Doing Business in the United Kingdom
3E Accounting lays out all the reasons you need to get started doing business in the UK.
Doing business in the UK is a dream come true for most entrepreneurs. Without a doubt, it is a prominent destination for investors, multinational companies, and start-ups. Its financial landscape is highly conducive to businesses and makes the UK one of the world’s top financial centres. Good governance, a mature legal system and global trade activity contribute towards a vibrant place to do business.
Where the World Comes to Do Business
The United Kingdom is comprised of England, Wales, Scotland and Northern Ireland and has a total population of 68 million people. There are many factors that contribute to the UK’s popularity when it comes to doing business. Not least amongst these is its easy company formation process as well as competitive taxation regime. Good infrastructure, stable foreign direct investment (FDI), diversified and open markets contribute to its excellent commercial health.
The United Kingdom is currently ranked at number eight in the World Bank’s Ease of Doing Business survey. As of the end of 2020, the UK’s gross domestic product (GDP) experienced a slight drop due to the global pandemic. However, it is forecast to rebound in 2021 with a 5.5% growth.
The UK also has a dynamic workforce that is diverse, international and highly skilled. The UK is also party to numerous treaties and agreements, especially double taxation agreements. Further, the UK’s communication and transport infrastructures are well established, building a scalable, world-class system.
Despite the challenges posed by Brexit, the UK has managed to retain its unique commercial viability. Business stability and a competitive landscape supported by a robust legal framework have ensured market prosperity and strength. Pivotal opportunities that have arisen during this transitionary period are working to establish the UK as a trading powerhouse.
It is crucial to be aware of key regulations and issues before choosing the UK as a base for doing business. Its tax regime, while quite competitive, is strictly regulated by HMRC. To a certain extent, it will also influence your decision on what type of company structure to have. The UK has several types of business entities, most of which will need to be registered with Companies House. Business solution firms such as 3E Accounting offer customisable packages to help set up businesses. Services can include setting up bank accounts, getting a registered business address, renting serviced offices, etc.
Other pertinent issues to be aware of include immigration rules and employment law. While the labour market is quite flexible, immigration and visa matters are best sorted before setting up shop in the UK.
The UK continues to assert its position as a global business and entrepreneurial hub, which makes doing business in the UK very desirable. 3E Accounting, along with our international affiliates and partners, offers expertise in a comprehensive range of businesses and industries. Whether its advice on viable business structures or the best website design and hosting services, we’ve got you covered. Our international expertise and regional resources combine to offer dynamic business solutions that are customisable and budget-friendly. Contact 3E Accounting today to speak to our team of experts on how best to establish your business presence in the UK.