Moving business overseas

[peterrepair]

Hi!

I have hypothetical question about moving business overseas.
Currently business is doing okay, but if the taxes are hiked any further or it will be more complex to hire someone I will be considering moving to one of the EU countries.
It would make sense since also most of customers are from the EU and they quite don't like the customs business when they receive the products.

What the move would look like? Just keep the company here alive, but no longer trading and set up a new one in the EU under same name and just carry on?

Thanks!

 

[Newchodge]

I suggest you need to decide which country you want to set up in and then research the laws there. I don't think it will be that simple. Are you planning to emigrate?

 

[NickGrogan]

Move to a new country, start a new business, close the business in the UK.

Assuming you can get a visa.

 

[The Soup Dragon]

Have you scoped out Ireland?

 

[peterrepair]

I don't have sights on any particular country yet. Each has pros and cons.
I'll wait for the budget and then I'll get better idea whether it will be worthwhile.
I am fortunate to also have EU passport, so it should be easier.

 

[Mark T Jones]

You'd want to look at small business regimes in the country you use.

The UK is actually one of the least bureaucratic countries in Europe for small businesses - some are positively stifling

 

[Newchodge]

if the taxes are hiked any further or it will be more complex to hire someone I will be considering moving to one of the EU countries.

Many European countries have higher taxes and far more complex employment laws. That is why you need to consider 1 country and check the laws there.

 

[The Soup Dragon]

I don't have sights on any particular country yet. Each has pros and cons.
I'll wait for the budget and then I'll get better idea whether it will be worthwhile.
I am fortunate to also have EU passport, so it should be easier.

Did you make any headway with this idea?

 

[fisicx]

You'd want to look at small business regimes in the country you use.

The UK is actually one of the least bureaucratic countries in Europe for small businesses - some are positively stifling

My son lives in Germany. Permission to start a new business can take months. Applications are all made on paper, stamped and faxed to the appropriate department. To open a bank account keep the whole day free, it’s that slow.

 

[peterrepair]

Did you make any headway with this idea?

I am going to pause this until next year, simply because it will be too risky at this stage.

 

[peterrepair]

My son lives in Germany. Permission to start a new business can take months. Applications are all made on paper, stamped and faxed to the appropriate department. To open a bank account keep the whole day free, it’s that slow.

To be fair that wouldn't bother me at all. Starting a business is one off event. It depends how well it works afterwards.
Here it took me around a month to open a bank account and whole process around month and a half, so it is not much better.
We tend to boast about how great our financial services are, but this is just a facade. Behind nice looking apps, there is a ton of garbage.
You probably won't get through to HMRC either if there is a problem. Last time I tried I gave up.