Articles of Association – Company’s constitution.
 c.    Share certificate
2.    Corporation Tax Documents provided Post-Registration:
 a.    Company’s 10-digit Unique Taxpayer Reference (UTR)
 b.    Date of business commencement
 c.    Date your annual accounts are made up to.
3.    Documents required for VAT Registration (if VAT Registration is selected):
 a.    Proof of address of main director
 b.    Proof of ID of main director
 c.    Director’s Tax reference number

 

Planning for Your Business’ Business Plan

 

1.    Complete a Company Overview that includes basic information and a summary of the management team.
2.    Come up with a Business Description section which covers the services you offer and the problems they solve.
 a.          Identify competitors and enlist your strengths, weaknesses, opportunities and threats.
 b.          Will your business be relevant as time passes? How will you adapt?
3.    Market Analysis that analyzes the total market and your target market, specific segment needs, competitive offerings available, and any trends that will affect the analysis.
 a.    Identify the Ideal customer
 b.    What’s your market size?
 c.    Ease of conversion of the customer
 d.    Focus groups, interviews, questionnaires, pilot testing etc. to validate your idea
 e.    Figure how customers solve this problem today, as well as what the competition offers.
4.    Describe an Operating Plan for the business, such as operating hours, location, number of employees, key vendors, or seasonal adjustments your business might need to adjust to.
5.    Create a Marketing and Sales Plan that includes a “Go To Market” or launch plan, pricing, how your business will generate leads, and close new business.
6.    Write an Executive Summary which gives a general overview of the above completed sections.
7.    Build a Financial Plan that shows a break-even analysis, projected profit and loss, and projected cash flows, identifying costs and forecasted sales, to see when your capital gets you to a profit.