CRITICAL ELEMENTS TO CONSIDER WHILE UNDERTAKING BUSINESS IN UK
According to the World Bank Group, the UK is the fifth-largest economy in the world and the second largest after the EU as of 2018.
Undertaking a business proposition in the UK is not as easy as it seems.
People are encouraged the world over to set up a venture in the England area or other parts of the UK.
But it should not be entertained into without much deliberation and thought process.
One must have a clear idea of the business model, the feasibility of the concept as well as its long term marketability.
Sustenance and going green are other components that many entrepreneurs are willing to work their resources with.
Ideas are several to serve the masses; the implementation often knocks with some hindrances and bottlenecks.
These may be in the form of contracts, employment regulations and sanctions for construction, etc. which are to comply.
In comparison to other developed countries, the UK is far liberal and lenient in opening up its economy for anyone in the world to set up a business venture.
As of 2013, the UK ranked the top in Europe in terms of ease of doing business and fourth amongst the world countries as per the world bank doing business survey.
The reason because of which the UK is termed as the most conducive environment for conducting business are:
• Global business culture
• Well established and reputed locational advantage
• Same day incorporation and formation
• Highly skilled workforce
• Largest taxation treaty player
• World-class infrastructure
• Central time zone
• Accessibility of language
• Gateway to the member of EU
• Global financial centers
• Taxation and other benefits
Any entrepreneur should be aware of the pros and cons of the business model and the type of ownership.
Whether the venture is to be established as an Establishment or Limited company or a Limited Liability Partnership (LLP), all significant benefits of them all should be known in advance.
After this, the aspects of getting construction permits, electricity connection, sewage, and other supplies are also essential for its smooth working.
WORKFORCE
Skilled people are one of the best benefiting factors making the UK most attractive in the ease of doing business index.
The UK has a workforce of more than 30million people, second largest in the EU, for the year 2017.
There are regulations regularly enforced to protect employees.
And the costs of labour are high in comparison to the neighbouring regions of France, Irelands, and Netherlands.
TAXATION SYSTEM
Easy and understandable to the layman are the keywords here.
No scope for double taxation as treaties is very much a norm here in addition to the VAT on goods and services.
FLEXIBILITY IN REGULATIONS
Every country in the UK has the discretion to lay down its own specific needs and requirements in contracts and agreements.
So becoming conducive for the setting up of a new business is the theme here to gain grounds by companies amidst heightened competition.
Regulations for taxation, finance, and legal matters can be tailor-made for each country to meet their own unique needs to spur competition.
CONTRACTS AND ITS ENFORCEMENT
The entrepreneur will have to enter various contracts which shall be enforceable depending upon the provisions mentioned therein.
As and when any dispute arises, providing in advance the manner of its redressal and jurisdiction is a smart move not to lose out resources and waste time.
TRADE AND COMMERCE
These are except for specific industries like finance and utilities, where prior legal regulations have to be complied, strictly.
The rest of the sectors are wide open for trade and commerce, with full freedom for all.
Not many restrictions are imposed on people coming from outside their zone; instead, it encourages free competition.
Thus, the trade and commerce aspects of the UK are commendable in such a way that:
• Price controls are not imposed at all
• Clear absence of exchange controls
• There are no restrictions on foreign ownership or investment.
These make it one of the most attractive places for ease of doing business.
Anyone trying to set up a venture in the UK region might face a lack of funds.
The budget that was initially set would not be enough to meet all personal as well as upcoming expenses related to the venture.
With no savings left to use, making use of short term doorstep cash loans is the best option.
These loan products are affordable and convenient as all the loan formalities are to be completed online.
Offered by reputed online lenders right at the doorstep of the borrowers through its agents, doorstep loans are a must funding relief for everyone.