Expand Business in the UK
Global Upside helps you expand 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 to help 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 this process and lifts the compliance burden for 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 country comprising the island of Great Britain – which includes Scotland, Wales, and England. 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 United Kingdom is one of the world’s most viable economies. It’s also considered to be the country best suited to develop business relations within the whole of Europe. According to data:
- UK ranks as the 7th largest economy in the world in terms of nominal GDP.
- UK ranks as the 2nd largest economy in Europe in terms of the GDP
- Manufacturing costs are low and the tax environment is favorable
- Corruption rate is low and the government practices are transparent
A complete lockdown has been declared here and all public movement has been restricted excluding the essential services. Furthermore, the government announced that all employees will telecommute and up to 80% of remuneration will be paid to an employee who is unable to work. Global Upside is assisting our clients on tips to retain the employees and making the business grow profitably. Many industries have seen a rise in hiring here such as the retail sector who is recruiting for distribution of products.
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 – this type of entity is the most prevalent business arrangement in the UK. It is mandatory that the company name must comply with government regulations. Additionally, the company needs to have a listed office in the UK.
ii) Public Limited Company – an establishment where the cost of operations is higher than their private counterparts. It is pivotal that 2 directors should be appointed.
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 1996, the employers need to provide the employees with the employment contact stating the below details –
- Name of the employer as well as the employee in full
- 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
The accounting standards of the United Kingdom are the UK GAAP (Generally Accepted Accounting Practice) which has been issued by the Financial Reporting Council (FRC) of the UK.
As per the General Data Protection Regulation (GDPR), which was enforced beginning on May 25, 2018, all businesses and public sector establishments can manage the data of their consumers. Furthermore, it also provides individuals with 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 their property (in some cases)