Got a few questions about forming a single member LLC in Delaware or LTD in London. I’m looking into forming a company abroad for an easier way to do business and billing (+ its cheaper) and am looking into ways a non-resident can open them in US and UK, along with pros and cons for each. Don’t need anything fancy since I’m the only founder and won’t be taking on any external funding – at least not for this particular one.
Thanks in advance for all your answers :)
I can't answer all of your questions, but here goes, for the US part:
(a) You need a valid Business License, which you can get from the Delaware Government. You can file for that online, I believe it costs around $75 for a year. Take a look at https://onestop.delaware.gov/osbrlpublic. They will e-mail you a temporary license and then surface-mail the actual document.
(b) You need to physically walk into a bank in Delaware (for instance, WSFS Bank).
(c) You need to bring your EIN document, your passport, your articles of Incorporation, the documents that HBS provided (including the Apostille), a bank reference letter, a recent utility bill in your name, your company's Business License and an initial deposit (say, $500 -- although I don't think there's a specific minimum).
I hope this helps!
You obviously need to speak with real professionals about this. There are plenty of trust companies that would be very happy to offer you advice. Don't rely on free advice from the internet, especially not this.
On the UK side, corporation tax is not territorial, so your company would pay tax on its profits and capital realisations (subject to double tax treaties and tax residence).
Bank accounts shouldn't be a problem.
You pay personal taxes based on your own tax residence. There is no bar to a UK company having employees outside of the UK, or distributing dividends to non-resident members.
However, if you're not based in the UK, I don't know why you would choose to incorporate there, unless you need to incorporate very quickly, or to simplify operating in the UK. Look at other European jurisdictions, based on servicers fees, corporate tax rates, and tax treaties with wherever you are. And, speak to a professional.