We'll share simple but life-saving tips for small businesses and freelancers on business banking.

Which Company Type to Choose When Establishing a Company in the UK

Which Company Type to Choose When Establishing a Company in the UK

To establish a company in the UK, you must first apply to the UK visa and immigration office. You can make your application online. You can complete your application by choosing a start-up or innovator visa in accordance with your business plan and paying the required fee. Depending on the type of company you will establish, the procedures you need to complete are different. If you are a sole trader, you should apply to the revenue office and register your company with Companies House for a limited company.

Types of Companies That Can Be Established in the UK

If you want to establish a company in the UK, the Sole Proprietorship, Limited Liability Partnership, Limited Liability Partnership, Partnership Company types are suitable for you. Businesses located in another country and establishing a company in the UK generally prefer to set up a sole proprietorship and limited liability company. Let us share with you what you need to know about these types of companies.

Sole Proprietorship

It is one of the most preferred company types by people who want to establish a company in the UK. Generally, the management of sole proprietorships is in the hands of the person establishing the company. In this type of company, the income belongs to the person who founded the company, while the owner of the company is also responsible for the debts of the business.

Limited company

Limited companies, which are the most common type of companies established by people who want to establish a company in the UK, are quite common in the UK.

In limited companies, managers are responsible for managing the company, and the general structure of this company type includes managers and shareholders. Company shareholders receive a share of the company's earnings and profits.

Bonus: Creating a Company Bank Account After Incorporating a UK Company

If you are establishing a company in the UK as a foreigner, you need an easy and fast banking solution. How about creating a business account in 10 minutes without dealing with long paperwork? meet wamo. With wamo, which offers endless advantages for companies, you can manage all your company expenses, create physical and virtual debit cards, and create as many sub-accounts as you want. For more information about wamo bank account, you can visit wamo.io.

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Jamie Larson