The UK is a renowned business hub for foreigners, and businesses from Dubai have made no exception in utilising the country's rich culture and business opportunities.
There are numerous ways you can run a UK business from Dubai, and one of the most popular methods is to set up a virtual office in the UK and utilise the benefits that the government there offers to foreigners and remote businesses.
The UK has one of the largest economies and offers vast opportunities across various sectors like finance, food, manufacturing, technology, renewable energy, agritech and more. Many Dubai-based businesses have shifted their focus to operating in the UK because of its widespread infrastructure and its highly skilled workforce.
In this blog post, we have set a guideline for all such entrepreneurs who want to start or expand their businesses in the UK.
Advantages of having a business in the UK
For setting up a business in the UK as a foreigner, you don’t need to get a visa and you can start operating remotely from day one. The UK has an open-border policy, so any business or entrepreneur can easily set up shop remotely in the country without facing any obstructions.
Apart from this, other important advantages of having a UK-based company include:
1) A gateway to large markets: Made up of England, Scotland, Wales and Northern Ireland, the nation boasts a population of over 68 million people which is one of the largest and most populated countries in Europe. This makes it an ideal market for demand and supply and to expand into new territories or regions.
2) Significant talent pool: The UK has a large pool of skilled and qualified professionals, which makes starting up a business here relatively easy as there are plenty of talented individuals available who can help get your company off the ground.
3) Access to European markets: Foreign companies from Asia and North America can take advantage of the U.K.'s access to European markets since it enables easy geographical access to the rest of Europe. It also maintains English-language conveniences. This makes it an advantageous location from where to launch new products or services into overseas markets.
4) One of the world's major financial and investment centres: It is one of the world’s foremost financial and investment centres, with a well-functioning and robust economy. This means that you will have plenty of opportunities to raise funds for your business venture from investors or corporates who are looking for high-growth businesses in which to invest. The Global Financial Centers Index ranked London as the second favourable city in terms of its:
- Business environment
- Human capital
- Financial sector development
5) Low Taxes: The current UK corporation tax rate is 19%, which makes it one of the most competitive jurisdictions in terms of tax rates when compared to other developed nations. This is set to rise to 25% from 2023 but still will have the lowest corporation tax rate in the G7 group of leading nations.
How to open a company in the UK from Dubai
Overseas entrepreneurs can register companies in the same way as British nationals. Both cases require the same details and documents and non-residents do not need to jump through immigration hoops, and there is no additional charge. For registering your company, here's what you need:
1. Register your business name: You will need to register your business name with Companies House and also ensure that it is displayed on all official documents, such as contracts.
2. Office Registration: A major requirement for you to open a company from Dubai in the UK is to have your office address registered in the country. Your virtual office address can even be a property of a friend or a family member, a rented property or anyone else's address who agrees to act as your company's official representative for your office address.
3. Directors and Shareholders details: One of the key documents you will need to submit is a director's declaration and shareholder list. This will include the full name, date of birth, nationality and contact details of each individual who has agreed to be involved in your company.
4. Bank Accounts: In order to receive payments from clients or suppliers, you'll need bank accounts in both UK pounds sterling (£) as well as your home currency (in Dubai this is likely to be UAE Dirhams). You can open an account with any reputable bank or financial institution - just ensure that the institution accepts the applications of foreigners. Once you have set up these initial finances, it's time to get on with setting up your business!
These are the general documents required to establish a remote company in the UK:
- Copy of your passport or identity card
- A completed application form (available from Companies House)
- Memorandum and Articles of Association
- A certificate of incorporation
- Tax number
- Proof of shareholder structure
- Proof of company address
How to open a company in the UK in 2 days
The process of opening a company in the UK seems quite straightforward. But, there could be some rules and regulations involved which can make the process harder than you first thought. This is especially true if you are a small business or a new entrepreneur - the UK government might require additional documentation or proof of ownership.
That said, if you are familiar with the process and have all the required documents ready, wamo is a holistic financial management platform that helps small and mid-sized businesses to establish a company in the UK with ease. With strong customer support and a team of experienced representatives, you can open a company and business account in just a matter of time.
Additionally, wamo also helps you to get a registered virtual office address. Unlike traditional banks, wamo offers a vast set of financial services at much lower cost, lower international fees and conversion rates and enables you to run a business in the UK without worrying about your finances. You can get started by simply reaching out to one of the wamo’s customer representatives or go to the wamo Connect area on this website.