The United Kingdom encourages and promotes entrepreneurship. According to the Best Countries for Entrepreneurs report done by the US News & World Report, the UK is the fourth-best country in the world for entrepreneurs.
Starting a business in the United Kingdom can be difficult, especially if you are not a European Union citizen. In this article, we’ll cover all you need to know about starting a business in the United Kingdom, including the various forms of company structures, tax, administration, and if you require a visa.
A business owner who needs to register company in UK can easily obtain a business registration certificate without any complexities. The registration process for businesses is comparatively easier and straightforward and can be applied online with few documents and clicks. The United Kingdom is a global trading powerhouse, possessing an economy that ranks 5th in the world and 2nd largest in Europe. The UK has been offering a robust, business-friendly environment to potential entrepreneurs who want to commence their business in the UK. The country occupies a high-spending customer market and an open and liberal economy that is regulated by a business-friendly legislative framework. The country’s legislative framework has made applying for business licenses in UK necessary for the proper track of businesses in the economy and the revenue generation of those businesses.
Introduction
UK has been a very attractive business destination for many business operations. According to the World Bank’s annual ratings, the United Kingdom is ranked 8th position among the 190 countries economies of the world in ease of doing business in 2019. The rank has been increased from 9th in 2018 to 8th in 2019. Along with these rankings, the UK also has secured the highest rankings in getting electricity category, with an overall ease of doing business score of 83.5 in 2020. The increased ease of doing business score attracts many new entrepreneurs who are willing to commence business in the UK and need to apply for business license in UK to comply with the legal framework. The country has also secured 37th rank in the World Bank Report on doing business report 2020 for ease of getting credit. These reports show that the country’s business environment is very suitable and preferable for many business owners. Thus, to operate the business in such a dynamic economy the individual needs to apply for business license in UK.
The UK’s language, legal system, funding environment, and time zone make it one of the easiest markets where entrepreneurs can scale their businesses and expand the reach of their businesses. Thus, the UK’s business-friendly work environment, developed infrastructure, and strong legal framework of the country make the economic condition of the country stronger and an attractive location for businesses who are looking for scaling up their businesses internationally. UK economic policies and political stability has been providing a competitive advantage to those businesses which have applied for business licenses in UK.
Imishore Consultants has been in the business of helping businesses to set up their company globally with various ancillary services which are essential for businesses. Business owners might need various services in order to apply for business licenses in the UK which is a must to commence business operations in the UK.
Process of applying for business licenses in UK
To apply for business license in UK, there involves several steps and measures which are needed to be taken. The process of applying for business licenses in the UK is as follows:
Step 1: Determining the type of license
The license required may depend on the type of business one is commencing. Before applying for a business license in the UK one need to determine the business structure, size, and industry so that the correct license can be applied for operating specific business activities. Some common types of licenses include alcohol licenses, music licenses, street trading licenses, and food licenses. The entrepreneur needs to determine license requirements according to the business activity and functions. The license determination depends wholly on the business activity in which the entrepreneur is operating.
Step 2: Check prerequisites
The pre-requisite is the criteria set out by the licensing authorities who need to ensure the fulfillment of conditions determined before applying for the business licenses in UK. The prerequisites are the proofs that one has signed which shows the ability of the person to hold the business license. There are often fees attached to the application for business licenses. Thus, one needs to be prepared for the fees. Before filing the application form the entrepreneurs must read out all the instructions and guidelines to eliminate any obstacle in the future. Thus, collection of documents, duly signed and notarized documents, and thoroughly reading the guidelines and instructions on the application form are must pre-requisite which are needed to be followed.
Step 3: Research local regulations
Once the prerequisites get completed the research regarding the local laws and regulations must be conducted in order to eliminate any risk which arises because of non-compliance with specific requirements, industry permits, or zoning restrictions. Non-compliance with these local regulations can adversely affect the company’s reputation and financial stability. Thus, applying for business licenses in UK has an important aspect which is research about local regulations in order to operate legally.
Step 4: Visit the government website
It is always advised to visit GOV.UK because the website provides valuable services and resources which are important for setting up a business. The website provides for the license finder tool which helps in determining the type of licenses the business need. Imishore Consultants team of licensing experts can analyze your business to understand the licensing requirement and guide you accurately on the specific license to be obtained The tools can help in guiding through the process and provide valuable information on specific license requirements for various business activities.
Step 5: Complete the application
Once all the prerequisites are completed and all the valuable information has been collected and understood the identification of the license would become easy. Once identification is done along with the necessary licenses you need to visit the local licensing authority website to find the application form for each category of licenses. Fill in the information correctly and accurately while attaching the supporting documents and evidence for operation proofs which will make the application backed with strong documentation.
Step 6: Pay the fees
Mainly some licenses require fees that may depend upon the application, business industry, and business structure. The fee payment has been specified by the local authorities on the website which presents the current fee structure and payment method option available.
Step 7: Identity and criminal record check
The local licensing authorities may need to check the identity and criminal record of the applicants depending on the type of license applied. This record check is majorly done for applicants who have applied for licenses such as public space surveillance (CCTV) licenses.
Conclusion
To apply for business license in UK it must be understood that the licensing requirements are different for every specific business activity. Compliance with the licensing requirements is one of the most crucial aspects for operating legally and avoiding penalties in the future. The UK has been economically developed and has a streamlined process which those who wish to operate a business in the country. There are several factors that have contributed to the successful operation of businesses in the UK which includes business-friendly regulations, infrastructure and services, strong legislative framework, and easy access to the market. These factors have contributed to the setting up of successful businesses in the UK.
So, what makes you wait? Contact us for guidance and support at an affordable rate and our team will reach out to you within 24 hours . Imishore Consultants with the help of their dedicated and experienced team can advise you with a variety of choices and customized ideas for your business. There are various services available that can be availed by you which include offshore company incorporation, corporate bank account opening, nominee director and shareholder services, international bank setup, cryptocurrency exchange, offshore financial licenses service and finTech entities . There are various ancillary services that you can avail of for the growth and expansion of your business.
