To start a profitable business in England, you need to register a company and open an account. All actions can be carried out via the Internet.
An application is being filled out on the embassy’s website. It states:
- Legal address.
- Data of the founders. One of them must be an English citizen.
- Positive balance of reporting.
- Copies of documents.
- A business idea.
A legal entity cannot be appointed as a director. After the application is approved, a certificate is issued in electronic form. In the paper version, you can get it in a week.
After registration, a package of documents is issued. It includes:
- Certificate of registration.
- Appointment of the director.
- Register of managers and shareholders.
- The Charter and the document on the distribution of shares between the founders.
- Minutes of the first meeting of managers.
These documents still require certification, according to the Hague Convention. When the registration papers pass the final procedure, a citizen can consider himself a full-fledged individual entrepreneur with an operating company in England. After that, you can get to work and develop your business.
Despite the fact that the UK is considered one of the most comfortable EU countries for taxation, you need to understand this point. Remember that for sole proprietors, the non-taxable income is 8,000 pounds per year.
Filing a tax return is strictly regulated. In case of financial difficulties in the English territory, you can always take out a loan for the development of a small business.
The British government actively supports small businesses, even if their owner is a foreign citizen. After all, England, like most European countries, replenishes the treasury precisely through trade and taxes of entrepreneurs.