Elemental has tailored a company formation and compliance service to the needs of Payscout and details of this are set out below. We are aiming to make this service as seamless and smooth as possible, but if you have any questions or comments, please do not hesitate to contact us.
Core Set Up Package
Elemental’s core package for the initial set-up of the UK Co consists of the following:
- Advice on set up requirements and structuring;
- Formation of a private UK company limited by shares;
- Provision of a registered office, director’s service address and mail forwarding for one year;
- Company secretarial annual compliance for one year;
- VAT registration (if applicable); and
- Data Protection registration.
Please insert the name of the proposed company in the notes section.
The following are the key features of the proposed structure, although this can be tailored as desired:
- A US incorporated company, will form a wholly owned private limited company in the UK (“UK Co“). UK Co will need at least one individual to be the director of the company (it can have as many directors as desired). The directors do not need to be British citizens or UK resident.
- UK Co will then contract with Secure Trading to receive payment gateway and merchant acquiring services for the sale of goods and/or services in the UK and EU.
- Generally, the customers of the merchant will contract with UK Co, rather than the US merchant and the website should make this clear.
Additional Set Up Services
UK e-commerce terms and conditions: Drafting of a set of applicable e-commerce terms and conditions tailored to the needs of your business and aligned, as far as reasonably possible, with your existing US terms and conditions.
HR Foundation package: Required if there will be any UK employees.
Transfer Pricing Advice: The provision of goods and services from the US company to the UK company, will be subject to applicable transfer pricing rules. Existing company policies may be in place, but if not we can advise on appropriate requirements and documents.
Please click on the button below to start the process of forming a UK company. Please note that you will need to purchase the Core Set Up Package before the formation can be completed.
In order to commence the formation of the UK company you will need the following information:
- The Proposed Name of the new Company (please see here for further information on what names are permitted);
- Postal and email correspondence details for the new company;
- Proposed business of the company;
- The following information for each director:
- Full name
- Date of Birth
- Country of Residence
- Residential Address
- The following information for the corporate shareholder:
- Name of the company;
- Company number (if applicable);
- Country and State of incorporation (as applicable);
- Address of the company;
- Number of shares.
You will also need to provide an ‘electronic signature’ for each director and an authorised representative of the shareholder. This confirms that the director(s) and shareholder have consented to act as such. The electronic signature consists of three pieces of information from the following:
- Town of Birth (first three letters);
- Telephone Number (last three digits);
- Eye Colour (first three letters);
- National Insurance Number (last three digits);
- Passport Number (last three digits);
- Mother’s Maiden Name (first three letters); and
- Father’s First Name (first three letters).