Once you select Britain as jurisdiction, it is common for a new trade to look for a business location in London. After all, Greater London accounts for around 30% of the UK GDP and has an excellent infrastructure for business. Scotland comes only second to London with growing numbers for exports and manufacturing. The property and labour costs for business are significantly lower in Scotland, then in the London metropolitan area, and this is not going to change.
The North is not short in skills, so your business will have enough specialists to hire. Every year around 80 000 graduates enters the jobs market here. Such numbers comprise a sufficient talent base for business growth. The number of postgraduate students in 2018 was a record high in Scotland. Besides, new students from EU countries will still be entitled to free university tuition on courses which start in 2020, the Scottish government has confirmed.
Scotland enjoys the benefits of access to the Common Market. After all, it has five international airports and is very well connected to Europe, with Berlin, Frankfurt or Paris within 2 hrs reach.
The main hubs for business development are in Glasgow, Edinburgh and Aberdeen. The Scottish government traditionally puts much effort to provide a pleasant environment for businesses, including funding to secure jobs and to apply innovations or implement R&D. Scotland offers incentives like grants and subsidies to investors with a total budget well over £1BN for three years. Proper support is the reason for many British investors to stay in Scotland.
Scottish business law is different from English. Oracle Capital Group provides advice for businesses willing to enter the Scottish and the UK market and guides through the regulations.
You may choose among several different types of entities. The business vehicles come in various fashions: a public limited company, a private limited company, a limited liability partnership and a special kind – Scottish limited partnership.
Scottish limited partnerships (SLPs) are a business entity unique to Scotland. They are a popular choice for the establishment of private equity and property investment fund structures. They are transparent for tax purposes. Unlike English limited partnerships, they have separate legal personality.
SLPs like an ordinary partnership, require the involvement of two or more partners. Partners share duties in the following fashion: a general partner is responsible for the liabilities of the SLP, while limited partners are only liable for the extent of capital contribution. The limited partner is not allowed to take part in the management of the SLP if it is to receive the benefits of limited liability. In some circumstances, SLPs are not required to disclose details of their accounts.
Bank accounts for UK entities can be set up relatively quickly, although this is dependent on the overall structure of the business. Unlike some other European jurisdictions, there is no need to establish a bank account before incorporating your UK entity.
Oracle Capital Group helps to analyse your business needs and will provide expertise, enabling your business to use benefits of the Scottish business environment. We shall also be happy to assist you in opening a bank account with a reputable credit institution.