Most UK businesses need no general operating licence, but financial services are subject to a strict authorisation requirement and many sectors have their own regulator or licensing body. Public procurement has run under the Procurement Act 2023 since 24 February 2025. Foreign companies can own UK property, but an overseas entity holding UK land must be on the Register of Overseas Entities and keep it updated every year.
Regulated activities
The Financial Services and Markets Act 2000 prohibits carrying on a regulated activity in the UK, or claiming to, without authorisation or an exemption. Activities such as deposit-taking, lending and investment business fall within it, and firms are authorised by the Financial Conduct Authority and, for banks and insurers, the Prudential Regulation Authority. Breaching the general prohibition is a serious matter, so foreign fintechs and financial groups should map their UK activities before launch.
Outside financial services, licensing is sector-specific (for example energy, telecoms, food, alcohol and healthcare) and often local. This guide does not list sector licences; check them for the specific activity.1
Selling to the public sector
The Procurement Act 2023 took effect on 24 February 2025 for central government, the NHS, local authorities, universities, utilities and other public buyers. Suppliers register free on the Central Digital Platform, the enhanced Find a Tender service, when they intend to bid. Because the UK is a party to the WTO Agreement on Government Procurement, suppliers from other parties can bid for covered contracts.23
Freeports and Investment Zones
Designated special tax sites in Freeports and Investment Zones offer a package of reliefs. The enhanced capital allowance gives 100% relief on qualifying plant and machinery for spending until 30 September 2031 in English Freeports and until 30 September 2034 in Scottish Green Freeports, Welsh Freeports and Investment Zones. The reliefs are tied to designated sites and dates, so confirm the site's status before planning around them.4
Property owned through foreign entities
Foreign companies can buy UK land, but an overseas entity holding UK property must be on the Register of Overseas Entities at Companies House. It must file an update statement every year within 14 days of its statement date, with any changes verified by a UK-regulated agent. Failure is a criminal offence and blocks the entity from selling, leasing or charging its property.56
| Regime | Who it affects | Main obligation |
|---|---|---|
| Financial Services and Markets Act 2000 | Anyone carrying on regulated financial activities in the UK | Be authorised or exempt before starting |
| Procurement Act 2023 | Suppliers bidding for public and utility contracts | Register on the Central Digital Platform; follow the new procedures |
| Freeports and Investment Zones | Businesses investing in designated tax sites | Meet site and date conditions for each relief |
| Register of Overseas Entities | Overseas entities owning UK land | Register, verify beneficial owners and file annual update statements |
How it works, step by step
- Map planned UK activities against the regulated activities regime and apply for authorisation if needed1Financial Conduct Authority / Prudential Regulation Authority
- Register on the Central Digital Platform before bidding for public contracts2Cabinet Office (Find a Tender)
- Before an overseas entity acquires UK land, register it and its beneficial owners on the Register of Overseas Entities5Companies House
No timings or fees are shown unless an official source states them.
Documents usually needed
- Regulatory business plan and authorisation application (for regulated financial activities)
- Supplier registration on the Central Digital Platform
- Overseas entity ID and verification statement from a UK-regulated agent
- Evidence of site designation and qualifying expenditure for Freeport or Investment Zone reliefs
Common mistakes
- Launching a payments, lending or investment product in the UK on the strength of an authorisation from another country.
- Assuming the old public procurement rules and portals still apply to new tenders.
- Letting an overseas entity's annual update statement lapse, which freezes dealings with its UK property.
- Planning capital spending around Freeport reliefs without checking that the site is designated and the deadline has not passed.
When the business crosses borders
- EU financial passporting no longer applies in the UK; EU firms need UK authorisation or an applicable exemption.
- Overseas entities need beneficial owner information verified by a UK-regulated agent, which can take time for multi-layer structures.
- Scotland and Wales have different property taxes and land registers from England; check the location-specific rules.
- Foreign suppliers' access to UK public contracts depends on GPA coverage or trade agreement procurement chapters.
Questions businesses ask
Can a foreign company own UK property?
Yes, but an overseas entity must register on the Register of Overseas Entities and file an update statement every year, or it cannot sell, lease or charge the property.56
When did the new procurement rules start?
The Procurement Act 2023 rules took effect on 24 February 2025.2
Do Freeport tax reliefs last indefinitely?
No. The enhanced capital allowance, for example, covers spending until 30 September 2031 in English Freeports and 30 September 2034 in Scottish, Welsh and Investment Zone sites.4
What this guide does not yet confirm
These points need checking with a qualified local professional in the United Kingdom before you rely on them.
- The initial registration duty for overseas entities and the land acquisition dates it covers in each UK jurisdiction were not confirmed on an opened page.
- The geographic scope of the Procurement Act 2023 (in particular Scottish devolved bodies) and contract thresholds were not confirmed.
- Sector licensing regimes (energy, telecoms, healthcare, alcohol, gambling) and subsidy control rules were not researched.
- The list of designated Freeports and Investment Zones and the other site reliefs were not confirmed.
- FCA and PRA authorisation procedures and timelines were not checked against regulator pages.
Sources and review status
Each statement is numbered to the source it was checked against. We use official sources where we can, and each statement says whether it was checked against an official or a secondary source. Sources last checked on 19 October 2026. None of it has been professionally reviewed yet: it is research checked against official and secondary sources by WONE Global, not legal or tax advice.
No person may carry on a regulated activity in the United Kingdom, or claim to do so, unless authorised or exempt (the general prohibition). Financial Services and Markets Act 2000 s19. Regulated activities (for example deposit-taking, lending, payments-related and investment activities) are defined in secondary legislation; authorisation is granted by the Financial Conduct Authority and, for dual-regulated firms, the Prudential Regulation Authority.
The role of the FCA and PRA in granting authorisation is general background and is not stated in section 19 itself.
The Procurement Act 2023 rules for how public bodies and utilities buy goods and services took effect on 24 February 2025, and suppliers bid through the Central Digital Platform (the enhanced Find a Tender service), where registration is free. Applies to suppliers to central government, the NHS, local authorities, universities, schools, social housing providers, police and fire services and utilities. Geographic scope, including Scotland, is not stated on the source page.
As a party to the WTO Agreement on Government Procurement, the UK allows businesses from other parties to bid for certain UK public contracts. Coverage depends on the UK's GPA schedules and contract thresholds.
Businesses can claim a 100% enhanced capital allowance on qualifying plant and machinery for use in Freeport or Investment Zone special tax sites, for spending until 30 September 2031 in English Freeports and 30 September 2034 in Scottish Green Freeports, Welsh Freeports and Investment Zones. Only from the date the site is designated. Other site reliefs (structures and buildings allowance, employer National Insurance, Stamp Duty Land Tax in England, business rates) have their own conditions.
Every overseas entity on the Register of Overseas Entities must file an update statement each year, within 14 days of its statement date, even if nothing has changed. Overseas entities that own UK land or property and are registered at Companies House. Changed or new information must be verified by a UK-regulated agent no more than 3 months before the statement date.
An overseas entity that fails to file its update statement commits a criminal offence and cannot buy, sell, transfer, lease or charge its UK property or land. A note of the failure is added to the public register.
Questions on this topic
6 statements on licensing, procurement, incentives and property in the United Kingdom
