A Guide To Setting Up A UK Business Post-Brexit

Setting up a business in the UK post-Brexit follows a similar process to setting up a business before Brexit. However, there might be some changes due to the new regulations and policies that came into effect after the UK departed from the European Union.

Guide To Setting Up A Business

Here’s a step-by-step guide to help you set up a business in the UK post-Brexit however don’t be surprised if what is reported in this article is updated as the UK evolves in a post-Brexit economy.

Define your business idea.

Identify the nature of your business, the products or services you plan to offer, and conduct market research to understand its viability and potential customers.

Choose a business structure.

Select the appropriate legal structure for your business. The standard options include a sole trader, partnership, limited liability partnership (LLP), or limited company. Each system has different legal and tax implications, so it’s essential to research and choose the most suitable one for your business.

Register your business name.

Choose a unique name for your business and ensure it’s not already used. You can check the availability of your chosen name on the Companies House website and register it as necessary.

Determine the legal requirements.

Familiarise yourself with the legal requirements and regulations specific to your industry. Some businesses might require licenses, permits, or certifications to operate legally. Check with the relevant authorities or industry-specific regulatory bodies to ensure compliance.

Register for taxes

You need to register your business for tax purposes. Obtain a Unique Taxpayer Reference (UTR) from Her Majesty’s Revenue and Customs (HMRC) to ensure compliance with the tax regulations.

Set up business banking.

Open a business bank account separate from your personal finances. This will help you manage your business transactions and maintain clear financial records.

Understand employment regulations

If you plan to hire employees, especially from offshore, familiarise yourself with employment laws and regulations in the UK. This includes understanding employee rights, minimum wage requirements, and health and safety regulations.

Secure necessary permits or visas

If you are a non-UK resident planning to set up a business in the UK, you may need to obtain the appropriate visa or permit to live and work there. The specific requirements depend on your circumstances, so it’s advisable to consult with an immigration lawyer or the UK Visas and Immigration department.

Comply with customs and trade regulations.

Post-Brexit, businesses that import or export goods with EU countries or other international markets must comply with customs and trade regulations. This includes understanding customs duties, tariffs, and rules of origin. The UK government’s official website provides guidance and resources for businesses involved in international trade.

Seek professional advice

It’s recommended to seek professional advice from accountants, lawyers, or business consultants specialising in UK business regulations. They can help you navigate the specific post-Brexit requirements and ensure compliance with your business’s legal and financial aspects.

Final Words

Remember, this guide provides a general overview of the process, and the specific requirements and regulations may vary depending on your business type and industry. It’s always best to consult with professionals and relevant government authorities to ensure you meet all the necessary obligations and have a smooth business setup process in the UK post-Brexit.

Registering a business can be challenging at the best of times. Trying to do so in a foreign country can be even more challenging. Administrative hassles and red tape abound, with many not always apparent from the off. We’ve examined the basics for setting up a UK company to eliminate the headache.

Getting your documents in order

The basic requirements when setting up a company in the UK are as follows:

• a company name,
• a business outline
• a registered office (with a UK address)
• a brief summation of the business your company will be involved with
• a breakdown of how the share capital will be distributed
• names and ID numbers of the company director(s), secretary and initial shareholders.
• Memorandum of Incorporation and Articles of Association

Once you’ve got your legal business entity, switch your focus to operations. We have helpful articles on every topic, from digital marketing, accounting, and human resources management to the latest technology trends and security to assist you with all areas of starting a new business. Use our search feature for your keywords or click on our menu categories.