Order a United Kingdom Company
The United Kingdom is one of the largest global economies and a popular destination for a host of companies in various industries. The UK is a financial hub and one of the most attractive jurisdictions for fintech companies. UK company formation has a host of advantages for blockchain and ICO companies with many successful launches over the last few years. With our 20 years experience in UK company formation, we are at the forefront of the developing blockchain formation process.
UK Blockchain Legislation
The UK ICO and blockchain industry is currently unregulated by legislation from the UK government. Although this is likely to change in the foreseeable future with regulators, such as the treasury becoming more concerned with the activities of ICO’s. Both government bodies and cryptocurrencies are looking to work together to bring in legislation to benefit the marketplace and investors. It is recognised that without regulations the potential for businesses to thrive is diminished and if the UK regulators do not act then there could be a potential talent leak as other jurisdictions bring in regulations.
The Financial Conduct Authority (FCA)
The Financial Conduct Authority (FCA) has ruled that some ICO’s can be regulated as securities but it is dependent on the rights the coin holder obtains through holding the coin. The FCA looks at each proposed ICO individually to decide whether it falls under the authority of the FCA. The FCA has mentioned that it finds ICO’s to be an extremely high-risk investment.
The FCA has recognised that blockchain technology needs to be researched in a controlled environment so regulation can be brought in to allow development. This being said the FCA have brought in a “sandbox” scheme which looks to test blockchain technology in a controlled environment to confirm its benefits to customers and companies.
UK Treasury
The UK Treasury has also announced that it wishes to start regulating the industry and traders. The Treasury wants due diligence performed on and reports to the government on any suspicious activities. The Treasury Committee is currently inquiring into the distributed ledger technology and digital currencies. This investigation could lead to future regulation within the UK blockchain industry.
Crypto UK Trade Body
Seven major players within the UK cryptocurrency market have formed an independent trade body. The aim of the body is to improve the industry standards along with working with the government and regulators to continue the industries growth. This body may influence the progress and development of any regulation implemented on the industry.
The group aims to develop a framework for the potential regulations which are imminent within the UK marketplace. They plan to achieve this goal by outlining rules and regulations for its members so that the industry can continue growing along with increasing trust for potential investors. They believe that the industry is going to face regulation and by working with the government that can achieve an outcome that leaves both sides satisfied. The initial rules they have proposed is more transparency and adherence to UK regulatory requirements.
Crypto UK currently believes that the industry is misunderstood by regulators and wants to improve understanding between the two parties. It believes that the regulations put on the industry in the coming months will be crucial to both the industry and to their customers. So they wish to protect and improve the industry alongside regulators.
UK Company Formation Benefits
UK company formation has a host of advantages for companies in a range of industries including the blockchain/ICO market. The UK is recognised as one of the top EU destinations to incorporate due to its business-friendly environment, cost of incorporate and large markets. Our recommended company type to incorporate a blockchain/ICO company would be a Limited Liability Company (LTD).
Company Type
A UK LTD offers the financial security through separate entities for the company and the owners. This means that if the company was to fail the directors and shareholders personal assets would be safe from creditors. Only assets owned by the business would be liable in case of liquidation.
Trusted Globally
Companies registered in the UK are recognised and trusted across the globe, with many of the worlds largest organisation having offices in the UK. This affects the launch of any ICO as potential investors have more trust in UK organisations than offshore companies.
Fees & Timescales
The UK is one of the most cost-efficient ways to enter the European marketplace with our fees starting from as little as £120 for incorporation. It is not only cost-efficient but also time-efficient with our incorporation service only taking one day from applications.
UK Company Formation Advantages
UK company formation has very few requirements with the UK being famed for its fast and easy incorporation process. LTD company formation can be completed online in a day with no requirement to visit the UK during the formation process.
Company Director
A UK Ltd only requires one director of any nationality for incorporation. UK Companies House does not allow any corporate directors.
Company Shareholder
In order to incorporate a new LTD company only one shareholder of any nationality is required. There are no requirements for a UK company to have a UK citizen among its shareholders.
UK Registered Office
One requirement in order to incorporate a UK company is a registered office in the UK; we can provide this registered office service. Our UK office merely acts as a point of contact for Companies House to send any statutory documentation. The registered address has no legal control or power on the company or its assets.
Share Capital
There is no minimum share capital requirement for UK LTD company formation.
Documentation
In order to begin the incorporation process, we will need a photocopy of the directors and shareholders passport along with proof of address for directors.
After UK Company Formation
We offer a company document package for recently launched/incorporated blockchain or ICO companies. This package offers all documents required for any potential licenses or bank accounts the company requires. For further information regarding our Estonian company documents please visit our documents page.
Our UK Company Formation Service
We offer a reliable and efficient UK company formation service including; company setup, company secretary, banking setup & all other corporate services