When you’re setting up a business – you need to keep your own interests as a company ahead of everything else. As a result, you might find that there are a range of possible countries where you can form your company.
Different countries have different rules and regulations. As a UK based company formation agent we have a great deal of knowledge and expertise in the country and of the business landscape within it.
So, when you choose your business name and form your company with us – we ask, is it any easier in the UK than abroad?
The case for…
The UK does have its charms when it comes to business. That’s part of the reason why so many people flock to its shores to take the plunge into the business world. But why?
Well, it’s safe to say there are some really solid advantages including the following:
- Fraud – Low levels of fraud, I might add. The relative security and well-working economy is making the most of the volatile and often untrusted global market. People know they have a safe environment in which to do business – and this ultimately makes for a better business landscape overall.
- Simplicity – The process of setting up a business in the UK is relatively simple. Certainly in comparison to other developed European economies like Italy for example. It’s relatively easy to set up a company in the UK, which is a great advantage. It’s also made even simpler using formation agents like us.
- Economic Drive – The UK has one of the most vibrant and diverse economies in the world. London’s economy is particularly large, and set to continue growing – with business report Jennifer Rankin commenting in The Guardian in May 2014 that “London’s economy is set to expand by 15% over the next five years to 2019, according to a forecast from the Centre for Economics and Business Research”.
There are many reasons why someone would want to form a company in the UK – but these are some key selling points. It’s a very desirable location for business and it’s a great reason why setting up a business in the UK is much easier and more useful than abroad.
The case against…
Well, it wouldn’t be a balanced article if we didn’t describe the reasons why the UK might not be a good place for your business. This is totally dependent on the nature of your company, with different types of company perhaps favouring other countries.
So what are the reasons you might not want to set up a business in the UK?:
- Fraud – Yes, that’s right! It’s both a positive and negative. If you’re doing business abroad and taking payments from other countries you may find the strict money laundering regulations are a hassle and it could be easier with a company formed abroad.
- Taxation – Lower tax rates are available in some countries, with the UK having a comparatively high rate. It’s part of the cost of doing business for many people, as the opportunities are worth it.
- Regulations – Part of the reason why the UK is so successful as an economy is the fact that there are many regulations to make sure every business is compliant with a code. However, there are restrictions to this that can be detrimental to a business as significant time and resources are required to be compliant.
Setting up a business in the UK is much easier than other countries, especially if you’re based in the UK in the first place. We provide offshore company formation packages too to make the process much more smooth should the need for formation abroad come about.
UK Businesses Forming Companies With Ease
Well there you have an assessment of the pros and cons of forming a company in the UK. If it’s right for you and your business you can choose a company registration package and form a UK limited company in 4 simple steps.
Check out the rest of our blog for more, particularly the ‘Business Planning’ section.
By Alex Novakovic at MadeSimple – Find Alex on Google+