Doing business in the UK is a promising endeavour, yet it requires careful preparations and full compliance with local legal norms. Yes, this is a kind of reverse side of the coin giving you numerous advantages from running a business in one of the most prestigious jurisdictions in the world.
Most often, a new business is set up through company registration in the UK, especially when businessmen would like to operate on a larger scale. For a low start, a person may also register as a sole trader. However, this option will not be suitable in many instances due to the nature of the business. So, we will focus primarily on the company set up in the UK.
Even if it may sound complicated, that first impression is more likely mistaken. In this short review, we will share with you the most important information about how to start and run a business in the UK while being fully compliant with the legal and regulatory framework this country has.
Must-Have Steps to Start a Business in the UK
There is nothing complicated in realizing your business endeavour practically in fact. Here are simple steps to pass and start earning in the UK:
- Choose your business idea. The UK opens numerous opportunities to raise capital and do business globally. It perfectly suits IT, Fintech, crypto, consulting, R&D and various innovative projects. Once you have picked up your business idea, start working on its detalization.
- Create a precise business plan. If you want to succeed in the highly competitive UK market, you need a detailed business plan. Research the supposed market, main competitors and your target audience. Develop the unique selling proposition for your product. This plan should also contain your clear business goals.
- Think about business partners. If you have ambitious business plans that need significant financial resources, it may be reasonable to join your efforts with other businessmen who share the same goals, values and ambitions. In the UK, you can do that legally by forming a partnership or a company. The latter option is more favourable since the liabilities of founders are restricted to the value of their contributions made to a business.
- Gather the documents. Any form of doing business will require submitting specific data and documents to complete the registration procedure. By default, you will have to provide your personal information as well as the information about your appointees (director, secretary and sometimes other managers, like a compliance officer).
- File in the required forms. The package for submission should also contain some basic registration forms. Filing them properly is required since failure to do so will result in the formal rejection of the entire application.
- Complete pre-registration arrangements. There may also be some specific things that have to be completed prior to the registration, depending on the type of chosen business. For instance, the founders may be required to form and pay the amount of chartered capital in advance to prove their reliability in certain sectors of the economy. However, any business has to pay a registration fee before submitting the documents for registration.
- Register your new company and start doing business globally! Once you have submitted your documents to the registrar, it typically takes them 24 hours to complete the registration. However, the registration timeframe may be a bit increased due to the large number of applications pending. The Companies House usually makes the respective announcement on its official page.
However, no worries here. The experience of professional lawyers from Fintech Harbour Consulting shows that the registration is usually completed quickly. Professionals are also ready to make the way to your new business in the UK straightforward – collect and execute appropriately all the documents needed, file in the registration forms and handle any other registration matters on your behalf. Share with us the details of your business idea and we will help your dream come true!
Doing Business in the UK: What You Will Get in Return?
If you have doubts about whether to open a company and a bank account in the UK or elsewhere, there are good reasons in favour of the UK that definitely should be on the table:
- Strategic location. The UK is located in close proximity to the major European states. Even if the UK is no longer a part of the EU, it still has numerous advantageous deals with the Union. Aside from that, the UK also has very strong bonds and transport connections with many business hubs across the globe – in America, Africa and Asia.
- Ease of doing business. There is a sort of stereotype claiming the UK to be a bureaucratic harbour. However, in reality, this business environment is very open to new business ideas and raising capital. Doing business is not overburdened yet it indeed requires following some legal formalities. This simple endeavour helps to contribute to the overall transparent environment, opening splendid perspectives for the fair players.
- Strong financial markets. Historically, the UK always had a developed financial sector. Nowadays, it also fully retains one of the strongest financial markets in the world. Many companies are eager to enter the local financial market since it offers numerous opportunities for raising capital across the globe. This business destination also steadily remains very popular among large-scale crypto and Fintech projects.
- Prestige of the jurisdiction. Sometimes the mere fact that a company is from the UK is enough to gain a portion of trust in the business world. Having a bank account opened in the UK is the same story. While it may take some time to open a bank account because of the numerous checks and some formalities, it is 100% worth spending time on because of the excellent banking services and overall prestige.
Bottom Line
If you are looking for a jurisdiction offering superior business opportunities, the UK is among such options. It has been recognized as the best destination for doing business many times.
Founding a local company is the most flexible and beneficial way of doing business, since it opens access to a wide array of business opportunities and envisages the limited liability of the company’s shareholders. If you are interested in this option, contact professionals from Fintech Harbour Consulting for a detailed consultation and effective assistance on the matter!