Registering a business in the UK has a number of benefits. Foremost, this is a great opportunity to enter the international market and improve your brand value in the eyes of potential customers. After all, a company registered in the UK always seems more promising and interesting for investors and contractors. But, most importantly, a business person gets much more confidence in one’s business than in other states.
High solvency level, relatively low taxes (with the right structure and accounting), ease of management, accounts in international reputable banks, and ease of working with foreign partners – all this sounds very tempting. Indeed, you can successfully open a business and manage it with the help of the GoSolo service. However, as in any other case of doing business abroad, when registering and developing a firm in the UK, there are nuances that should be known in advance.
Registration Procedure
One of the first steps in registering a venture in England is to open a bank account. In such a progressive country, this step can be done online. To do this, fill in the application form on the embassy website, stating:
- unique company name;
- legal address;
- data of the company’s founders;
- confirmation of financial capabilities;
- copies of documents;
- description of a business idea.
First, keep in mind that you can both start a business from scratch and buy a ready-made venture. The name of the new organization must be unique. The uniqueness check is performed directly by the registration authorities. The list of docs required when submitting an application includes application, memorandum of association, company charter, and founders’ passports. Business registration in the UK is performed by the Registration Chamber. If the entrepreneur’s application is approved, the applicant receives an electronic certificate. The paper itself is received in 7 days.
Varieties of Enterprises in Great Britain
Nowadays, UK businesses operate in one of the four forms. Each of them is unique and has its pros and cons for a particular venture. So, a foreigner can register:
- A Private Company Limited by Shares – this is an analog of LLC. It is guaranteed by private capital.
- A Private Company Limited by Guarantee – also LLC, but under warranty. For instance, this operation form is popular among charitable organizations and different NGOs. It is guaranteed by assets of a tied operating company.
- A Private Unlimited Company or ULL – this is an enterprise, in which the founders’ responsibility is not limited. There should be at least two founders of the firm.
- A Private Limited Company is an analog of a joint-stock enterprise. The obligations of shareholders are limited by shares. When starting a business of this type, you need at least two founders and a lot of capital to start.
Finally, it should be mentioned that small ventures are popular with entrepreneurs from abroad. In England, it is easy to succeed in opening travel agencies, translation agencies, and handmade shops, as well as HoReCa-related businesses. Companies that come to sell their products in the UK also get a positive effect, as the solvency of the local population allows them to pay for the goods with “closed eyes”. If the goods have already become popular, attracting new customers will no longer be a problem, but it will be necessary to face the ability to meet the rapidly growing demand.
About the Author/s
The New Jersey Digest is a new jersey magazine that has chronicled daily life in the Garden State for over 10 years.
