The UK is a Fantastic Location to Start a Business
If you have been considering the idea of starting a company in the UK, then now is the ideal time to do so. The UK has one of the strongest economies in the world and it is accessible too, as the government places an emphasis on assisting people who want to start their own company. What this means is that there is now funding that is available for start-ups and entrepreneurs who want to run their own companies.
The United Kingdom is one of the top countries in which to operate a company as well as having low corporation tax rates. However, there are many other reasons to start your own company in the UK, so let’s take a look.
It’s Quick and Easy to Get Started
It is extremely quick and easy to set up a UK limited company. Whether you are a local or even a non-resident looking to get started with a company in the UK, companies like Monx can help you set up online and get everything approved in a matter of days.
Foreigners and Non-Residents Can Register A Company Too
In the UK, the company registration process is the same for non-UK residents as it is for UK residents. It is possible for foreign nationals and non-residents to serve as company directors, shareholders, or company secretaries of UK companies with ease.
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UK Limited Company Tax Benefits
Limited companies generally allow you to pay less personal tax than sole traders, which is one of the biggest advantages.
Limited companies’ profits are subject to Corporation Tax, which is currently set at 19% in the United Kingdom.
To minimise the amount of National Insurance Contributions (NICs) you have to pay, you may choose to take a small salary as a director and shareholder of a limited company and draw the majority of your income from dividends. This is because dividends are not subject to NICs.
As a sole trader, your entire income is subject to NIC rules. Thus, you would be able to take home more money if you ran your business as a limited company.
Enhanced Flexibility
The UK has the ability to move quickly to any global events or changes to the market. This is extremely beneficial for companies based in the UK and is the reason why start-ups can take advantage of the UK and the position it is in.
Robust Infrastructure
In order for a company to grow, it needs the country in which it is based to have a strong infrastructure. The UK is constantly investing in its infrastructure which includes the likes of energy, communications and transportation. This makes it possible for businesses to operate sustainably while the solid infrastructure makes for an ideal foundation that can underpin business operations.
Transparent Regulations
Another reason to choose the UK is the way in which the country implements its own regulations and rules across many different sectors such as legal, tax and finance. These bespoke regulations have been created to fit the needs of the sectors and this makes it easier for companies to understand the regulations that they have to adhere to. Furthermore, there are many different contractual agreements in place with a number of countries and that helps to enhance competition which provides more scope for growth.
Perfect Location
The UK is in close proximity to EU countries and that means that it has excellent relationships with these countries. This means that companies choose the UK in order to create a strong customer base while also bolstering relationships with countries nearby.
The UK now offers many different reasons and opportunities to start a company than ever before. However, it is recommended that you obtain professional advice before you start a company. This will ensure that you are aware of the different schemes that are available as well as business grants while ensuring that the process is seamless and problem-free.
Convinced that setting up a UK company is the right move for you? Have any questions? Contact us now: hello@monx.team
