Mere Advantages In Doing Business In The UK – Every Business Owner Must Know
Want to start your business overseas? Then why not the UK! Yes, you heard it right, “UK” aka the United Kingdom. Now the question begs an answer, Why start a business in the UK and what are the advantages of doing business in the UK. Don’t entice your stress hormone, but read this blog in full to get your answers.
Ensured Entrepreneur-Friendly Opportunities Doing Business In the UK
Following World Bank, the UK offers one of the highest and most flexible modes of doing business to start-ups as well as existing businesses. Whether it is to avail of advanced opportunities, IT structures, ease of restrictions in starting a business, product market regulations, skilled labour force, and the ease to abide by business laws and rules of taxation; each and everything ease the hurdles to entrepreneurship in the UK after Australia.
Ease of Registering A Company In The U.K.
Now you have come to know that there are copious advantages in opening a company or business in the UK no matter whatever the country you belong to. Next, it’s time to know how to register your company in the UK.
- First, you need to decide whether you want to set up a limited company or others
- Next, choose a good name for your company (name should be unique)
- Choose director and company secretary (you can skip appointing a secretary on the first go)
- You need to have a shareholder/guarantor (shareholder/guarantor can be the director)
- Choose people with major control over your company (who have voting rights/25% of shares)
- Prepare necessary documents to run your company (“memorandum of association” and “articles of association”)
- Keep company and accounting records handy
- Finally, you are ready to register your company in the UK with Companies House.
It would be best to register for corporation tax at the same. The charge for registering is £12. You can hire an agent or go for third-party software (electronic mode) or register your company via post.
Regulatory Compliant UK – Ever-Changing But Easy to Follow
The regulations of doing business in the UK are fixed, and ever-changing but cannot be omitted. The rules get changed with time and business demands, and every business regardless of size and niche needs to follow the same. Regulations every business must follow in the UK
- Business-specific tax codes
- Employment law and rights for workers
- Health & safety rules for employees and visitors in offices/sites
- Third-party contracts and agreements
- Availing of permits, licenses, and permissions for businesses; specific to sectors.
Businesses of any size or sector that fail/disregard oversight of the regulations are subject to undergo a few consequences
- Business insurance confiscation
- Removal of business accreditation
- Loss of trust and/or business reputation
So, to become a business entrepreneur you better follow the business compliance rather than doing oversight.
Intellectual Property Law for UK Business Owners
No doubt, doing business in the UK is advantageous due to fewer red flags/tapes, a low rate of corporate taxes, and a booming entrepreneurial climate. But, when it is all about intellectual property law, the UK maintains its standard very well. Time to know about intellectual property right in the UK
- Copyright, patent, and design are considered intellectual property in the UK.
- If you have bought an intellectual property right from a creator and/or former owner
- If you are an owner of a brand (it is treated as a trademark),
- If you have already started a business or are about to start, contact the best attorney in the UK for special help and knowledge.
Tax Rate –Pay Only a Minimum
As it is mentioned earlier, a company needs to register for Corporation Tax at the time of registration or within 3-month of starting a business. A company needs to pay only 19% corporation tax which is very low compared to other nations.
Stop – Risks (Challenges) Are There! Consider All for Safe Business
In spite of business flexibility and ample opportunities for start-ups/entrepreneurs in the UK, there are risks to restricting your way to meeting business objectives in the UK. Let’s find out what are they,
- Brexit and its consequences
- Tough competition
- Sudden incorporation of new compliance and regulatory rules
- Rise of tax rate after Brexit, a rise of interest on a business loan
- Customers who are not paying
- The notorious tax system in the UK, so on
Last but not least,
Red tapes are everywhere while doing business in foreign lands and UK is not the exception. London is one of the most profitable cities to start a business in the UK. The rules of setting up business in the UK and London are merely the same, and you can have an agent’s help easily. Besides, if you need SEO assistance to make your business acknowledged on the digital podium globally, call us. We are ready to be your SEO consultancy in London.
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Why should I consider doing business in the U.K.?
Factors are many that entice a businessman to consider doing business in the UK. From low tax rate to skilled workforce availability, booming economy to robust infrastructure, easy-to-manage regulations to entrepreneurial climate – there are many advantages to attain if you start your business in the UK.
What Types Of Business Entities Are Available In The U.K. & How To Select The Right One?
- Four types of entities are there,
- Sole trader
- Traditional partnership
- Limited Liability Partnership
- Limited Liability Company
- The financial responsibility you can bear and/or loads of paperwork you can undergo decide the right type of entity for you.
What Is The Local Corporation Tax Rate For Businesses In The UK?
It’s only 19% and it remains the same from starting of 1st April 2020 and 2021.
Should I Be Concerned About Brexit?
If you do buy and sell goods across EU borders then Brexit impacts your business a bit harshly. You need to get ready to pay taxes on borders that you did not before Brexit.
How Long Does It Take Incorporating A Company In UK Market?
It takes only 3 to 6 hours to incorporate a limited company in the UK. If you do it via an online incorporation service, it can take up to 24-hour.