GoSolo, which offers business accounts, will now be available for international entrepreneurs looking to base a business and its bank accounts in the U.K., the company announced Tuesday (April 12).
In a company blog post, GoSolo said it is made for “entrepreneurs, founders and people who dream of running a business.”
GoSolo’s Global Account reportedly comes with a U.K. registered limited company with a U.K. virtual address, a business account with a Mastercard debit card and several other features to help entrepreneurs.
The idea is to cut down on the complexities and need for lawyers, reducing the cost typically associated with setting up a business in another country, the company said. Using its U.K. hub, the company plans to provide non-residents of the U.K. with a virtual U.K. business address to help set up their company.
The company will also simplify things with various tools — including easy ways to set up a site, invoicing, multi-company access so more than one business account can be used and third-party account access.
GoSolo said the U.K. is an attractive business destination, as it is the world’s fifth largest economy and London is a global financial hub. The report also noted that U.K. companies raised more than £38.9 billion ($50.9 billion) in venture capital (VC) investment in 2021.
PYMNTS wrote that in other U.K. news, the U.K. Online Safety Bill has been introduced in order to try and cut down on internet-related harms. This will be done by boosting the responsibilities of social media firms and search engines to monitor content posted on their platforms.
Read more: UK Online Safety Bill Can Reduce Authorized Push Payment Fraud
The bill will impose a “new online duty of care” making the removal of illegal content mandatory, along with “high-risk, high-end” services, material that is lawful but harmful.
The government also added new provisions to make the companies responsible for preventing fraudulent ads from appearing on their platforms.
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