GoSolo, which offers business accounts, will now be available to international entrepreneurs wishing to set up a business and their bank accounts in the UK, the company announced on Tuesday (April 12).
In a business blog post, GoSolo said it was designed for “entrepreneurs, founders, and people who dream of running a business.”
GoSolo’s global account would come with a UK-registered limited liability company with a virtual UK address, a business account with a Mastercard debit card, and several other features to help entrepreneurs.
The idea is to reduce complexities and the need for lawyers, reducing the costs typically associated with setting up a business in another country, the company said. Using its UK hub, the company plans to provide non-UK residents with a virtual UK business address to help them set up their business.
The company will also simplify things with a variety of tools, including easy ways to set up a site, billing, multi-company access so multiple business accounts can be used, and third-party account access.
GoSolo said the UK is an attractive business destination as it is the world’s fifth largest economy and London is a global financial centre. The report also notes that UK businesses raised more than £38.9bn ($50.9bn) in venture capital (VC) investments in 2021.
PYMNTS wrote that in other UK news, the UK Online Safety Bill has been introduced in an attempt to reduce internet-related harm. This will be done by strengthening the responsibilities of social media companies and search engines to monitor content posted on their platforms.
Read more: UK’s Online Safety Bill may reduce authorized push payment fraud
The bill will impose a “new online duty of care” mandating the removal of illegal content, as well as “high-risk and high-end” services, lawful but harmful material.
The government has also added new provisions to make companies responsible for preventing fraudulent advertisements from appearing on their platforms.