Registration of Business in England
Opening of business in England
The United Kingdom of Great Britain and Northern Ireland is a huge conglomerate that includes the most diverse forms of business. A transparent tax system and legal jurisdiction created along centuries attract thousands and thousands of new entrepreneurs from all over the world to this state.
Business in England
The principle of permission to almost any foreigner to be engaged in commercial activities in combination with the equation of rights with local merchants creates a special attraction for organizing own business in this country.
Among factors that attract businessmen from around the world and what their business ideas should expect in England , the following are worth noting:
- The simplicity and speed of company registration,
- Low costs when registering and maintaining a business,
- Developed credit system,
- Exclusion of double taxation,
- The absence of the residency of the manager,
- Lack of currency control,
- Possibility of tax optimization,
- Possibility of acquiring citizenship.
What Business is Better to Establish in England
Depending on the goals set and the choice of tax reference, there are 7 main forms of doing business in this country:
- Individual entrepreneur.
A person who decides to conduct an independent business in this form has the right both to work independently and to hire other employees, while he is liable for obligations with all his property. In this form of the company, the founder independently determines the tax rate.
Disadvantage: such business in England implies unlimited liability.
Advantage: personal involvement in business management. - Limited liability company limited by shares.
In this case, the amount of liabilities is limited to the financial means paid to acquire the mentioned shares.
Disadvantage: it is impossible to offer shares to the unlimited circle of persons.
Advantage: limited liability. - Limited liability company limited by warranty.
Used mainly to create non-profit and charity companies.
Disadvantage: strict requirements for accounting and corporate documentation.
Advantage: the amount of liability is limited by the amount of warranty.
Establishment of a business in England with a similar form is desirable with the direct assistance of specialized experts. - Company with unlimited liability.
Disadvantage: liability is unlimited.
Advantage: it is allowed to offer securities to an unlimited circle of persons. - Open-type company.
Disadvantage: used mainly to create a large business.
Advantage: the issued securities can be transferred to an unlimited circle of third parties. The opportunity to buy a business in England with a similar form involves significant financial costs. - Limited partnership.
In this form, the company provides for the participation of at least two individuals or legal entities.
Advantage: founders are not personally liable for the company's obligations.
Disadvantage: taxes are paid based on the income of each of the participants individually. - Limited partnership.
Disadvantage: at least one limited partner and one general partner are required.
Advantage: members have different responsibilities.
Our company on the basis of your preferences in the shortest possible time will suggest you which business is better for establishment in England.
Establishment of Business in England
In comparison with its nearest neighbour, France, it is not difficult to open a business in England! This process is quite standardized, but will require special thoroughness. The procedure consists of the following steps:
- Registration of the application in the Registration Chamber,
- Registration in the tax office,
- Registration in the customs service,
- Registration of employees in the social insurance authorities.
Take into consideration the need for a license for certain types of activities.
In some cases, it is possible to buy a business in England. The procedure is even simpler, but it requires that the future owner should decide on the direction of the future business and organizational form.
The registration procedure itself in some cases can be carried out without the direct participation of the future owner. He can submit all the necessary documents via the Internet, as a result of which the process will take a couple of days, or send a special form, which will take a little longer. Among the disadvantages of self-registration of company via the Internet, the impossibility of adjustments in the documents should be noted. In case of mistakes and inaccuracies it will result in denial of registration. In addition, there is an opportunity to turn to specialists, professional agents, who will qualitatively carry out all the necessary measures to register or buy a business in England for you, eliminating the possibility of refusal in establishment of a company.
Largely small business in England is opened through the Internet, since this is the cheapest way. And presence of a huge number of programs to support small and medium-sized businesses more and more contribute to the growth of such companies in recent years.
As was previously noted, practically every citizen or foreigner has the right to open a business. However, there are legal requirements that somewhat narrow this list.
So, the future owner must meet the following criteria:
- Being an adult (at least 16 years old),
- Excellent command of English (level C1),
- Sufficient amount of financial resources,
- Detailed business plan,
- No criminal record.
Important information:
- In England there is a significant difference between the dates of the beginning and end of the tax and calendar year: the reporting tax year for individuals in the country begins on October 6, while for legal entities it lasts from April 1 to March 31,
- There is a difference between tax rates for legal entities and individuals: companies have a fixed rate, an individual rate depends on the amount of income.
Contact our company and we will professionally advise you which form of business to establish in England.
