Globig recently had Andrew Oury, a partner at Oury Clark Chartered Accountants and Oury Clark Solicitors, leading tax advisory, financial services and law firms in the UK, as a guest for our Go Global Go Big podcast.
This podcast focuses on how to do business in the UK. Mr. Oury provides important advice for companies considering expanding into the UK.
The following are some of the highlights from our conversation with Mr. Oury.
- Setting Up A Bank Account In The UK
This is not as easy as you’d think. The UK is very strict with the opening of new bank accounts since it’s considered one of larger financial fraud hubs in the world. Newer companies will have a hard time and the entire leadership team will need to be vetted. Banks are not prepared to provide customer service, so you need to drive the process yourself by being prepared with documentation and approach the process with persistence, and patience. Don’t assume the bank will contact you when additional information is needed.
- UK Visas
It’s not always easy to know what the best course of action is for your company in the long term, but you’ll need to make some important decisions early on regarding which visa is best, especially if you plan to bring people over immediately. Some visa types are much harder to get than others:
- EASY – Sole Representative
- EASIER – Ancestry (for Commonwealth citizens)
- HARD – Tier 2 Intra-company transfer, or General
- HARD/MESSY – Entrepreneur VISA
The Sole Representative Visa, available only one time for one person at one company, is easy to get, but is only available prior to setting up your business. Knowing the right order in which to do things can make a difference. Visas often dictate the type of business structure you have.
- Visiting the UK
If you’re conducting business on a visitor visa more than once, there is a good chance you’ll get caught and be banned from the UK for a long time. Is it worth it? Probably not.
- UK Hiring and Culture
Culture is key in doing business in the UK. Andrew believes it’s a mistake to bring sales people from your home country because they don’t understand how to do business in the UK and they have no rolodex.
Do you know what Brits mean when they say your product and company is ‘interesting’? How many meetings does it take before you can close a deal? Contacts and culture matter. Learn more by listening in.
- Setting Up Business In The UK
It’s fairly easy and straight forward to register your business, as long as you are doing things in the right order and follow the gov.uk guidelines, which are incorporated into Globig’s Expansion Plans. You’ll get some very helpful advice to make this process even easier.
- Brexit
Andrew offers some interesting advice on what’s going to change and what is not after Brexit, as well as how to be prepared. You’ll want to listen to this for sure, his perspective is unique and different from the media you typically read about.
If you’re considering doing business in the UK, this podcast is a great place to start. Don’t forget to read up on Doing Business in the UK in the Globig Knowledge Base and go through your customized step-by-step guides in Globig’s Expansion Planner also.
