The United Kingdom is among the developed nations in the world. In fact, in terms of the size of its economy, it is positioned seventh in the world after the U.S., China, Japan, Germany, India, and France. It has a GDP of $2.62 trillion and a population of over 66 million. Based on the recent data provided by the World Bank, the UK is the 8th easiest country to conduct business. This statistic has been proven by the 5 million businesses that are currently registered in the nation. This favorable trading environment further attracts over 100k new entrants each year.
WHY START A BUSINESS IN THE UK?
It is among the top 10 most developed countries and has a vast network of modern high quality infrastructure.- Its large population equates to a large market for a company’s goods or services.
- With Brexit being a high possibility, UK companies are bound to enjoy an even better business environment consisting of lower taxes and constructive trade agreements.
- Having a UK address is often viewed by potential clients as an additional proof of legitimacy especially if you have a local office.
STEPS OF REGISTERING A COMPANY IN THE UK
The process of registering a business in the UK includes:
- Choose your company’s name.
- Decide on the applicable business type. The main categories are a public limited company, private company limited by shares, private company limited by guarantee, and unlimited company.
- Complete the company incorporation process through either paper filing, web incorporation service, or electronic software filing. The process can be completed within a day. Completing the incorporation process requires a company registration application, articles of associations, and memorandum of association.
- Fill in the IN01 form to complete the registration process.
WHAT IS IN IN01?
This application form has the following details:
- Proposed company name
- Physical location of the company
- Business type
- Articles of association
- Directors’ details
- Office’s physical address
- Residential addresses of the directors
- Statement of initial shareholdings and capital
FAQS FOR COMPANY REGISTRATION UNITED KINGDOM
What are the Corporate Taxes in the United Kingdom?
Currently, the rate is at 19% although it is expected to reduce to 18% from April 2020. The VAT rate is 20% although specific goods such as home energy attract a reduced VAT of 5%. Additionally, most children clothes and foodstuffs are not taxed.
How long does it take to register a company in the UK?
The process takes an average of 2 days. The online procedure takes about 1 day while the postal option takes between 8 and 10 days. As long as all the necessary documents are in order, it will only take you 15 minutes to register the form.
What about a business bank account?
Once you are done with the registration process, you can choose any local bank to open an account and then start trading.
GFSC Global is one of the largest business consultants in the EU. We operate in all the European nations and assist our clients in every step of the company registration process. Our experience and efficiency enable us serve you to your satisfaction.
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