REGISTRATION OF BUSINESS IN THE UK

Choosing a country for living or traveling, we try to analyze its laws, customs, mentality, etc. The same applies to business registration abroad and the selection of jurisdiction. When choosing a country to open your own business, you need to understand whether it is possible for a foreigner to do this in either country. One of the countries that is very often considered for business is the UK. This is due to the fact that this country has a number of advantages for business among others.

This includes a stable market, favorable legislative regulation, low interest rates on loans and a loyal tax system. But before starting your own business, you need to understand in what organizational and legal forms this can be done.

UK business registration forms

1. Private Company Limited by Shares. This is an organizational legal form of doing business, reminiscent of an LLC. The responsibility for choosing this form lies with the founder without the help of others.
2. Private Company Limited by Guarantee. LLC, but with a guarantee. That is, there must be so-called guarantors for the conduct of the activities of such a company. This form is most often chosen by non-profit enterprises or charitable foundations.
3. Private Unlimited Company or ULL. A company that is created by at least two founders and their liability is not limited.
4. Private Limited Company. The company is similar to an open joint stock company.

How to register a business in the UK

• Step 1. Account opening. It is impossible to register your own business in this country without opening an account. To do this, you need to go to the embassy website and fill out an application in which you indicate the name of the company, which should not be repeated with the names of existing companies, the legal address of the company, confirmation of the financial ability to create a business, a description of the idea and the necessary documents for a specific type of activity.
• Step #2. Verification of documents and registration at Companies House in the UK.
• Step #3 Obtaining a certificate for the possibility of work. The certificate is sent by e-mail after the approval of the application, the paper version is completed in a week.
• Как усматривается из вышеприведенного, процедура регистрации является не сложной, что является преимуществом для регистрации бизнеса в Великобритании.

Taxes

Of course, when starting a business in any country, the issue of its taxation is of interest. In the UK, there are such types of taxes as income tax, value added tax, income from the sale of fixed assets and an annual excise tax on operated vehicles.

In some cases, there is still a business tax. If a person in the UK is self-employed, then income of less than £8,000 per year is not subject to taxation.

So, summing up, it can be noted that registering a business in the UK is not a difficult process. If you wish, you can register a company quickly enough or purchase a ready-made business. But do not forget about caution and use the help of specialized specialists, which, of course, are the lawyers of Prikhodko and Partners Law Firm.