Let’s face it, the UK is one of the strongest magnets for start-ups and SMEs alike. If you’re looking for a friendly environment to grow and develop your business, the UK is one of the top choices among so many. With the sheer volume of tech hubs and highly respected organisations all establishing themselves within the UKs boarders, what do you need to consider before packing up and relocating to this desirable island.
There are many strategic reasons that companies from North America, Europe and Asia find the UK an attractive option when moving. But let’s dig deep into what some of the challenges might be if you’re thinking about relocating your business overseas.
What are some of the main challenges you’ll face?
The laws – Politics for businesses moving abroad is often overlooked and misunderstood. Moving your business to a new country means a new political climate, with new laws, regulations and legislations. There’s also the fact of immigration to consider too, so enlisting the help of specialist immigration lawyers and corporations who can help you is vital.
Residence – Whether you’re at the very beginning of the move process or are a way through, registering for a UK address is important. For example, UK Postbox can help and offer registered business addresses, so you can manage and access your mail from all over the world. This means that if you want to get your new address set up at the start of the process, you can!
Taxes – Unfortunately, the tax system in the UK is notoriously tricky. This is because it takes around 110 hours per year to complete the necessary tax obligations, which can involve anything from corporate charges and environmental and sales taxes. Enlisting the help of a business who can offer local tax support can be crucial.
The Brexit process
Arguably the most important political change that will affect businesses in the UK, it’s important to stay up to date and ensure you fully understand what’s happening. While you’re able to stay in the loop using media outlets, the official government website will provide you with the most insight.
What you should consider when relocating
- Managing your move – one of the top things you’ll need to get a handle of is the management of the move itself. From the physical implications to your company’s data, storage and other technology, it can prove tricky. It’s worth finding suppliers in the UK that you can trust.
- Talent acquisition – a company succeeds partially down to its workforce. Whether you use the trusted social platform LinkedIn or enlist the help of local recruitment firms, it’s important to get ahead of the curve when it comes to hiring local talent. Recruiting can be a very time consuming process, so starting this early can help.
- Understand the costs – one thing you don’t want to happen is that your costs run away with you. Get an accurate business plan put together, that way you’ll accurately be able to gauge how much the move to the UK will cost.
There’s a lot to consider when relocating to the UK or any country as a business. But, by being prepared and getting ahead of the game, its sure to be as smooth as it can possibly be!