EU Enlargement Will Spur UK Company Formations
As the EU welcomes ten new members in its biggest enlargement ever, a significant increase in the number of UK company formations is predicted by Phil Vibrans, Managing Director of Company Registrations Online.
(PRWEB) April 30, 2004 -- Foreign entities and individuals often incorporate
companies locally to improve access to Western European markets. The 1st May
enlargement creates a market of over 340 million inhabitants – the largest
economic area in the world.
"There are compelling reasons for acceding
countries to look to the UK as a base for new limited companies and
subsidiaries, regardless of in which EU countries they intend to carry out
business," said Phil. "In the UK it is possible to set up a new company within
24 hours. In comparison, Spain hopes to reduce incorporation time from three
months to six weeks by 2006," he added.
"The cost of company formations
in the UK is also significantly lower, making it very attractive when compared
to other European countries. Furthermore, many EU Member States stipulate high
levels of issued capital, which preclude incorporation by small firms and
individuals. In the UK, there is effectively no minimum requirement for
authorised or issued capital. A company may be established with capital of just
one share," Phil commented.
Incorporation in the UK is open to everybody,
regardless of citizenship. Other than the requirement for a UK registered
office, individuals and entities domiciled anywhere in the world may be
shareholders and officers of a UK company.
"There is no doubt that
enlargement will promote stability, stimulate further investment and raise
prosperity and it’s clear that these benefits won’t be limited to new member
countries," said Phil. "The creation of a market of this size presents a major
opportunity, not just for formation agents, but for the business services sector
and indeed the UK economy as a whole."
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Source : http://www.prweb.com/releases/2004/4/prweb122482.htm