Guide to opening a business in the UK from Brazil
Communication Team
Communication Team

December 21, 2022

Share

Guide to opening a business in the UK from Brazil

For many years, the UK has been a magnet for foreign investors and entrepreneurs. Its close proximity to mainland Europe and the United States as well as its political stability makes it an ideal location for shipping. What’s more, its economy is growing faster than any other European country with unemployment at its lowest rate in decades.

Open a bank account

Once you have all the paperwork in order and understand the basics of running your business, it's time to open a bank account. If this is your first time opening an account from abroad, it can be quite confusing at first. You may think: "Where do I go? Who do I talk to?" And what about the fees? Can I just walk into any bank in London and get my business running smoothly? Well, here's some good news! In this guide we will cover everything related to setting up a UK bank account for your business and also give you alternate options to the often tricky business of opening a business account with a traditional bank.

Set up your business

Setting up your business is a fairly straightforward process. You'll need to register for an EIN, which stands for employer identification number. This is the federal tax ID number that all businesses in the United States must have. If you're registered as a sole proprietor, your individual Social Security number will suffice.

You'll also need to register with HMRC to get a VAT number if you plan on selling goods or services in the UK (and most other countries). A lot of people confuse this with sales tax, but it's actually something different: VAT stands for value-added tax and basically just means that businesses add 20% sales tax onto their products and services, then pass those costs along to their customers at checkout time rather than paying them directly themselves.

If your company sells online only but doesn't intend on ever setting foot inside of Great Britain itself—for example, if you run an ecommerce site from some other country—then there are no special requirements; however if it does have ties here then these steps should be taken at least once per year after starting up:

Get a physical address

  • You can rent a room at an office.
  • You can rent a room from someone who lives in your area.
  • You can use virtual offices, serviced offices, and coworking spaces.
  • Note that if you register your new UK company using wamo’s service, you will have the option of a virtual office address during the process.

Buy a domain name and register your website

Registering a domain name and registering a website are two different things. If you're new to the world of websites, this may sound confusing. Don't worry! It's really simple.

A domain name is what people see when they type in your website address on their browser; for example, if your business were called "Julia's Bakery," then your domain would be juliabakery.com.

If you open a wamo business account when you register your new UK company using wamo’s services, you will be able to benefit from wamo perks, including a discount with Domain.com.

You also need to register your website with an Internet service provider (ISP). There are many ISPs in Brazil that offer affordable packages for small businesses looking to get online—but don't make any commitments until you have done some research into which ISP offers the best deals for what you need!

Register for taxes

Now that you have registered your business and opened an account, it's time to pay taxes. It is important to note that taxes are not easy to understand: you may have heard about how long it takes some people to submit their returns, or how many times they get audited. Although this can be daunting, keep in mind that it's all part of the process wherever you have a business! The good news is that there are ways for you to get help with your tax return—for example by hiring an accountant who can take care of everything for you.

Enlist the help of an accountant

Accounting is an extremely important part of running a business, but it can be difficult for new expats to figure out what to do when it comes to accounting in their new home country. Do you need to hire an accountant? If so, how do you find one? What should your relationship with this person look like? And how much should they cost?

First things first: if you're going to open a business from Brazil and plan on doing any sort of transactions in the UK (whether that's selling goods or services), then yes—you need an accountant. An accountant will help you keep track of all the money coming into and going out of your business by preparing monthly financial statements (such as balance sheets and profit/loss statements). They'll also prepare annual tax returns and advise on tax planning issues. You don't have to hire someone full time; many accountants offer their services as contractors who come on board when needed rather than having them work for a set number of hours per week like an employee would do.

You can open a buisness in the UK as a non-resident.

The advantages of opening a business in the UK are many, and include:

  • High levels of education, training and expertise.
  • Strong financial sector.
  • Efficient transport links with other countries and regions around the world.

When you open a business in the UK, it’s important to understand that there are many different steps. We hope that this guide will help you navigate through them smoothly and get your business up and running quickly! By using wamo’s company formation service you will be able to have your new company registered within just 48 hours.

Wamo.Io LTD incorporated and registered in the United Kingdom under the company registration number 12352849 and the operational office of which is at WeWork, 199 Bishopgate, London EC2M 3TY. Wamo.Io LTD (Firm Reference Number 922901) is an EMD agent of PayrNet Ltd which is an Electronic Money Institution authorised by the FCA under the Electronic Money Regulations 2011 (EMR’s) with Firm Reference Number 900594.

Wamo Solutions Ltd is registered under the Laws of Malta with company registration number C97355 and registered office at Dragonara Business Centre, 5th Floor, Dragonara Road, St. Julians STJ 3141, Malta. Wamo Solutions Ltd is an EMD agent of UAB “PAYRNET” which is authorised by the Bank of Lithuania under the Law on Electronic Money and Electronic Money Institutions (authorization code LB001994, license reference 72).

The wamo card is issued pursuant to licence from Visa. UK issuance is conducted by PayrNet Ltd and EU issuance is conducted by UAB PayrNet. wamo operates the wamo.io website and the app. wamo is not a bank, the current account is an e-money account. Issuance of Electronic Money and payment services is provided by PayrNet Limited. The Financial Services Compensation Scheme does not cover electronic money products. No other compensation scheme exists to cover losses from your electronic money account. Your funds will be safeguarded in one or more segregated bank accounts with a regulated third party credit institution and not lent out, which gives you protection against insolvency, in accordance with the provisions of the Electronic Money Regulations 2011.

© wamo 2022, all rights reserved wamo & the wamo logo are trademarks and trade names of wamo technology Limited and may not be used or reproduced consent of the owner