The Great United Kingdom has the crown of proud for providing many promising opportunities. People from all over the globe come here to write new stories of their destiny and earn name and fame. The natives here are quite futuristic and fashionable and accept new things very quickly. This is good for those who want to establish a business in the UK. Besides, many other things come into consideration if you’re going to open your business here. Why not take a detailed look at all the aspects that are sure to cross your way?
Oh, you have touched a burning issue. This dominating occurrence has created much buzz. The latest news is of the meeting of Theresa May with Sir Graham Brady due to the growing pressure to resign. You can easily understand the situation and instability of the economy at this time. Your business plans need to consider this issue. The prevalent uncertainty can be a threat to the production and growth of your business in the UK.
Formation Of The Company
To be factual, a company in the UK can be formed in just 48 hours; however, it takes round about 13 days to complete the formalities of administration. The HMRC, i.e. Her Majesty’s Revenue and Customs and PAYE, i.e. pay-as-you-earn take a large share of time and efforts. If you are a foreign business coming to the UK, then you should know that all the international companies are subject to public disclosure. This is done through the registrar of companies. However, the charged fees are not much, but a good number of procedures make the journey of a new business a little complicated.
After the Brexit hassle, you may not be able to get the reply of your job openings from the skilled workforce with roots in Europe. Many people have moved from the UK, and many are planning to move out of the country with the fear of uncertain consequences. For instance, the hospitality and the retail sector have experienced a considerable reduction in the highly-skilled workforce. This means you may need to make some compromises on that part.
Oh, this is the soul of your business after money. The UK power networks handle the electrical connections and may take up to 100 days for completing the procedures. Many stages are involved in the process for instance – submitting plans, inspections of the site, external connection works etc. Another complicated task is to find out a suitable electricity supplier with best affordable rates.
Construction Permits, Registering Property
In the UK, the construction is streamlined in only nine procedures and takes typically 100 days. From obtaining planning permission to getting water and sewerage connection from the relevant authorities takes a long time and also demands a significant cost. On the other hand, registering a property takes around 22 days and six procedures.
Loan For Business
This is something where the UK stands at number one in the world for a good reason. For providing credit to businesses with ease, the United Kingdom always gathers compliments and a big round of applause. The diversified nature of the finance sector here gives easy access to start-ups as well as established businesses. Not to mention the bad credit people and first-time borrowers can also get their share of funds through no credit check loans. However much effort is necessary to know which type of credit suits your business well.
With substantial treaties and stable financial climate, you can stay sure about the fact that the investors are well protected. However, it is better to take out assurances and focus on due diligence while expanding the business in the country.
This is perhaps the most complicated part of the tax system in the UK is quite tricky. The credit for this goes to the country’s legal system. Around 110 hours per year take to complete the tax formalities and obligations. This can involve anything from labour charges to corporate charges. Also, don’t forget the environmental and sales taxes.
Resolving Insolvency And Enforcing Contracts
Both are relatively seamless procedures, and the developed nature of the legal system of the UK is responsible for that. One year time to resolve insolvency and to enforce a contract it takes 440 days.
Known for its reserved nature, UK natives may take some time to know you well. But do not forget, this is a promising place too in every aspect. It is all about the time, people are ready to try new things but only after they get sufficient reasons to rely on a new something. Once you get their confidence, they respond with equal zeal and love. It is advisable to have a backup in finances, and if you need to wait for some time to get into the hearts of the Britons, a financial backing can help a lot.
Besides the above primary challenges, you need to win the struggle that goes within you. Do not give up and keep working; failure can come to business in any country; give your best leave the rest on destiny.