Will Brexit impact a limited company in the UK?
The world today is increasingly globalized and successful companies are those that function worldwide. Britain has always offered great options to business owners and paves way for trouble-free global expansion. As Brexit is nearing, no one knows for sure what will happen during or after the negotiations. Though there is no clear way forward, we wanted to provide our clients with some useful and basic information regarding company formation inquiries.
What happens to my existing limited company?
The incorporation status of your company will not be changed if it is already registered in England and Wales, Scotland or Northern Ireland. There will be no need to re-register or cease trading as your limited company is incorporated and secured under well-established UK company formation act.
Secondly, your residential nature will not affect the incorporation status of your limited company when the UK leaves the EU. You might be a UK resident director, a citizen of any other non-UK country or another EU member state but it will not alter or influence your limited company. As we are working closely with Companies House and HMRC, we will quickly get to know if there are any changes to the statutory requirements.
After Brexit, can a non-UK citizen establish a company in UK?
1000’s of companies in the UK are owned by either non-UK or non-EU nationals. Irrespective of your citizenship, you can still form and run your own business in the UK, at the present time or after Brexit. As UK has always been a strong jurisdiction with enduring laws and regulatory systems, it is highly unlikely that there will be any changes to the company formation process/compliance.
As renowned company formations consultants in the UK, we will be informed if there are any significant legislative or procedural changes. We abide by the law and make sure to guide our clients based on the current information provided by Companies House and HMRC.