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UK COMPANY FORMATION

UK Incorporation Guide

 

Incorporation + 1-year management fee: USD1,400 (*based on 2 or fewer individual shareholders)

 

Expected time required: 7-10 business days after receiving all required documents (expected to take about 2 weeks)

 

Incorporation Includes:

Company Formation (Company Formation)

Certificate of Incorporation (Certificate of Incorporation)

Articles of Association (Articles of Association)

Certificate of Incorporation (Certificate of Incorporation)

Director(s) Acceptance Letter (Director(s) Acceptance Letter)

First Board Resolution (First Board Resolution)

Register of Members (Register of Members)

Register of Directors (Register of Directors)

Share Certificate(s) (Share Certificate(s))

 

Procedure:

1. Pre-consultation on necessary services such as the purpose of incorporation, industry, items handled, business plan, and account opening.

2. Submission of required documents (establishment application, copy of shareholder/director's passport, proof of address, identity verification documents, etc.)

3. Check whether the company can be established by reviewing KYC and due diligence.

4. After confirming the establishment, pay the full amount.

5. Prepare the incorporation documents and other required legal documents.

6. After all documents are prepared, the shareholders/directors sign them.

7. Mail the signed documents.

8. After receiving the documents, proceed with the establishment.

9. After the registration process, the establishment is complete.

10. If you have applied for the bank account opening service, proceed with the bank account opening.

11. After the opening is complete, activate the bank account, including internet banking.

12. The work is complete.

 

Annual renewal fee: USD1,150.

 

Annual renewal includes the following:

Annual renewal report

Annual secretarial services

Business address in central London provided

Legal records documents kept at the business site

 

Additional cost:

For each additional two individual shareholder directors: USD 100 per additional

Electronic banking (EMI) account opening: Free

VAT registration: USD 650 (If annual sales exceed £90,000, VAT registration/filing is mandatory)

VAT quarterly or annual filing: Separate quote (e.g., VAT quarterly quote range: USD 500 to 700)

Annual accounting bookkeeping fee: Separate quote (e.g., monthly bookkeeping fee: USD 350 minimum)

Annual accounting financial statement preparation and tax return preparation: Separate quote (estimated quote range: USD 2,350 to 3,000)

 

 

Requirements and documents required for incorporation:

1. A scanned copy of the shareholder/director's passport color page.

 

2. Two types of recent (within three months) English-language proof of address documents for the shareholder/director.

- Living in Korea: A certified copy of the English translation of the resident registration (issued by the community service center) + a scanned copy of the front and back of the driver's license (View sample)

- Living in another country: Utility Bill + Bank Statement (or equivalent official document) (View Sample)

3. Fill out the UK company incorporation application form: Go to

 

4. Fill out the UK company member registration application form: Go to

 

*If you wish to open an account after incorporation, please contact us in advance.

United Kingdom (UK) NFT regulations:

 

NFTs are currently legal in the UK. However, transactions must comply with the Anti-Money Laundering Regulations, which were amended in 2019, and NFTs must be registered with HM Revenue and Customs (HMRC) if they are classified as works of art. Under the Anti-Money Laundering Regulations, separate internal procedures and records must be kept for sales of NFTs worth more than €10,000.

In the UK, tokens are classified into the following three categories and are subject to the corresponding legal regulations.

 

1. Security Token (Regulated under the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001)

(Regulated under the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001)

Go to the relevant legislation

2. Electronic Money (Regulated under the Electronic Money Regulations 2011)

(Regulated under the Electronic Money Regulations 2011)

Go to the relevant legislation

3. Unregulated Token (Tokens that do not fall into the above two categories)

(Tokens that do not fall into the above two categories)

In addition to the above, the following items should be reviewed.

 

Anti-Money Laundering Regulations Go to the relevant legislation

 

HM Revenue and Customs (HMRC) Go to the relevant legislation

 

 

Links related to NFT issues in the UK:

https://www.gherson.com/blog/non-fungible-token-nft-regulation-uk/

 

https://www.cnbc.com/2022/04/04/uk-to-mint-its-own-nft-and-push-forward-with-crypto-regulation.html

In conclusion, although the UK currently legally distinguishes NFTs from other digital assets, it is necessary to comply with the AML and HMRC regulations and to separately review the accounting/tax treatment of NFT transactions. Therefore, if you wish to proceed in a more secure manner, we recommend that you seek local legal advice or hire an advisor to review this area.

 

* The above is not legal advice and CJ will not be held liable in connection with it.

[Guide to applying for a UK visa]

 

The UK has revamped its immigration system, changing the process for hiring workers from countries outside the EU.

This system includes the following key features.

 

1. Sponsorship License: A sponsorship license is required to employ most workers outside the UK.

 

2. Skilled Worker: To be employed as a skilled worker in the UK, you must meet the following conditions:

 

* Must have a job offer from a sponsor approved by the UK Home Office.

* Must have the required level of English proficiency (CEFR B1-B2).

* The job must require a level of proficiency of RQF3 or above (equivalent to A-level).

* Must earn a minimum salary of £25,600 or the 'market rate' for the job, whichever is higher.

 

RQF Level Reference: https://www.gov.uk/what-different-qualification-levels-mean/list-of-qualification-levels

CEFR Level Reference: https://global-exam.com/blog/en/cefr-levels-to-ielts-in-depth-score-comparison/

 

3. Intra-company transfer: Companies can apply for visas for existing employees of overseas companies who will work in the UK branch through the Intra-Company Transfer route. They must meet the requirements for competence and salary on their own.

