Set Up a Singapore Trading Importer and Exporter Business in the United Kingdom
The fundamentals of how to set up a Singapore trading importer and exporter business in the UK from 3E Accounting.
The United Kingdom has innumerable plus points when it comes to commerce and business. Ease of doing business, streamlined company formation procedures and a competitive tax regime are just a few considerations. It is one of the reasons the UK is third on the list as Singapore’s preferred European trade partner. As a Singapore trading company, setting up a business in the UK gives you a strong foothold into Europe. Here are a few pointers on how to set up a Singapore trading importer and exporter business in the UK.
A Trade Alliance
The UK recently inked a free trade agreement (UKSFTA) with Singapore, the first of its kind with an ASEAN member country. This FTA aims to reduce or eliminate import and export tariffs between the countries, increasing bilateral trade and market access.
Setting up a Singapore trading business in the UK requires some planning and legwork. You will need to consider company formation and ensure full compliance with all rules and regulations. One option is to engage company formation experts such as 3E Accounting, who offer customisable packages for a seamless set-up.
As an overseas business looking to set up in the UK, there are several entities that can be formed. These include a limited company, a limited liability partnership (LLP) or a branch. Of these, a private limited company is the most viable business vehicle. Registration with Companies House incorporates the company, providing it with a separate legal identity. The company must have at least one director and one shareholder, and a UK registered business address.
The most important consideration is to ensure that taxes are registered and filed correctly. This area can be a bit grey and needs careful consideration as different tax implications apply to overseas businesses. You will need to find out the terms of any double tax agreements between the UK and Singapore. You will also need to ascertain when your financial year-end is so that you can file returns on time. Annual statutory accounts are filed with Companies House.
The UK Department for International Trade website offers support and information for import-export businesses in the UK. As a Singapore trading company looking to import or export goods and service, you need to be fully aware of regulations. Import and export regulations in the UK include having an EORI number and an ENS or EXS. These are, respectively, the Economic Operators Registration and Identification number and an entry or exit summary declaration. Value-added tax (VAT) and licenses such as OGELs (Open Export General Licenses) may also be required.
You may know how to set up a Singapore trading importer and exporter business in the UK. However, the rules are evolving at a fast pace, and engaging professional help is a serious recourse to consider. 3E Accounting, along with our global affiliates and partners, offers innovative solutions for all your business needs. From company formation to audits, we can ensure your business stays current and compliant. Contact 3E Accounting today to explore customisable options that suit your business and budget the best.