Ready-made firm in UK with a bank account for work with EU
A ready-made company in England with a bank account to work with the EU is an ideal option for international business. The trade agreement between the UK and the EU provides for zero tariffs and duties on all goods, which allows significant savings. The parties also make it easier for each other to provide digital and other services.
What you need to know about England-Europe relations after Brexit
After Brexit, the EU is still the UK's largest trading partner. In 2020, England's exports to the EU accounted for 50 percent of all UK imports, which is £301 billion. During the pandemic, turnover dropped slightly, but still remained high.
At the end of 2020, under the terms of the Trade and Cooperation Agreement, Britain ceased to be a member of the EU single market and customs union. The exception - the rules did not affect trade between the EU and Northern Ireland, which is part of the UK.
The main terms of the Trade Agreement between the EU and the UK:
- No import quotas or customs duties are imposed on goods that are produced in the EU and the UK. But when crossing the border, they can be subject to VAT and other taxes that apply to imports.
- Entrepreneurs can certify their goods themselves, taking into account their compliance with the rules of origin.
- Each side provides favorable conditions to service providers, including digital services. But access to the free common market for services for the other side is limited.
- Constant and sustained transportation by air, land, sea.
Why it is better to buy a company in England rather than in one of the EU countries
England opens access not only to the EU market, but also to the territories that are part of it (Gibraltar, Northern Ireland, Scotland, Bermuda, etc.) You can promote goods and services to these markets as well, developing the company.
Also, the UK offers a number of tax incentives that will interest even a company that wants to work offshore:
- Although the income tax rate has remained between 20-40%, there have been increases in benefits for certain types of tax credits (personal, employee, and earned income tax).
- There was a 40% utility exemption for freelancers, as money is considered to be spent to keep the house running smoothly.
- Income tax was reduced to 15% for companies whose turnover is below €750 million.
- Duties on wine, beer and bottled cider were frozen, and cider and bottled beer fees were reduced by 5%.
- Business real estate sales/purchase tax reduction.
- Five-year incentives for retailers.
- It's important to note that although the corporate tax increased by 25%, the government reduced the bank surcharge rate from 8 to 3% and increased the annual allowance in the amount of the surcharge.
How to start a business quickly
You have two options: register or buy a ready-made company in England to work with the EU. Opening a business can take a few weeks, even if all the paperwork is done correctly. Plus it takes a lot of time to open a bank account.
Therefore we recommend buying a ready-made company:
- A working business - requires thorough due diligence before purchase.
- Shelf company - was registered, but did not work, so it has an absolutely clean history.
The transaction is executed through a notary public. All you need to buy - passport, certificate of registration, business plan. The contract may have:
- a legal address,
- a nominee director,
- VAT number,
- annual administration services, etc.
It is also possible to open a bank account in England at your request. Each condition is negotiated separately, can be excluded from the purchase, which will reduce or increase the price.
How to buy a company in England
To buy a ready-made business in the UK, contact the IT-OFFSHORE consultants.