Top Reasons Why the UK is a Prime Location for Global Business Expansion
The United Kingdom has become a sought-after country by business owners and entrepreneurs who want to trade globally. The government is located at a strategic location where it has access to eastern and western markets enhancing international connections for entrepreneurs and business owners who tap into that market.
Whether you are located abroad or overseas and want to tap into the UK market, there is no need to apply for a visa and incur travel expenses, technology has made UK Ltd company formation easier. This article will explore why the UK is a prime location for global businesses and how to start or expand your business there.
Understanding the UK market for global business expansion
London, one of the oldest cities in the UK, has a vibrant cultural life, openness, tolerance, and diversity, which attracts foreigners and investment from across the world. The UK also attracts millions of consumers bringing a high demand for new businesses. Let us understand how the UK is the roadmap for your business success.
Geographic location
The UK is strategically located where it can access Asia, Europe, and Northern America. It is also a central hub for Europe making it a business hub. So, if you are expanding your business to the UK or starting a new one, your business will be exposed to more growth opportunities.
The UK has several regions in the UK such as England (the epicenter of the UK), Wales, Scotland, and Northern Ireland making the country a strategic gateway to not only trade in one country but tapping into the European market.
In summary, the UK’s geographic location offers opportunities to business owners not only from one country but other regions and countries. With its enhanced transportation, consumers can easily travel by road and air to the UK to explore the markets.
Stable economy
The UK’s stable economy is facilitated by its strong legal and regulatory framework, financial sector, and a culture that values innovation and entrepreneurship. The country has a long history of innovation and entrepreneurship which has strengthened its economy.
The government also provides various programs and initiatives that support entrepreneurs in terms of mentoring, networking, and funding. The business environment is stable due to its well-established legal system that protects property rights and enforces contracts.
In summary, a stable environment for businesses draws more consumers to the country creating a high demand for business opportunities. Where there is a high flow of consumers, there is a demand for a business opportunity.
Business-friendly environment
Business owners are obligated to corporate taxes that are lower than personal income tax. Corporate tax rates are lower in the UK helping business owners save more money when annually filing tax returns. Business owners can also benefit from a conducive entrepreneurship environment from various government incentives, tax credits for research and development, and many more.
The UK also has a strong rule of law alongside world-leading dispute resolution that attracts foreign entrepreneurs who trust fair hearing of its legal systems. This gives business owners and entrepreneurs confidence to trade in the UK flexibly.
Skilled workforce
The UK, especially London, houses international universities such as Oxford, Cambridge, and Imperial College London where both local and international students graduate annually. The universities have connections with businesses in various industries making the students more skilled.
Favorable time-zones
The UK’s business hours overlap with that of Asia and America making it easier for worksite employees to liaise with international teams. London businesses can operate with entrepreneurs and business owners in Asia in the morning and America in the afternoon.
In summary, the favorable time zones make the country accessible for business and seamless connectivity for entrepreneurs who want to expand their business in the UK.
Now that we have understood how and why the UK is a prime location for your business expansion, in the next section we will guide you on how to expand your business seamlessly without a hassle.
What to know about business expansion in the UK?
While the UK offers business expansion opportunities for entrepreneurs and business owners who want to trade globally, the process can be complex and challenging. Let’s make it easier by guiding you on how to expand the business in the UK.
Market research
Understand the market before you start the business in the UK. This will help in planning and knowing if expanding your business to the UK will be profitable. There are fast-growing businesses in the UK such as e-commerce, information technology, financial services, renewable energy, manufacturing, and many more.
If your business aligns with these fast-growing businesses, its market has already been enhanced meaning your business has the opportunity to grow and expand easily.
Office solutions
When it comes to expanding your business to the UK there are various office solutions to help your business. Whether you want to have a physical storefront or a physical presence, there are many plans you can access thanks to company formation agents who offer these services. BusinAssist is your one-stop solution for shared office and UK virtual office solutions.
London virtual office services will be best suitable for businesses that want to expand their operations in the UK but do not want to move there. Without the hassle of paperwork submission to Companies House, all you have to do is fill out an online form of the company formation agent of your choice and they will handle the rest.
When you select a virtual office solution, your business will;
- Operate remotely
- You will spend minimal cash to set up your business
- You will have an address in the UK to maintain a physical presence
Business structure
Determine the legal structure of your business. In the UK, you can form a business in various structures such as:
- Sole proprietorship: an individual operates the business and is in charge of administrative tasks, decision-making, and accounting. They earn all the profits and losses of the business.
- Limited liability partnership (LLP): a business structure where two individuals or entities come together to form a partnership company with a limited liability.
- Limited company: this is a separate entity that offers business owners a limited liability meaning, their assets are not at risk of the company’s debts, legal implications, and liabilities.
However, if you are expanding your business to the UK from overseas or abroad, you cannot form a sole proprietorship unless you live in the UK. You can register a public or a private limited company or partnership company.
Obtaining licenses and permits
According to the business activities you are expanding to the UK, research on which permits and licenses are needed. By obtaining a business license, you comply with legal regulations exempting yourself from penalties and fines for not having one.
Business bank account
Once your business is registered in the UK and has started trading, you can open a business bank account. BusinAssist has partnered with banks where entrepreneurs can easily open a bank account for free. These banks are international meaning entrepreneurs operating globally can easily transact and access global financial services for their businesses.
In summary, the UK is a prime location for global business expansion since it is strategically located where it can access eastern and western markets. Its time zone is also favorable for Asia and American markets.
For more information on starting or expanding a business in the UK, contact BusinAssist at info@businassist.com.
