Independent Director of a UK Subsidiary
The entity: UK subsidiary, European head office
Service: UK resident director
– How we got involved
Referred by a firm of UK-based accounting and tax providers, we were appointed after speaking with the directors of the parent company and understanding their reason for incorporating a subsidiary in the UK.
We understood the drivers and the UK position of the subsidiary incorporated as part of a wider global strategy. The appointed director had existing experience of similar appointments and could apply this to the needs of the client.
We were not conflicted by being a financial, tax or legal adviser and worked collegiately with the advisers to deliver the incorporation promptly and support further practical actions.
Where we got involved
We were appointed at short notice when the client had an immediate need to underpin a local client delivery timeline. We introduced the nominated director, provided their details for Companies House (to their legal advisers) and attended the incorporation meetings as and when required to incorporate the company.
We attend annual meetings to approve the accounts and work with the parent company in relation to the UK subsidiary as and when needed.
The client was aware that there is no legal requirement to appoint a UK resident director, but wanted somebody resident in the UK that understands the local UK company requirements, is available for director level discussions but wasn’t a full-time employee. Our director is available for ad hoc queries, board meetings and director level activities when needed by the client.
Who do we work with
Locally employed business managers to support the local governance framework
European head office to ensure that their UK subsidiary meets its requirements from a legal perspective
Fellow directors who sit on the head office board to understand their strategy and how the UK sits within this
Local tax, financial, legal and other advisers to ensure the practicalities of the UK legal entity are met and are aligned with head office and other subsidiaries
Local service providers who submit to Companies House and HMRC
Annual fee in advance, all other fees...
Annual responsibility fee, payable on each anniversary of our appointment
Activity fees based on a day rate
Fees based on a day rate + VAT, payable monthly in arrears of activity
Supported the opening of UK bank accounts.
Liaised with HMRC (with UK financial advisers) as a director to clarify and conclude employee tax certifications and reporting.
Chair board meetings to approve documents, including annual statutory accounts for Companies House.