Why The UK
With an average of over $3 billion spent online every week, the UK e-commerce market is more popular than in any other country.
The latest trends have shown steady and upward growth in the e-commerce industry. It is expected that by 2024 the industry will have over $119.1 billion. This makes it a safe and prosperous market to expand into.
Setting Up To Launch
As a non-resident importer, it is crucial to obtain a UK VAT registration and a GB EORI number before launching your brand in the UK. This will ensure that you are compliant with local tax regulations and can file your taxes correctly and on time.
In addition to these registrations, it is important to be aware of the UK’s strict product compliance regulations. You may need to appoint authorized representatives or responsible persons for products such as food, contact materials, electronics, and toys.
Launching Your Brand In The UK
When importing goods into the UK, you will need an Importer of Record to act on your behalf. VAT of 20% will be payable on the import value, but this can be reclaimed. It is essential to correctly classify your goods, as duties are non-refundable and depend on the classification.
Shipping options to the UK and other countries are also available. By taking the necessary steps and being aware of the regulations, you can ensure the success of your business and the expansion of your brand in the UK.