UK as a Business Centre
Traditionally the UK considered a business-friendly nation. With a no-nonsense bureaucratic system and the highly sophisticated banking system in place, UK offers the best business environment.
Even Though the UK is considered as a sovereign state, the laws affecting businesses in the UK depend first on the geographical location. Local, national and European laws influence. The Businesses in England and Wales are governed by the English law while in Scotland, it is by Scottish Law.
Further, the UK is a member of the European Union ("EU") much of the law in the jurisdiction emanates from EU law too. EU law to the extent that it impacts on the laws affecting businesses operating in the UK.
EU law is a growing area, and there are currently various EU initiatives that may impact on carrying on a business in the future in the UK. However, note that the UK is coming out of the EU fully by 31st December 2020. Many hope that business treaties with other EU nations mean that the business environment will not be adversely affected.
Generally, there are no restrictions in place for normal business initiatives. However, there are few businesses that are subjected to strict regulatory approvals.
Gambling, Life Sciences, Telecommunications, Restructuring & Insolvency, Media Transaction, etc. are to name a few.
Types of business entities
This is a simple way of going into business and you don't need to register with any or seek approval with any.
However, you should discuss with your accountant to keep your accounts and tax matters perfect.
You and your sole own business can not be distinguished, the debt incurred by the business is your own responsibility.
Limited Liability Company
Your accountant would provide detail information if you decide to go this way. Generally, if you operate within England and Wales, you will register with the companies house in Swansea while in Scotland this has to be done with companies house for Scotland.
You and your limited liability company are completely separate entities, the debt of the limited company is limited to the company only.
e-business, also known as Online Business
If you know the nitty-gritty of technology related to this, it is the best option for newcomers who may not have access to funds for a traditional business venture. If you do it beautifully, you can target not only the UK market but the EU and beyond.
In fact, if you have the technical know-how and you know what you are doing, then your e-business venture will be highly successful.
Once you join our courses, which we will announce in due course, we will point you to detail information and small courses in relation to this very important, growing sector.