Switzerland group incorporating in the UK
29 May 2024 • Business Services • Financial Services • Outsourced Accounting
It’s a well-known fact that setting up an international subsidiary brings many challenges to businesses based around the globe. In this case study, we explore how we effectively helped our client manage everyday factors when starting operations in the UK.
About our client
A group in Switzerland sold beauty products. They previously used a distributor in the UK and decided to incorporate in the UK themselves to gain more control over their product sales.
As with any new business venture, setting up an office in a foreign land can be expensive, so it’s important to mitigate any extra costs in the very early stages. Rather than employ a full-time finance team in London, the client was looking to outsource management of the company’s finances to an external accountant. This is where we stepped in.
How we helped in the start-up phase
Firstly, we incorporated a limited company for the directors of the overseas business to ensure limited liability and support with business and personal tax planning. Additionally, using the benefit of our expertise and UK-based relationships, we were able to help the client overcome various challenges, such as:
When looking to set up the new company’s bank account there were concerns from the bank around the client’s group structure. However, we managed to progress the set up after discussing with our team the nuances around the company set up and the reason for the bank account, and upon notifying the bank that the group had a UK director.
The UK director then relocated to France, which stalled the bank account opening, but thankfully, due to our experts having long-standing relationships with various contacts throughout the banking world, we were able to secure a bank account for the client so they could begin trading.
As a new UK international start-up, the client required a suite of services, but had nothing on the ground and didn’t know about UK regulations. We therefore provided VAT, accounting, tax and company secretarial services, alongside transfer pricing and accounting software set-up advice. Outsourcing these business services to us, helped to free up the client’s resources and allow them to tap in to and leverage a global knowledge base – all while focusing on making their core business a success.
Post start-up: Our Current Contributions
We continue to provide a full suite of services to the company, from day-to-day bookkeeping to end-of-year statutory accounts. By providing an end-to-end solution, our advice and services give the client a 360-degree streamlined view of their business while giving them peace of mind that they never have to worry about complying with UK regulations and deadlines.
The benefits of working with us
Our one-stop-shop solution offers clients a single point of contact and support, which saves them time in dealing with multiple suppliers. Our specialist teams all work under one roof, enabling us to provide joined-up advice across multiple services, which considers the best approach from all areas in tandem.
Through our membership in PrimeGlobal, and collaborating with other independent PrimeGlobal members, we can access a wide range of tools and resources to furnish superior accounting, auditing, and management services to clients almost anywhere around the globe.