Tuesday, August 25, 2015

Business establishment in the United Kingdom. A place to undertake.

If you are thinking about expanding your business, don’t have any doubt that the United Kingdom is a good place to do it.

As we know, United Kingdom is a state in Western Europe located in the British Isles, whose main economic centres are located in the cities of London, Birmingham, Manchester, West Yorkshire and Glasgow.

Another fact that we should highlight is that Britain is the third largest economy in the European Union and the fifth in the world, so it has an excellent business climate that we shouldn’t let escape.
Thus, the British companies are the most easy and flexible set up within the European Union.

The main types of societies in the UK are:

  1. Limited liability company. Most of the companies constituted in the United Kingdom adopt this form because it presents a series of very important advantages:

-       It  is necessary only a partner
-       It  isn’t required minimum capital
-       Tt requires a minimum of one administrator and one secretary of the society
-       The accounts are reported annually

  1. Joint-stock company. Its mains features are:

-       The minimum capital is of ₤50.000 (57.245€)
-       At least 25% of the share capital must be paid
-       It requires a minimum of two administrators and one secretary of the society
-      The financial statements must be audited if the turnover is more than 1 million pounds (1.145.000€).

  1. Branch of a foreign company. In this case, the foreign parent is responsible for all the liabilities of the branch of United Kingdom and the branch have to register in the Mercantile Registry.
  1. Limited liability partnership. It must have at least two partners, each with limited liabilit

A fact that must be taken into account is that the British Government gives priority to attract foreign investors and has tried to ensure that the regulatory framework for the constitution of a company in the United Kingdom be as liberal as possible. Thus, there are very few restrictions on foreign ownership or investment.

Likewise, there are a number of financial incentives for companies that are willing to invest in specific areas and sectors, enhancing the activity of entrepreneurs.

Finally, it is necessary to underline that the 14 of March 2013 was signed between Spain and United Kingdom a new convention to avoid double taxation and prevent fiscal evasion in respect of taxes on income and on capital, which once approved will repeal the convention signed on 21 of October 1975, ratified on 17 February 1976.

In conclusion, the key to setting up a company is as easy as possible and go envelopes wheels is to hire professional agent. For this reason, don’t hesitate to contact us.