TEPO (The Entrepreneurs Private Office) is back with up-to-date news on UK business markets and would love to share with you weekly insights exclusively from our UK private advisory experts and cover other countries in which we help our clients growing business.
Following Brexit and the pandemic outbreak, it would seem that opening up a business or expanding in the UK would be quite a challenge. But in fact, the World Bank Group ranked it 8th most business-friendly country in the world as of 2021, one place up (!) since previous years, with high scores across the following metrics on a 100-point scale:
• Starting a business (94.6)
• Dealing with construction permits (80.3)
• Registering property (75.7)
• Getting credit (75)
• Protecting minority investors (84)
• Paying taxes (86.3)
• Cross border trading (93.8)
• Enforcing contracts (68.7)
• Resolving insolvency (80.3)
As noted by Global Trade Magazine, doing business in the UK is made easy for both newcomers and foreign nationals. “You can establish a Limited Company in Britain without jumping any additional hurdles. You don’t need VISAs, agreements of trade or anything else and there is no requirement for specific ID. All you need is a company name, at least one director, to provide all necessary documentation (...) and to follow the process of registering for taxation.” — all which TEPO can assist you with as a London-based advisory boutique supporting professionals & entrepreneurs to save time & money.
If, for simpler correspondence and domestic accountability purposes, the business needs to be registered at a UK address which creates a potential barrier to non-UK residents, TEPO also provides support in that case by offering one-stop tailored solutions to clients.
In the next articles, we will focus on the impact of Brexit and the pandemic on doing business in the UK and give useful tips from our own direct experience, stay tuned!