HOW TO SET UP YOUR BUSINESS IN THE UK?
The United Kingdom is one of the most balancing economies in the world. The UK gives enormous opportunities to entrepreneurs and encourages them. Starting a business in the UK is not an easy process though. Registration and documentation can be long and complex. Especially if you are an outsider of European Union countries, it s a little more difficult process. You should be aware of the procedures of setting up the business, types of company structures, tax, administration, etc. According to the government data, the UK has six million private businesses and this number is increasing day-to-day.
UK companies are required by law to provide a registered office address, which acts as the official address for all of your correspondence from Companies House, HMRC, and clients. This address appears on public records and also needs to be displayed on your business paperwork and website. In order for it to be valid, it must provide a full UK postal address rather than a PO Box address.
WHO ARE ELIGIBLE TO SET UP A BUSINESS IN THE UK?
Citizens from any EU or EEA countries don t need extra documents for setting up business in the UK. If you are outside nationals from EU/EEA you may need a visa for starting your business.
STEPS OF SETTING UP BUSINESS IN THE UK
If you want to become self-employed or you want to start your own business in the UK you need to follow these steps
- Ensure that you are eligible to start the business legally
- Create a business plan
- Choose your business structure
- Decide your business name and address
- Register your business with HRMC
- Read and thoroughly understand additional rules and regulations applicable to your business structure
DIFFERENT TYPES OF BUSINESS STRUCTURE
The United Kingdom government provides varieties of business structures. To start your business plan in the UK you need to choose which business structure suits your plan.
- Sole Trader: This is the easiest and fastest way to set up a business. With minimum paperwork and documentation, you can get your business started and run straight away. But you must register with HRMC soon after you start your business.
- General Partnership: In this type of business structure, there will be two or more individuals/companies setting up together. The responsibilities and profit will be equally divided among them. This is most suitable for small kinds of businesses.
- Limited Partnership: Here, everything is the same as the general partnership structure but there will be one general partner who runs the business and is responsible for business debts. There will be at least one limited partner who only has a contribution to the fund and will have the liability for that amount only.
- Limited Liability Partnership (LLP): In this structure of business agreement partner will not be personally liable for the company debt. This structure needs to have a written LLP agreement and should be registered in Companies House, the UK registrar of companies.
- Private Limited Company (PLC): To start a business under the PLC category, you need to have a share capital of 50000 with 25% paid to prior start-up.
GET HELP FOR SETTING UP BUSINESS IN THE UK
There are many important decisions and plans to take before setting up business in the UK. A small mistake in the beginning stage will lead to so much hassle and headache during the process. As the best UK business set-up Consultants in UAE, you can have us by your side with 100% confidence. Not only does our service enable you to use our London address as your business address, but it also includes the forwarding of all correspondence from Companies House and HMRC to the address of your choice. Any statutory mail that we receive will be forwarded to you within 48 hours. Let s get your UK business set-up done successfully in the safest way.
