You just
need to decide what type of business interests you. Mostly, there are three
types of businesses in the UK. They are sole trader, limited company, and
partnership business. Whatever your choice is, there are several benefits
waiting for you because positive changes have been implemented by the
Government to encourage entrepreneurs to set up business in the UK.
Here are some of the
benefits of setting up a company in the UK:
Flexible
rules and quick financial aids are helping the country in economic growth. You
can start your business in thirteen days whereas in other countries you will
have to wait twice as many days to consolidate your business plans. These
required days have been confirmed through a survey conducted by the World Bank.
Even
the tax rules have been made lenient in the UK to attract setting up of SME and
other businesses. The corporate tax rate has been reduced by 50% for the last
thirty years. The current tax rate is the lowest in comparison with other
industrialized countries. Even the top corporate companies in the UK are paying
the lowest taxes compared to smaller businesses in G7 countries.
Another
benefit of starting up a company in the UK is easy availability of labour. The
duty hours, wage rate and other perks have made the country the best labour
market. In addition, there is less paperwork and no constant or overnight
changes to government rules and regulations. Moreover, the government takes
extra care of those companies engaged in research and innovative activities.
For this reason, the UK has developed a strong research base.
For
industries to function smoothly in any country, the political environment has
to be stable. There should not be frequent strikes or rifts among ruling and
opposition parties. Tension between the political leaders of the countries can
cause industries to shut down and hamper the economic growth. Since there is no
such issue in the UK, industries can relax and work without any disturbances.
Purchasing
and registration of a plot in the company’s name is easy in this country. There
are several agents who can show you a business place and handle all the legal
formalities on your behalf. These agents work with solicitors for the
documentation of the company.
Communication
and use of universal language are important to the growth of business; the UK
has managed both these vital aspects very elegantly. Be it any weather
condition, you can easily make contact with anyone from your place within no
time. Since English is the official and primary language here, understanding
and expressing business deals are easy.
Now
that you have read through these benefits
, there is no doubt why you should not
try to be your own boss and work independently by setting
up a company.
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