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Dormant UK LTD for Non-residents

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neossan

New member
Hi guys,

I'm planning on creating a UK LTD as a non-resident for the sole purpose of having access to online banking services in the UK and creating a Paypal account (don't have it where I live).

The company will not conduct any commercial services, but I'll be transferring money from my transferwise account to my UK bank account/Paypal.

Can I label the company as dormant or will the transfer between my bank accounts considered as commercial transactions (do I have to file for taxes at the end of the year in this case) ?

You opinions and tips on this matter will be much appreciated !

Regards.
 

bilderberger

New member
Will any of those bank transactions be going through a bank account in the name of the company? If so, then you need to account for them and file accounts at the end of the year. You can’t have a dormant company if it’s “doing business”.
 

neossan

New member
Hi Bilderberger,
Thank you for your response!

Well to be more clear, the transfer will be from my personal bank account (where I receive money for my freelance services/POD platforms) to a business bank account of the company.
Example : Payoneer (personal) to Transferwise business account / Monso of the company.

The reason behind this is to have backup bank accounts in case some issues happening (like what happened with Wirecard lately)
 

CaptK

Nominee Company Bank Account Real Estate Passport
Mentor Group Gold
If you receive any payment in the name of the company in a company account then you have to declare. What you need is an LLP but that only works if you are a non resident in the UK. You will need a Nominee and a business address.
 

fshore

Entrepreneur
Hmrc and companies house have different requirement to when you have to file accounts. You probably have to file to company's house anyway.

You might not have to file to hmrc if the money coming in is not turnover, but it might be difficult to not have any turnover, as you probably should at least get some commission from that money.
You can read frs 105 for more information.
 
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