There are lots of reasons why American business owners would want to expand their business to the UK. The UK has a stronger currency rate and has a lot of great financial hubs, such as London. Tapping into the UK market is a very clever way to increase your customer base and increase the amount of exposure around your brand.
Now you don’t have to be a massive international company like JP Morgan Chase to set up in the UK. The country does have some requirements but they aren’t too difficult and if you want you could take your small business to the UK.
If you are considering expanding your business or starting a new business in the UK, this blog should advise you on what you need to do.
Register as an overseas company.
You will need to fill out a specific form called OS IN01 and send it to companies house within a month of opening for business. You have to send a £20 registration fee along with it too, which is about 25 dollars. Companies House is the official UK government registrar of companies. This is also the organisation you’ll need to file your company accounts and tax returns with.
Apply for necessary licenses.
This totally depends on the type of business you’re establishing here in the UK. You might have to apply for some licences, but again it’s depending on your business. So for example, if you’re going to sell food you will need a food business registration, if you want to sell alcohol you will need a personal licence. There is a website you can use to determine the type of licences you need here.
Set up a business bank
To avoid the exchange rate costs you will probably want to open up a UK bank account. Alternatively you can set up a UK Sterling account with most US banks. If you do want to have a UK bank account, you will need a physical address in the UK.
Register for VAT.
If you have a UK turnover of more than £79,000 you will need to register for VAT (Value Added Tax).
There’s obviously a lot to be done when opening up a company in the UK. There are some companies who can help you take your brand into other markets. It can be pretty daunting taking your business overseas but you shouldn’t be taken back by the requirements.
If you believe your business can expand and thrive in another country you have to get it in motion! Don’t hold back.