The prospect of forming your own company is one that many people get excited about. Whether it’s the young entrepreneur looking to make a big splash in the business world or a retiree looking to make that craft hobby pay a little income – it’s the same impulse.
When you’re setting up a business for limited company, you could ask yourself why the UK is such a good choice. It could be simply geographical; if you’re living and working in the UK then setting up a business there makes sense.
However, there are some very tangible advantages to UK based companies. Formation agents like Company Formation Made Simple are enabling people both in the UK and abroad to make the most of these advantages.
These advantages include the following:
- Low Fraud – Although fraud is an issue in every country, the UK has a comparatively low rate of fraud. This is mainly due to the many stringent checks that are required by banks.
- Funding Eligibility – Businesses in the UK are more eligible for funding, whether that be government based through private initiatives. There has been an explosion in British business recently – and much of that has come from funding initiatives. There are also many tax breaks and incentives available for SMEs.
- Start up Hubs – There are many start up hubs in the UK, most notably London, that make it a vibrant place for a young business to grow and develop.
Investors often receive tax breaks when investing in business in the UK too, which means lots of angel investors are looking for the next British based company to join – as a result many people with bright ideas head there and make a big pitch.
It’s fair to say that companies formed in the UK carry a higher degree of legitimacy within the UK economy itself and the world in general. Economies of emerging nations where regulations aren’t as rigorously enforced and there are higher instances of fraud are less appealing to potential investors or business partners – but formation agents like Company Formation Made Simple assist entrepreneurs in the administrative procedure of setting up their own company in the UK