Setting up a new Ltd

andreauk2009

Hello all,

apologies if this is the wrong category for my post.

With some person who currently live abroad, we spot an opportunity to make business. The project is interesting and there is also some budget available, but we are also interest in getting some funds using social system like KickStarter.

Out of the 5 shareholders, I am the only one currently living in UK where we want to start up the Ltd because UK is offering a more favorable taxation rate.

There are some aspects I can't currently answer by having a look only on the Company House web site.

Below my list of questions:

a) An Lts require both a Director and a Secretary. With regards of the nationality, can these person be foreigners not leaving in UK, or somewhere this is a requirement.

b) I have opened a Self Employed position a while ago, and I used my home address as the base of my business.
Can the Ltd official address be the same or is there some clash with this? Can a Regus (virtual office) represent an alternative?

c) While forming a new Ltd, is there any charter act that need to be written & deposited?
Assuming this is the case, who can write this document? A solicitor? An accountant?

d) Because the business legally will be managed from UK, but the production will happen in Italy, is there any way to communicate about the abroad establishment and deduct any production cost?

Many thanks for your help and inputs.

Andrea

morgani

Hi,

in answer to your questions

A - only director required can be any nationality.

b - can use any uk address but not normally a po box

c - can use standard articles which will be available from the formation agent you or the accountant or solicitor use. They should be fine but worth checking them first.

D - not sure what you mean. If you havecosts ouside the uk they are still costs and should be accounted for.

Pugsley_03

On point D it really depends on what the business is doing, if your importing foodstuffs then there's an intrastat return that needs to be filled in. Any good accountancy firm will be able to assist with this. providing you do the majority of the legwork on your paperwork it won't cost you an arm and a leg, just use the accountant for the stuff you can't figure out!

You can still deduct the expenses that are incurred however as these are genuine costs to the business.

In all honesty your best bet is to engage an accountant, most will offer a free consultation before taking on an engagement. Explain your business plan in full and they will advise of any pitfalls, regulations etc you may need to watch out for.

andreauk2009

Hi Morgani,

thanks for your answer.

As for point c, can you suggest a link from where I can download something? Does the Company house offer something on this regard? I wasn't able to find anything yesterday night.

Re the point d, I was after the possibility to declare (and deduct) the cost the Italian manufacturing centre incur for the production of the product.
Being the costs in Euro, does this require something in particular?
Should the manufacturing centre being registered at the time a Company is opened?

Thanks
Andrea