Starting A Business In The Uk: Top Tips From London Accountants

By Author: John Bregar
Total Articles: 27
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Starting a business in a foreign country is often a daunting prospect that can be confusing to even the brightest entrepreneurs if they are unfamiliar with the systems and structures in place in their target location. However, with the right guidance and information, opening a business in the UK can be an excellent opportunity for any new or expanding business, from any corner of the globe. We have seeked the advice of some successful London Accountants, who highlighted a number of things that need to be considered in order to make the transition successful.

One of the primary factors when starting any business, whether domestically or abroad, is what structure best suits your needs. For non-UK residents looking to operate in the UK, one of the most common business structures is the private limited company. Company registration in the UK is a relatively simple procedure, and is one of the most accessible routes to non-UK residents. Individuals from outside of the UK can be both shareholders and directors of UK limited companies, and do not have to be present in the country to ...
... do so. Although, it is important to note that in order to register you will need to state a UK address for the company. However, this is not a problem for those who do not have a physical residence, as many London accountants offer services designed for this purpose. A registered office service allows directors to register a company to their accountants’ address.

Creating a business plan is the second tip for anyone looking to either expand their business or start-up in the UK. A business plan can come in a number of forms, and is useful for a variety of purposes that allow for directors to prepare for any situation that they face. By creating a plan of expected finances and a narrative of the goals, objectives and methods of the business you begin with a clear route. In addition to accounting for all possibilities, a business plan can be vital in obtaining finance and investment in the UK. All banks will need to see a business plan if there is an opportunity to grant a loan, while the same is often the case for private investors. Therefore, and extensive, bespoke business plan can be the key to a smooth move into the UK.

Finally, one of the most important factors when entering a new country is to consider laws and regulations that govern business in this location. Although certain laws with regards to employment or accounting standards may be quite similar to your home country, there are certain differences that if neglected could leave you and your business liable. Even the basics of understanding what your tax liability is when operating a business in the UK can be unknown to those who have never worked here before. Taking advice from experts familiar with the laws, regulations and even grants available in their area is vital. If locating in the capital, any London accountants should be able to give you a thorough breakdown on considerations you must make.

Moving to another country can be an exciting time for any business, with the possibility to take your business to new markets and expand quickly. Following these tips should help make the acclimatisation of your business to the UK a little smoother.