When you hear about the United Kingdom, images of the royal family, the chamber of lords, tea parties, great castles and a very particular accent surely come to your mind. The truth is that this is a country that in addition to all these attractions that are part of its soft power, is a large maritime territory that has beneficial characteristics to carry out a busy lifestyle and conducive to business.
The United Kingdom of Great Britain and Northern Ireland is a country located in Western Europe. It is one of the world's major powers. It is made up of islands located in the Atlantic Ocean, west of Europe. Its borders are mainly maritime. To the north is the Atlantic Ocean and the North Sea, to the south is the English Channel that separates it from France. The only land border it has is with Ireland through Northern Ireland.
Mundo’s United Kingdom freedom rating is basically a freedom index whereby our team of experts rates a combination of freedoms, which include political stability, personal safety, lifestyle, taxation, and investment potential.
Political Stability: 8
The United Kingdom includes the constituent nations of Wales, Scotland, England, and Northern Ireland has a stable parliamentary democracy. The United Kingdom is ruled under a constitutional monarchy. The country is governed by a queen or king who accepts the directives of the parliament. Britain holds a free election every five years. The highest offices in the government are operated by the members who are elected by the citizens.
The United Kingdom offers a number of company structure formats to suit the needs of those wishing to invest their money within the country. Among them are the sole trader for those who want to undertake alone, the Limited Company where the members are legally separated from the incorporated company and finally the Partnerships where two or more people can establish an agreement to carry out business together. The latter are the ones we will present below.
Before starting to describe the structures of the associations, it is necessary to know that the United Kingdom has a quite favorable environment for business. For example, as an entry point, you should know that in the UK the registration of a partnership takes less than 24 hours.
The United Kingdom is facing a rather turbulent economic landscape after a post-Brexit and post-pandemic scenario. Especially in terms of payment systems.
UK consumers in Great Britain, Northern Ireland, Scotland and Wales have been transitioning to electronic payment methods in recent years. As internet speed, server capacity and the creation of virtual wallets improve, the Fintech sector is growing.
From the point of view of the population, 87% make their purchases through electronic stores or applications. That is, going to the market for food, buying a T-shirt of their favorite soccer team or a house for their dog, is done from the comfort of their home.
E-moneys institutions are companies in charge of providing services related to electronic money. They differ from a bank in that they do not have the capacity to grant credit or generate interest from deposits made.
Currently, they have become a trend in the Fintech world as they are companies with fewer regulations both for those who create them and for those who use their services.
In the United Kingdom there is the possibility of obtaining a license to create this type of company. The procedure lasts for 12 months and the initial amount to create the company is £350,000.
Types of E-Money Institution
There are currently two types of E-Money Institution in the UK: SEMI and AEMI.
The United Kingdom is one of the destinations chosen by both young people and adults to reside. The big island is attractive because it offers tax and legal advantages for those who wish to start a business there or find a stable job.
There are different schemes to achieve residency. You can be an entrepreneur, a company representative or someone looking for a job offer. Rest assured that with that status you qualify for the following types of visas that we will discuss below.
Innovator Visa and Partner Innovator Visa
This type of visa is designed for those who aim to set up or run a business in the UK or for those looking to join a UK partner.
Department for Business, Energy and Strategic Industry - (BEIS https://www.gov.uk/government/organisations/department-for-business-energy-and-industrial-strategy)
This ministry is in charge of generating the necessary policies to make the United Kingdom a safe and innovative place for business, the environment and work.
It is currently supported by 42 other government agencies.
Department for International Trade (DIT https://www.gov.uk/government/organisations/department-for-international-trade)
This ministry in charge of attracting international investment and generating links with countries and organizations in the area of business.
Cumulative Annual Inflation Rises to 3.2%
According to the Office for National Statistics (ONS) report, inflation in the United Kingdom has reached 3.2% in the month of September, as a consequence of the increase in the price of food, transport, along with other goods and services. This increase is associated with the reopening of the British economy after the lock-in during the beginning of the pandemic.
According to the government agency, the figure is an unprecedented figure since records began to be kept in 1997.
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