Understand the Jurisdictions Setup Requirement Before Proceed Your Company Incorporate in United Kingdom
The United Kingdom, lying off the northwestern coast of Europe has a partially regulated market economy. It is one of the largest financial centres in the world. Also, it is the 5th largest economy in the world in terms of Nominal GDP which is mainly getting from the service sector. It has attained 9th rank in ease of doing business in 2019. Thus, it is an apt destination for every businessperson. So, a company incorporate in United Kingdom is always an excellent idea.
Company Incorporate in United Kingdom: Various Business Entities in the United Kingdom
There are four main business structures in the United Kingdom:
- Sole Trader: A sole trader requires a minimum set up and funds for functioning. There are few regulations and legal requirements. However, it is not a separate legal entity. Therefore the owner has unlimited liability, i.e. the owner has to give his assets to pay off the debts.
- Private Limited Company (LTD): The private limited company is a separate legal entity. The benefit of Private Limited Company is a limited liability, i.e. shareholders are liable only up to their investment in shares and unpaid amount of shares. The company must have registered office in the UK, and at least one director over the age of 16 must be appointed.
- Public Limited Company (PLC): PLCs are legal entities just like the Private Limited Company. The only difference between Private Limited Company and Public Limited Company is that in PLCs shares can trade in the public market to raise finance. A minimum of £50,000 worth of shares must issue before registering the company.
- Limited Liability Partnership (LLP): This structure is generally for law and accountancy. It is a profit-driven firm with limited liability. They require at least two designated partners.
We, at 3E Accounting help investors in the company, incorporate in the United Kingdom. Let’s have a look at various reasons to incorporate a company in the UK:
- Economy: The economy of the UK focus on highly development and market. It is popular for its export industry, the tourism sector, the pharmaceutical industry and aerospace industry. The service sector contributes majorly to the GDP of the nation, i.e. nearly 80%.
- Language: The official language of the UK is English. 95% of people speak English in the United Kingdom. Therefore, a new trader finds it easy to communicate and incorporate a business in the UK.
- Transportation: The road and rail network in the UK is modern. The UK ranked 8th among national European rail networks in 2017 in European Railway Performance Index that measures safety, service and intensity of use. They highly develop the air network of the UK.
So, if you are planning to incorporate a company in the United Kingdom, 3E Accounting provides the necessary guidance to you. There are various business entities present in the United Kingdom from which you can choose one according to your needs, funds and business plan.
3E Accounting Indonesia provides a helping hand for incorporating a company in the United Kingdom. Our team consists of professionals in every field to help you take the right step while setting up a business in the UK. Contact us if you’re interested in incorporating a company in the UK.