The UK is becoming an increasingly popular location for international businesses to locate their companies.
Here are 10 reasons to open a limited company in the UK:
- Very low rates of tax: From 1st April 2015 there will be a single rate of corporation tax of 20%.
- UK tax authorities now give incentives to start-ups: Generous cashback claims are available for Research & Development expenditure, including staff salaries.
- Low Share Capital requirement: Companies can be set up with share capital of just £1.
- Total control of a company can vest in just one person: A company needs only one director and one shareholder, and they can be the same person.
- Simple Company Formation process: A company can be set up online in 3 hours. No need for paperwork, notaries, lawyers or magistrates.
- No residency requirements: Directors and Shareholders do not need to be UK nationals or UK resident.
- Owners protected from debt: The debts of the company are not payable by the shareholders.
- Minimal Compliance and reporting requirements. Small companies are only required to supply the simplest of accounts and do not require an audit, unless shareholders insist.
- EU Trading: UK companies have access to the largest single market in the world. There are no trading restrictions between member countries.
- Growing Seed capital base: There are ever increasing sources of finance for start-ups. These include Government-backed grants, crowd funding and venture capital.