The UK offers a huge opportunity for foreign businesses. However, if you want to succeed, you will need to get the initial setup right. This guide will show you how to move your business overseas to the UK.
Find a UK-based advisor
Before you do anything, get a UK-based financial and legal advisor. You need one person to guide you through the maze of UK rules and regulations. Make sure that this advisor is well connected in your industry as well – they will be able to recommend other experts when necessary.
Invest in a good lawyer
Make sure that your lawyer is well qualified and experienced. He or she will be your most important ally when it comes to ensuring that everything goes smoothly, so look for someone who not only knows the rules inside out but also has contacts in the system.
Outsource to UK-based companies
You can manage things from overseas, but you will need a number of UK-based companies to assist you. This means finding experts who are willing to work with your company in its country of origin – remember that they will all be doing it for the first time, too, and may need some guidance. For example, you may need to outsource payroll services or web app development UK.
Do your due diligence
Finally, before you make any decisions, do your research. The UK market operates in a very different way to most foreign markets, so it is essential that your product or service gets it right from the start – even something as simple as not having a UK bank account can be catastrophic. If you’ve done everything right, then opportunities for growth on these shores are vast.
Consider the location carefully
With over 60 million people, the UK is a large market for your business. However, it is not all built up and it is important to consider the location carefully before you move your business overseas to this country. What are the opportunities that exist in different parts of the UK? The London market, for example, benefits from being so multicultural – are you offering a product or service that caters to this?
Consider your competitors in the UK market
Don’t assume that because it is a new market, there won’t be any competition. Like most countries, the UK has its own companies, some of which will likely do what you do, and often they will have been established here for many years. They may even be looking to expand into your market, so make sure that you are one step ahead of them at all times.
Find out if there are any specific employee regulations
In some places in the UK, there are very strict rules about who can work for your business. It is worth doing some research and finding out if there are any specific regulations that apply where you plan to operate from.
This is just the first step of your journey – once you have done everything right, there are many opportunities for growth and success. Just make sure that you know exactly what to do and that all of your bases are covered before you set up in the UK.
