As Lebanon's economy has been growing at a rapid pace and its banking system is one of the most developed in the region, there has been an increase in the number of locals leveraging the benefits of the booming economy and planning to expand their operations abroad.
Looking out from Lebanon, the UK is one of the most convenient and rewarding markets to expand business into, or simply to set up a new business in without having to go there. With the UK government constantly implementing new measures to promote inward investment and expand the market opportunities for businesses, Lebanon's diaspora is well-positioned to take advantage of this by registering their companies in the UK.
Furthermore, the UK has one of the world's largest economies. The country ranks fifth in terms of GDP and has the highest wealth per capita of all economic superpowers. With a very stable economic system, extensive legal structure and diverse consumer market, every entrepreneur with ambitionlooks to the UK to grow their ventures.
And the best thing about setting up a company in the UK as a foreigner? It's very easy and straightforward. So, if you are also someone who wishes to begin operations in the UK, we have got a perfect guide for you to get started.
The appeal of starting a company in the UK from Lebanon
If you are looking to start a business in the UK, there is no doubt that it’s one of the most economically stable countries in Europe. But since it’s always a big step to open or grow a business, it’s important to be sure about it and so, here are some reasons to assure you that at the very least, the UK should be at the top of your list of options.
1) Access to the UK market: The UK is one of the easiest markets to set-up and grow a business in. Each year, UK companies send over £16 billion worth of goods and services to Europe. So, if you are looking to sell your products or services in Europe too, opening a company in the UK will give you an edge over your competitors.
2) Strong Legal Framework: When it comes to business law, the UK is known for its simplicity and clarity. This makes it an ideal place for start-ups as there aren’t too many complicated bureaucratic procedures to go through. Plus, the country has a strong legal system that protects property rights and offers an efficient judicial system.
3) Strong Economic System: One of the main reasons why the UK is considered one of the wealthiest countries in terms of GDP is its stable economy. Over time, it has managed to maintain high levels of economic growth while reducing unemployment and inflation rates. This means that business owners in the UK have a lot of opportunities to grow their businesses and achieve success.
4 )Varied Consumer Market: Since England, Scotland & Wales are three separate nations within the UK, you have access to a vast and diverse consumer market. This means that you can target specific regions or sectors with your products and services, which is an advantage when competing in the marketplace.
5) Low Taxes: The UK has some of the lowest corporate tax rates in the world, i.e 20%, which makes it an attractive place to do business. Additionally, there are a number of other numerous tax reliefs that businesses can benefit from in specific sectors, such as research and development or environmental protection.
All things considered, if you have the right drive and ambition – as well as some know-how about running a company – then registering your business in the UK could be exactly what you’re looking for.
Requirements to set up a company in the UK
A limited company can be registered by an overseas national in the same way as one by a British national. In both cases, you must provide the same details and submit the same documents. Non-residents do not have to jump through immigration hoops, and there is no additional charge.For registering your company, here's what you need:
1) Company name: Your company name must be unique and not already in use by another business. It cannot include any abbreviations or special characters, and it must be at least six letters long.
2) Registered office: The registered office is where your company will reside legally. You can choose to have the company's principal place of business within the UK, but you can also have an agent Office abroad if required for tax reasons or to deal with customers from overseas.
3) Director details: Each director of a limited company must provide their full name, address, contact information (telephone and email) and occupation. Directors must also declare any interests they have in the company, including any dividends or other payments they may receive from it.
4) Limited company accounts: You will need to file annual accounts with Companies House. They will include details of your business's profits, losses and capital values. You must also provide information about who owns how many shares in your company - this is known as 'shareholding'.
5) Documents: You will need to provide some documents that include
- 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
Business account: You don’t need one, but why it is recommended
Getting a business account in the UK is not really a legal requirement, but having a business account will help you keep better track of your finances, it’ll make filing your taxes much easier and most importantly, it’ll allow other businesses to do business with yours more effectively.
Having money paid in your domestic account is not the best choice as you will have to bear heavy conversion fees and a big fee for international transfers - this can end up taking away from your profit.
We highly recommend you open a business account with local banks like HSBC, Starling Bank, Tide or financial institutions like wamo, Wise etc. that can help in the efficient money management of your business. It's worth noting that opening a business account in popular banks as a foreigner is difficult without an entrepreneur visa.
wamo offers an all-in-one solution for entrepreneurs, business owners and individuals with a business dream to start, run and grow a business from scratch, easily. We do this first by offering a company formation service through the wamo business app and website, and the option to open a wamo business account at the same time. This means that you can have a new UK registered company and a business account for it within 48 hours and for just £99.
It’s easier than ever to turn an idea for a business (and we’ve all had those!) into a fully-fledged reality - our number one aim is to provide you with all the support you need along the way. You won’t have to do it alone!
To register a new UK company and to open a business account to go with it simply download the wamo app from Google Play or the App Store and get started.