How to Start a New Business in England?
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Business in the UK
Business in Great Britain has long attracted citizens. Foggy Albion differs from other European countries by its aesthetics, respectability, stability, and prospects. Let’s discuss what you can do in the UK, how to register your firm, and the types of companies in England.
What kind of business to open in England?
England offers great opportunities for a person on its territory, but it is worth knowing the British nuances of business etiquette in Great Britain. But it is also not necessary to plan something grandiose. Consider a small business in the following areas:
- Translation agencies.
- Small confectionery stores.
- Cafes and beauty salons.
- Hotel business.
If you want to open a public catering point, in England will not enjoy success in Japanese or Chinese cuisine. In this area, it is difficult to withstand competition, especially from a foreigner. And also need to forget about the burger and hot dog stands. If you are interested in business and material wealth, have you checked out this article? In this matter, the main thing is to find a unique idea so that the English citizen wants to spend every weekend in this institution.
The hotel business in Britain requires more investment and development, but the profits will be different almost immediately. It is better to focus on mini-hotels, where people can spend the night in a warm bed and have a good breakfast in the morning. Housing today is expensive, just like the hotel, so the business idea should be adjusted to the middle class. Despite the small risk and the increased financial stability cost of educators’ practice shows that this kind of enterprise will be in demand in the UK. Needs initial capital, a clear business plan and patience will allow you to organize a small but profitable business.
Types of companies in England
There are several options for setting up your own business in Britain. Before submitting documents for registration, you need to decide which best type of business activity is more appropriate. The legislation of Britain allows commercial organizations to be registered according to the following types:
- Private Company Limited by Shares. The responsible person is the director whose guarantee is limited to his capital.
- Private Company Limited by Guarantee. This type has a small range of activities: charitable foundations and other non-profit enterprises. The surety is the firm’s assets that will be lost if the firm goes out of business.
- Private Unlimited Company, where the liability of the founders is not limited. There must be at least two of them.
- Private Limited Company. The liability of shareholders is limited to their block of shares. If the company has problems, the shares will be sold under the hammer. There must be at least two founders and decent start-up capital.
How to register a company in England?
Business in England requires the execution of all documents. This process follows a simplified system. To register a firm, it is necessary to prepare the following documentation:
- Applying involves writing an application. It prescribes all the data about the future firm and the owner.
- Articles of Association of the company. The document is drawn up in English and notarized.
- Opening a balance sheet merchant account in London for turnover of profits and tax deductions.
In a bank in Great Britain the opening of the balance, which will be the initial capital, and the contract must be certified by a notary. The minimum capital is $300,000. The more this amount is, the more loyal the entrepreneur will be treated by the registration authorities. After approval of the application, the registration at the Chamber of Registration follows. The state fee is $30, and the company seal is $100.