The UK has a thriving business environment and is home to some of the world’s leading companies. With Italy and the UK's business ties, there are many ways that entrepreneurs can launch and grow their businesses in both countries. But today, we’ll be talking about how the UK market is a perfect destination for you to expand your Italian business.
The UK is a wealthy country with a population of over 67 million people. It has a strong economic base, making it one of the most promising markets for businesses. The country’s infrastructure is also well-developed, making it an ideal location for companies looking to expand their operations overseas. In addition, the UK offers excellent prospects for business growth, thanks to its large pool of skilled labour and committed consumers who are open to new experiences and products.
Industries that are performing well in the UK
There are a number of industries that are doing well in the UK, which include
1) Supermarkets: Revenues in this industry are expected to grow at a compound annual rate of 0.5% through 2022-23.
2) Healthcare & Hospitals: General and specialised hospitals provide a wide range of medical, diagnostic, and treatment services. The industry's revenue is expected to rise by 2.4% over the years and is predicted to reach £112.9 billion.
3) Management Consultants: This industry covers a wide range of consulting services, including marketing, IT, human resources consulting, and business process management. In terms of revenue, the industry is expected to grow at a compound annual rate of 2.2% to reach £70.2 billion by 2022.
4) Pharmaceutical Wholesaling: The pharmaceutical and healthcare supply chain faces extreme changes. According to industry predictions, industry revenue is set to increase to £64.9 billion over the next few years.
Apart from these industries, banking and finance, telecommunications, retail and e-commerce, digital media and entertainment are also doing well in the UK. So if your Italian business is looking to tap into these industries, you would be happy to know that there is a huge demand for your goods and services and tremendous opportunities to grow your business.
3 questions to ask yourself before you start your business in the UK as a foreigner
1) Do you have a business account? A business account will give you access to various banking products and services, as well as make tax declarations and payments easy in the local markets. It will also help you to save unnecessary conversion fees while dealing with multiple currencies and international transfers. You can either choose popular banks in the UK or service providers like wamo.
2) What is your business's purpose? Your business must have a valid trademark or copyright in order to operate in the UK. Additionally, certain regulations may apply such as registering for a virtual address at the time of company registration. You should also consider what kind of product or service you are offering so that it can be effective in the UK market.
3) Do you have all the necessary documents? There are certain documents required when you register your company in the UK, these include
- Memorandum of Association
- Articles of Association
- Statement of Capital Holdings
- Certificate of incorporation
- Proof of ID, such as a driver’s licence, passport, or ID card
- Tax Number
- Proof of Address
Options to consider when you open a business in the UK from Italy
In the UK, you have multiple options on the type of business you want to choose. It all depends on your industry and what you feel is the best fit for your company. You can start a business from scratch, or you can purchase an existing business. You also have several other options, such as forming a partnership with another company or individual, licensing your brand to another entity, or establishing an overseas subsidiary.
When opening a UK business in any sector, it is important to carefully consider everything from the legal structure of your new venture to its marketing strategy and financial forecasts. With so many factors at play throughout the process of starting up in the UK, it’s essential that you have a professional business adviser on your side to make sure everything goes as planned.
Steps to open a company in the UK from Italy
The best part about opening a company in the UK is that you can do it completely online. You can also run your business from your home country without worrying about the long travel time or complex visa requirements. There are a few simple steps you need to follow in order to get started, and we have outlined them for you below:
1) Check your legal status: You first need to check the legal structure of your company in order to make sure you are operating within the confines of UK law. This includes checking if your business is registered with the government, whether it has a valid trademark or copyright, and any other regulations that may apply.
2) Prepare your financial documents & business plan: Your next step is to prepare all of your financial documents such as forecasts, budgets, and accounts. You will also need to prepare your business plan to outline all the details and purposes of your business.
3) Choose a business name & virtual address: Make sure your business name is unique and easy to remember. Additionally, you might be wondering, "Why a virtual address?" So, even if you are running a business from your home country, as per the government requirements, you will be required to register for a virtual address at the time of company registration.
4) Register with HMRC: Once you have completed all of the steps outlined above, it's time to register your business with HM Revenue and Customs (HMRC). This can be done by filling out a simple online form.
5) Wait for approval: Once you have submitted your paperwork and met all the requirements, it's time to wait for approval. The timeline depends on the type and accuracy of your application. So make sure you don't make any mistakes in your application to avoid any delays.
Easy ways to get your company started in 2 days in the UK
It is possible to open a business in the UK in 2 days with financial service providers like wamo. wamo provides a wide range of financial services that you typically require to run a business in the UK such as registering your virtual address, getting you a business account, helping you with company registration, issuing local debit cards etc. The entire startup process is extremely easy for foreigners, from creating your profile to signing up for products. Additionally, you will have access to expert support throughout the whole process.
In fact, it will take just 10 minutes for you to register with wamo's services. You can get started here right away!