The United Kingdom (UK) is one of the leading trading powers with the fifth largest economy in the world. By the third quarter of 2019, the UK’s Gross Domestic Product (GDP) increased 0.4%. Services, particularly banking, insurance, and business services, are key drivers of British GDP growth. These advantages make the UK an ideal environment to expand into. But how do small businesses get there?
One option would be to use an Employer of Record (EOR). By using an EOR UK service, you can hire an employee without having to set up an entity in the country, saving you resources that would otherwise be used for company formation. Not only will this employee have a better understanding of the UK’s business practices and trends, but they can also help you learn more about the market so that you can tailor your business efforts to fit the culture.
Another option is to set up a legal entity in the UK through company formation services. Despite the UK’s exit from the European Union, the UK remains one of the top countries on Forbes’s Best Countries to Do Business in 2019 list. With low tax rates and high employment rates, the UK is home to many new businesses and entrepreneurs. Setting up a company in the UK also means you will have access to neighboring countries and an even bigger potential audience to serve once you are fully established. Keep reading as we dive deep into the unique business culture of the United Kingdom.
EOR in the UK
Hiring employees in the UK through an EOR means that you will have access to a skilled workforce of about 32 million people, the second-largest workforce in all of Europe. The UK is home to four o