Other Considerations - Moore Kingston Smith

Other Considerations

Banks

You will need to set up a bank account for your new business. There are three options:

  • open a new account in the UK
  • use the account you already have in your country
  • open a UK sterling account in your country

We have good relationships with key banks and can help you in this respect.

In order to set up a UK bank account, you will require a UK address. In addition, there are anti money laundering processes to be dealt with, which can often be time consuming. Moore Kingston Smith can assist.

Exchange control

There are at present no exchange control regulations applying in the UK and capital can be moved freely into and out of the country.

Grants and incentives

UK Trade and Investment (UKTI) has a number of programmes designed to help businesses set up in the UK and relocate. For more information, please visit https://www.gov.uk/government/organisations/uk-trade-investment.

We are happy to introduce you to our contacts at UKTI.

Immigration

If you are bringing staff in from outside the UK, first you will need to check whether they have the legal right to work in the country.

There are other immigration issues that you need to consider. We will be happy to introduce you to an immigration lawyer.

Insurance

As well as requiring employer and public liability insurance, you may want to consider key man or life assurance policies for key individuals and organise cover for any assets you buy.

We are happy to introduce you to the relevant insurance brokers.

Useful websites

https://www.gov.uk/government/organisations/uk-trade-investment

https://www.gov.uk/government/organisations/hm-revenue-customs

http://thecreativeindustries.co.uk/

http://www.londonandpartners.com/

https://www.citizensadvice.org.uk/

Moore Kingston Smith are members of Moore Stephens International, a global accountancy and consultancy network. Our membership enables us to help companies take a global perspective to their expansion.

To find out more, please visit www.moorestephens.com.

Download ‘Other considerations’.