Advice for launching a fintech startup in London
If you’re looking to expand your international fintech business or start up a new venture in the London area, you are probably already aware that London is known as the world’s fintech capital. It is an attractive startup location for foreign businesses wanting to expand internationally, and the most popular destination for Asian and American companies expanding into Europe.
Goodwille specialises in assisting international businesses set up companies in the UK. Check out our advice for setting up a fintech company in the UK:
UK business climate
Despite Brexit, the UK startup scene is thriving and many businesses still look to London to launch European operations. The UK government offers comprehensive guidance for overseas businesses thinking about launching in the UK.
Setting up a UK company
Setting up a UK company is a pretty straight-forward and quick process. Company incorporation is done via Companies House, UK’s registrar of companies, which is responsible for holding information about all companies in the UK. Albeit the incorporation process in itself is simple, we recommend you seek specialist advice to make sure your company is set up with Articles of Association, minutes and other legal essentials. Goodwille’s Corporate Legal department can help with setting up a UK entity and help with ongoing compliance for your UK company.
If you plan to employ workers in your company, you will also need to be registered for UK PAYE. PAYE, pay-as-you-earn, is the system used for the deduction of income tax and National Insurance contributions. The UK is in the process of making tax digital, so it is important to opt for a payroll provider that can meet all required obligations, now and in the future. Statutory pension contributions may also need to be deducted from employee salaries and your business is likely to be required to contribute towards employee pensions, too. Goodwille specialise in payroll and pension and can answer any questions about payroll or pension requirements in the UK.
Potential grants or funding
The UK offers access to a mature and streamlined business grants and funding sector. London fintech providers could well qualify for R&D tax credits or other funding awarded by Innovate UK.
Goodwille can help you launch your London fintech business. We offer legal, finance, HR, payroll and insurance advice to ensure your new company meets all UK requirements. Get in touch with us today to find out more.