Expand Business in the UK
Global Upside helps you expand your business in the UK by providing talent acquisition, human resources, accounting, payroll, tax, incorporation, and professional employer organization (PEO)/employer of record (EOR) services. Our comprehensive offerings create an end-to-end solution that helps you establish your business and optimize your operations, all while maintaining compliance with UK laws and regulations.
The hiring and incorporation processes in the UK are often complex, time-consuming, and involve numerous legal and compliance challenges. Global Upside simplifies these processes and lifts the compliance burden from your business. Our teams have the experience and expertise required to help you establish a legal entity in the UK. We also offer PEO/EOR solutions to companies interested in hiring employees quickly, without setting up a legal entity in the country.
Situated off the northwest coast of Europe, the United Kingdom is a sovereign state that includes England, Scotland, Wales, and Northern Ireland. London, the capital city of England, is a dominant international financial center and rates amongst the world’s best cities for business. With a population of over 66 million, the UK is a major center for the global economy.
- The services, manufacturing, tourism, and construction sector contribute to the GDP growth.
- The top exports of the UK are machinery including computers, vehicles, and mineral fuels.
- The primary imports of the UK are gems, precious metals, pharmaceuticals, optical, technical, and medical apparatus.
A representative office, also known as a branch, is not a discrete legal entity and is the mere presence of an overseas office. It is comparatively easier and less expensive to form a branch. The parent company is accountable for all the relevant debts of the company.
In a limited liability partnership (LLP), it is mandatory to have at least two selected members capable of lawfully operating the business.
i) Private Limited Company – a type of privately held business entity. This type of business entity limits owner liability to their shares, limits the number of shareholders to 50, and restricts shareholders from publicly trading shares
ii) Public Limited Company – a type of business entity in which the company shares can be sold and traded to the public. The minimum share capital requirement is £50,000.
A limited partnership is formed by a minimum of two people. One partner, a general partner, is liable for all the obligations of the company. The second partner, a limited partner, is only liable for the amount they have contributed.
This kind of a set up requires minimal administration and is simpler to operate compared to the other entities.
In the United Kingdom, it takes roughly 2-4 weeks to establish a legal entity.
As per the Employment Rights Act, all employers must provide their employees with an employment contract upon hiring them. The employment contract must include:
- Full name of the employer and the employee
- Job title, description, and date of joining
- Work permit
- Address of both the parties
- Remuneration including the interval of payment
- Working roster and leave pay arrangements
- Arrangement of pension and other appeals
- Dismissal policy and notice period
Following are the national holidays in England and Wales, but employers are not legally bound to give these days off:
- New Year’s Day
- Good Friday
- Easter Monday
- Early May Bank Holiday (early May, precise date varies year to year)
- Spring bank holiday (late May, precise date varies year to year)
- Summer bank holiday (late August, precise date varies year to year)
- Christmas Day and
- Boxing Day
The public holidays in England and Wales are not the same as in Scotland and vice-versa.
The accounting standards in the United Kingdom are established in accordance with the UK GAAP (Generally Accepted Accounting Practice). These accounting guidelines have been issued by the Financial Reporting Council (FRC) of the UK.
The General Data Protection Regulation (GDPR), which was enforced beginning on May 25, 2018, establishes specific guidelines for how businesses and public sector establishments can use employee and customer data. These guidelines also state that all individuals have the right to control their data and information.
Anti-Bribery & Anti-Corruption Law
The Parliament of the United Kingdom passed the Bribery Act, 2010, that established punishments and penalties for bribery and corruption, including:
- 10 or more years of imprisonment
- A monetary fine (unlimited)
- Confiscation of property (in some cases)