Forming a Company in the UK as a non-UK Resident

Forming a UK company as a non-UK resident

On 1st January 2021, the UK officially broke from the European Union and took its first tentative steps towards independence in many years. While the separation undoubtedly caused much debate across the country, the business opportunities now afforded by being able to trade unfettered by European Union red tape and bureaucracy are heralding a new and exciting dawn for enterprise in the UK.

Unrivalled access to global markets under UK laws

With barrier-less trade and options to access global markets, many business experts suggest the UK's unique position of being at the heart of Europe - yet distinct and governed by its own laws - mean there's never been a better time to set up enterprise in the country. This is particularly the case for non-UK residents who can take advantage of the country's existing strong market connections.

The opportunities brought by Brexit

Below are just a few reasons why companies are flocking in their droves to set up in post-Brexit Britain.

Trading globally outside EU rules and regulations: As mentioned previously, Brexit has allowed UK companies to expand their reach globally - and without having to abide by the standard EU trade regulations, as was the case pre-Brexit.

A weaker pound: The lower value of sterling than overseas currencies makes exporting much more viable as foreign nations can buy British products cheaper.

New trade deals with non-EU nations: While we're still in the relatively early phases of the UK being out of the EU, the government has already successfully negotiated and agreed over 40 new trade deals with around 70 non-EU nations - and is in ongoing talks with Australia, New Zealand, and the US. As these negotiations progress, it's likely the deals struck between the UK and these countries will be subject to considerably fewer tariffs and rules due to the UK being able to set its own rules.

The chance to capitalise on a burgeoning home market: The lower value of the pound makes it far more expensive to import to the UK, which has increased local markets' value. As it's now costlier to trade with the EU, many British firms are looking to source local suppliers making UK companies more self-sufficient and bolstering trade between home-grown firms.

Opportunities to embrace digitalisation: There's no mistaking the impact computers, Artificial Intelligence (AI), machine learning, and robotics have on business. Indeed, many experts suggest we're currently in the throes of a fourth industrial revolution - a time when man and machines happily co-exist and work together in harmony. Automation brings tremendous advantages in streamlining how a company operates, improving efficiency, and slashing overheads. However, previous EU labour laws restricted firms in terms of how much they could integrate digitalisation into their operations.

Better employee recruitment and retention possibilities: While the UK was still part of the EU, it relied heavily on European workers. However, with introducing the new points-based immigration rules and the cessation of free movement across the EU, UK workers are now stepping up to plug the gap. Employing UK workers will give you access to the vast pool of talent that exists in the country while also improving your workforce's morale. Moreover, if you offer extra training to your employees to cover potential skills shortages, you'll also increase your staff retention rates.