Almost half of Hongkongers coming to the UK intend to start their own businesses, boosting the UK's entrepreneurial spirit.
Thanks to the strong ties between the UK and Hong Kong, the country provides multiple opportunities for Hongkongers to set up and grow their business. Additionally, entrepreneurs get various benefits to set up a business in the British markets, including low taxes, favourable economic conditions, easy access to the large EU markets and straightforward company opening procedures, which can be entirely done online. This means you don't have to travel or be present in the UK to open your Hong Kong-based business.
So, if you're looking to take your business to the UK and start your very own business from scratch, it's time! With the country’s rich entrepreneurial history in managing businesses both domestically and internationally, the business world of the UK can provide you with everything you need to take your business to the next level.
Advantages of having a business in the UK from Hong Kong
There are many reasons why starting a business in the UK from Hong Kong can be a great idea. First, the country has a rich history and culture, making it an attractive location for businesses looking to target international customers.
While Hong Kong has been excelling in the finance, e-commerce, education and tech industries, the demand for these services in the UK has only grown in recent years, meaning there is plenty of room for businesses looking to tap into this market. Additionally, the UK provides a stable and supportive business environment that can be tailored specifically to Hong Kong businesses.
Moreover, the country boasts low taxes and strong infrastructure which makes it an ideal location for start-ups. In addition to this, many regulations are flexible so as long as your business follows applicable guidelines (for example registering with the tax authorities), you should have no trouble starting and running your company here. Finally, while startup costs may be higher in comparison to other countries, the UK offers a wide range of financial assistance and support schemes to help you get started.
Open a limited company with wamo
If you're looking to start a business in the UK, registering your company with the UK authorities is relatively easy but in some cases can become tricky and time-consuming. Using a knowledgeable third party provider like wamo’s company formation service can make this process much easier. With wamo it’s possible to register a new UK company and get a business account sorted within 48 hours.
Additionally, there are a number of benefits that wamo offers in order to make your procedure easier and safer when you apply from a foreign country. We will discuss this in detail on how to get started with wamo in the next section.
How to open a limited company in the UK vs process with wamo
With the regular procedure to open a limited company in the UK, you'll need to complete a number of separate paperwork tasks, including filing for incorporation and registering your company with the relevant authorities. In general, the process of opening a company is:
- Selecting a name for your business
- Getting a virtual business address in the UK
- Filing an application for incorporation with the local government
- Applying for a Business Registration Number (BRN) from the government
- Completing all necessary documents, including financial statements, business plans, and more
- Getting a company seal and having it certified by the government
- Registering your business with Companies House
- Getting your business ready for the UK taxation
- Finding a bank and getting a business bank account for running an international business in the UK from Hong Kong
What does the process look like with wamo?
With wamo's limited company registration service, we'll take care of everything for you - you can go through the whole registration process from the wamo app or webapp and we will send your application to Companies House for you and send you your Certificate of Incorporation once its done. If you don’t have a business address in the UK (something you must have) you can opt for a virtual office address in London with wamo too. In addition, you’ll be able to open a business account for your new company at the same time with all of the necessary services like virtual and physical debit cards, multi-currency accounts with EUR and GBP IBANs and personal, supportive customer service at every stage of your journey, so that you're ready to start trading in the UK as soon as possible.
The process of opening a company in the UK from Hong Kong usually takes 2 days with wamo - depending on the type of business, the availability of documents and your requirements. Our process of opening a company in the UK from Hong Kong is straightforward and just takes a few minutes to get you started. You can download the wamo business app from App Store or Google Play or simply head to our website to register yourself, which takes just 10 minutes!
Once your company is open and your business account is ready, you will have steady support from wamo in guiding you forward with your business goals in the UK.