 

Intra-company transfers See: https://www.gov.uk/guidance/recruiting-people-from-outside-the-uk#intra-company-transfers

4. Verification of eligibility: You must verify that the recruit has the right to work in the UK. EU and Swiss citizens can prove their eligibility with a passport or national identity card until June 30, 2021. After that, new visa requirements will begin.

 

For more information, please visit the official website below.

https://www.gov.uk/guidance/recruiting-people-from-outside-the-uk

 

 

UK Visa Sponsorship – Employer:

 

Employers in the UK need a sponsor license to hire workers from outside the UK. This includes citizens of the EU, Iceland, Liechtenstein, Norway and Switzerland who arrive in the UK on or after December 31, 2020. Volunteers working for non-profit organizations also fall under this category.

 

Sponsorship licenses are not required for certain groups. For example, Irish citizens, former settlers and settlers under the EU resettlement system, and people with unrestricted migration permits in the UK.

 

Sponsorship does not guarantee that you will be approved for a visa to work in the UK.

Here's how to get a sponsor license.

 

Check that your business meets the eligibility requirements.

Check if the job is suitable for sponsorship.

Select the type of license to apply for depending on the type of worker you want to hire.

Determine the person in charge of managing sponsorships within the business.

Apply online and pay the fee.

UK Visas and Immigration (UKVI) officers may visit the business to verify its suitability.

If the application is approved, a license evaluation will be given. If there is a suitable job for sponsorship, a sponsorship certificate can be issued. The license is valid for four years, and if the sponsor fails to fulfill its responsibilities, it will lose the license.

 

For more information, please visit the official website below.

https://www.gov.uk/uk-visa-sponsorship-employers

 

 

Our role in sponsoring employers' licenses and employees' visa applications:

 

We work with experienced local visa consultants in the UK to support the following tasks.

 

Step 1: Sponsorship License

To obtain a sponsorship license, the company's management must fully understand and follow the policies and application procedures of the UK Home Office. In this regard, we conduct an in-depth assessment of the client's company using creative and diverse working methods. This ensures that customers can obtain sponsorship licenses in a timely manner.

 

Basic requirements for employers:

1. A permanent establishment in the UK

2. Hiring at least one local person

3. No criminal record

 

Reference:

https://www.gov.uk/government/publications/supporting-documents-for-sponsor-applications-appendix-a

 

Step 2: Certificate of Sponsorship

Focusing on the UK's Skilled Worker selection method based on three main variables, we provide support to help candidates obtain a Certificate of Sponsorship. To this end, we evaluate skills, market value, and affinity to contribute to the company, focusing on objectively measurable criteria.

 

Step 3: Skilled Worker Visa

We provide professional advice and knowledge at the application stage to ensure that our clients get the best results. At this stage, we need to meet additional requirements depending on the application conditions and prepare suitable preliminary measures for future business.

 

 

The cost structure is as follows:

 

Sponsorship license-related costs:

Consulting fees: £3,500 (VAT not included)

Government fees (depending on the size of the organization):

- Small organization: £536

- Large organization: £1,476

 

Costs related to sponsorship certificate:

Consulting fee: £2,000 (VAT not included)

Government fee: £199

 

Immigration Skills Charge (varies depending on the size of the organization):

From April 2017, employers will also have to pay the Immigration Skills Charge when they allocate a Certificate of Sponsorship (CoS). The cost is applied each year that the employee receives sponsorship. Please note that the Immigration Skills Charge is payable when the sponsorship certificate is assigned to the employee. The current rates are as follows.

- Small organization: £364

- Large organization: £1,000

 

Skilled Worker Visa-related costs:

Consultation fee: £1,000 (VAT not included), dependent visa for immediate family £500

Government fee: £610 (if applying from outside the UK).

Immigration Health Surcharge: £624 (per applicant, per year)

 

* Definition of a small organization (must meet at least two of the three requirements listed below)

Annual turnover of £10.2 million or less

Total balance sheet of £5.1 million or less

50 or fewer employees

 

Estimated costs:

1. Sponsorship license advisory fee: £3,500 (excluding VAT)

2. Sponsorship license government fee: £536

3. Sponsorship certificate advisory fee: £2,000 (excluding VAT)

4. Sponsorship Certificate Government Fee: £199

5. Immigration Skills Charge Government Fee: £364

6. Skilled Worker Visa Advisory Fee: £1,000 (VAT not included)

7. Skilled Worker Visa Government Fee: £610

8. Immigration Health Surcharge: £624

 

Total advisory fees: £6,500 (excluding VAT)

Total government fees: £2,333

Advisory fee discount: (£1,000) *When the entire fee is paid in advance

Total after discount: Advisory fee £5,500 + VAT £1,100 + government fees £2,333 = £8,933

About MIRR ASIA

We provide comprehensive business advisory and secretarial services to our clients. With years of experience and expertise, we assist businesses in achieving their goals and overcoming challenges. Our team of professionals is dedicated to delivering high-quality solutions tailored to the unique needs of each client. We pride ourselves on our commitment to excellence, integrity, and client satisfaction. Get to know us better and discover how we can help you succeed. Contact us today for a consultation.

MIRR ASIA BUSINESS ADVISORY & SECRETARIAL COMPANY LIMITED

HONG KONG OFFICE

WORKSHOP UNIT B50 & B58, KWAI SHING IND. BLDG
(PHASE 1), 36-40 TAI LIN PAI RD, KWAI CHUNG, HK 

Tel: 852-2187-2428

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