How to easily trade and sell in the UK from Spain
Communication Team
Communication Team

January 24, 2023

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How to easily trade and sell in the UK from Spain

Opening a business in the UK from Spain is a great way to expand your company, tap into new markets and start earning in British pounds. The UK is one of the most popular places in the world to explore when you’re looking to grow your business as it’s an exciting business hub in a great location with a positive and encouraging attitude towards entrepreneurship. With clear guidance and some useful tips, the logistics of registering your business in the UK can be done relatively easily. In this post we’ll share some pointers on how to do this, and offer some options of what might be most efficient for your company.

Things to think about and do when registering your business in the UK

There are all sorts of responsibilities to opening and running a business in the UK, or anywhere else in the world for that matter. These include: keeping on top of your taxes; managing and caring for any staff you might employ; and maintaining your customer base, for starters. If you’re already on track with most of these things and you want to take the next leap by registering your company and opening a UK bank account from Spain, here’s a checklist that will be helpful to work through:

Find out if you need to register your company: once you’ve decided on the structure of how you will do business in the UK, you’ll have a better idea of how to register your company. There will be some paperwork involved and you’ll need to inform HMRC of your trading status. There aren’t set legal requirements for when you should set up your limited company once you’ve already started trading but it is recommended that you do it at least six months before the new tax year starts in April.

Gather the right documents for your application: Once you’ve decided on a company name and made sure it is available (you can do this through the Companies House name availability checker) it is time to start gathering all the documentation and information you’ll require to register your business in the UK from Spain. You’ll need to appoint a director, a guarantor and identify people with significant control over your company. Once that is sorted you will need to prepare a 'memorandum of association' and 'articles of association'. It might be best to hire an accountant to help with the accounting records and checks you’ll need to keep up to date with. For easy to follow steps on all of this, visit the gov.uk website.

Register your company: You’ll need to register an official address for your business in the UK as well as choose a SIC code that can identify the type of work you do before you register with Companies House. It is likely you can register for Corporation Tax at the same time, but if not, you can do so afterwards with HMRC.

Check that everything is correct after registering: Take your time to make sure you have everything in order. It’s worth reiterating that working with a third-party accountant might be very useful here – they will have a lot of experience on business in the UK and can help out with anything you might find challenging.

How to open a UK bank account from Spain

It’s become substantially easier over the past few years to open a UK bank account from Spain and many other locations outside of the country. If you’re in Spain, there are many online platforms you can use that offer these services, including wamo. This post has already outlined how to register your company through Companies House but of course there are other options to have external service providers like wamo open a business account in the UK from Spain for you. This is usually a better option as they will have more experience registering companies and opening a UK bank account from Spain. They’ll be able to let you know what documents might be missing so you don’t need to restart or delay the process. International trading is easier than it’s ever been before. You no longer need to be a resident in the UK, with a valid address and phone number to be able to start benefiting from doing business with a UK bank account. wamo will help you get a virtual London office address if needed, and a business account in the UK at the same time – all in 48 hours or less. This will help get your company up and thriving in no time! You will probably have heard of the more recognisable or traditional High Street banks, such as Lloyds Bank, HSBC, Barclays Bank, Santander and Natwest, if you’re from Spain and are familiarising yourself with doing business in the UK. You can open a UK bank account from Spain at any of these but the process will ultimately be more complex and expensive. This is particularly the case for non-residents, and all the more reason for you to look into alternatives to the mainstream.

How to start doing international business locally, with minimal hassle

If you are an entrepreneur, a freelancer or run a small business and want to expand your international presence without having to move, the UK is one of the best places for that. The UK economy is developed and the business scene is filled with talented people and interesting companies. You can easily start doing international business in the UK like a local, from the comfort of your home in Spain. Here are some things to think about as you get started:

Setting up your new company in the UK: We’ve talked a bit about the logistics of choosing the structure that works best for your company and how to go about registering it with Companies House. The set up of your business in the UK will also include choosing a name, having an address, nominating a director (this could be you or someone else) and selecting at least one shareholder (an individual or another company). You could do all this on your own, or alternatively work with a company like wamo who knows the ins and outs of how to do business in the UK as a non-resident.

Incorporating your existing Spanish company into an existing British entity: If you already have your business up and running in Spain and want to branch out to attract a UK customer base, you can think about incorporating your company into an existing or new British entity. Many of the same regulations will apply as what we’ve covered in setting up a new company in the UK. Third-party services like wamo can walk you through the process of doing business in the UK from Spain.

Registering yourself as self-employed: If you’ve earned more than £1,000 in the tax year as a freelancer in the UK, you will need to register yourself as self-employed. You can sign up with the HMRC and register for self-assessment, where you’ll receive your Unique Taxpayer Reference number to prove that you’re registered as self-employed.

Open your company with wamo in just 10 minutes

At wamo we believe in making things as straightforward and as easy as possible! It is super fast and easy to open a business bank account in the UK from Spain with wamo, especially when compared to options provided by more traditional banks. As a financial management service provider and a payments platform in one, wamo is much more than a bank and operates differently to the traditional banks you know. Our services and features are streamlined to best suit small businesses and entrepreneurs, with human-centred support every step of the way.

You can open a business account from Spain with wamo by downloading wamo Business from Google Play or the App Store or directly from the wamo website. Your wamo account can be used on your smartphone or from your desktop or laptop - whatever best suits your needs.

You’ll need to share some basic information about you and your business when registering. We’ll also ask you to verify your identity by recording a very short video and asking you to scan your ID. Security is a top priority at wamo so we won’t be using your data for anything other than verifying that you are who you say you are. We also don’t run any credit checks.

Lastly, you’ll need to decide what subscription plan you want to usefor your business in the UK. Take some time to think through what will suit your company best. If you have a big team, for example, having free virtual and physical debit cards as and when you need them makes it worth opting for the higher monthly subscription amount, easily covering this cost every time. At wamo we work hard to provide the best people-centred customer service to make sure you feel supported and empowered along your business journey - from opening a UK bank account from Spain to doing business in the UK and everything that it entails. We hope this post has helped nudge you to expand your business horizons from Spain and that it’s offered some useful direction to get it all rolling. Please reach out if you have any questions or want to share any tips we’ve missed. You can contact us via email on support@wamo.io or via the chatbox on our website. We’ll always reply to your emails personally and never send you messages via a no-reply email account.

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