Features of starting and having business in Great Britain.

Great Britain – is the country with the developed market economy and a high standard of living where traditions and foundations closely intertwine with current trends of business. According to the latest data of Management of National Statistics in Great Britain about 4.2 million people work for themselves, and by 2016 the number of the people who are engaged in own business has grown by 112,000 people.

The state carries out active support of individual entrepreneurs, and at the moment small business in Great Britain is very well developed and occupies 50% of the general GDP. A large number of people go to this country with good prospects of opening of the business.

If I decide to open the business in Europe, then I will choose Great Britain there are all conditions for disclosure of creative potential and the abilities. But at the initial stage of development of business there can have some difficulties, much more requirements in comparison with other countries are imposed to businessmen in Great Britain. Therefore in this article I will tell what is necessary to make that business develop successfully.

If you decide to open start business in Great Britain and to immigrate to the country, first of all it is necessary to get permission to the immigration visa of the businessman. For this purpose it is necessary to conform to several requirements:

1) to set your own business or to buy already existing matter in Great Britain;

2) to open essentially new business and to invest in it not less than 200.000 pounds sterling;

3) to provide a labor reserve for two and more local people.

It should be taken into account that according to this visa, the maximum period of stay in Great Britain - 1 year therefore on expiration, you should submit the application to embassy for extension of stay for 3 years. In Great Britain it is authorized to businessmen to work only within their own enterprise, and having lived in this country for more than 4 years, you can address for residence permission.

It’s easy and quickly to issue business activity in Great Britain and quickly as it is possible to make all necessary actions by means of the Internet.

There are 4 options of registration of business in Great Britain:

1) Open joint stock company where responsibility of each shareholder is limited to the cost of his actions, and they can be sold to any persons.

2) Unlimited company where all founders bear full responsibility for activity of the company, regardless of the sum of their personal deposits.

3) Limited liability company on a guarantee – the sum which founders, having non-commercial purposes, are ready to enclose in an asset of firm in case of her elimination.

4) Limited liability company where each founder of the company bears responsibility which is limited to the sum of his personal contribution. It is the most popular organizational and legal type of the enterprises.

For application for business registration you need to collect the following package of documents:

1) the statement which has to contain the name of the company, her legal status, information on all founders of the company and about their duties, the rights;

2) the charter of the enterprise which can be written in the native language but to provide together with him the copy translated to English and certified at the notary.

3) the balance account of firm which is also translated to English and certified at the notary.

After successful registration you will be brought in Registration Chamber where it will be necessary to address if you change further structure of heads or the legal address of the enterprise. For registration of the company and rendering of services the Registration chamber raises some collecting, namely:

1) registration payment at a rate of 20 pounds sterling;

2) purchase of books on accounting (50 pounds sterling) and common seals (20 pounds sterling);

3) expenses for photocopies of documents.

It is necessary to remember that the foreign businessman pays taxes on an equal basis with the competitive companies of Great Britain. For small and medium business with the income to 1.500.000 pounds sterling a year the tax rate makes 20%. For business which revenue exceeds 1.500.000 pounds sterling the tax rate makes 30%.

Thanks to state programs of support of small business, the taxation in Great Britain has the small size, simple and transparent system. Also, for small private enterprises privileges are provided, and for individual entrepreneurs there is a minimum free of income tax which makes about 8 000 pounds.

At the market of small enterprises at Great Britain there is quite fierce competition therefore it is necessary to make efforts in order that your business has survived and developed. Recently demand for tourist services as many people come to the United Kingdom on training or for the purpose of travel grows in Great Britain and look for options with inexpensive accommodation and tasty food. Therefore opening of restaurant or hostelny business with almost ready target audience can be excellent idea for the beginning businessman. Here the businessman has to adhere to the principle: "high quality for reasonable money".

Despite presence of conservatism at behavior of British, business etiquette at Great Britain quite easy. The beginning businessman who has arrived to this country has enough to follow rules of decency and to respect history and traditions of Foggy Albion.

Thus, opening and business in Great Britain – the good and profitable option demanding rather small expenses.

Sources:

1) The Financial Times guide to «Business start up 2016», FT Publishing International, 504 pages, 22 Oct. 2015.

2) Simon Burton, Tom Higgins, Darrell Sansom «The Great British entrepreneur’s handbook 2016», Harriman House, 168 pages, 25 Nov. 2015.

3) Roger Fields «Restaurant success by the numbers», Ten Speed Press, 288 pages, 5 Aug. 2014.