How to Start a Business in the UK for Foreigners
Great Britain is known as the birthplace of the Industrial Revolution. Indeed, the way we consume products have changed after this, and we face different economic dynamics in our everyday life. The UK has evolved itself in this matter; however, it still holds its ranking as the sixth-largest economy in the world. Therefore, many immigrants, citizens, foreigners are interested in the UK because they are aware of its capacity for growing a lucrative business. If you have the UK in mind to start your business as a foreigner, this article is just right for you.
First Off, Keep the Spirits High
The UK is attractive for many citizens worldwide though there are some challenges in the UK immigration system. Opening up a new business in the UK. requires detailed documents, and to obtain these, you need to go through elaborate steps. However, don't get demotivated. A well-executed plan and some positivity are all you need.
Get Your Visa
Getting a visa is the first step on your journey to start a business in the UK. It is required to enter the UK for more than 40 countries. According to your nationality, you need to apply for the correct visa type. Startup, investor, and innovator visas are separate, and you need to know which one is suited to you. As an investor, you need to go through the point-based Tier system. This system is basically to prove that you have enough capital to start up a business.
Choose A Thriving Business Structure
As a newcomer in the UK market, you may want to inquire into what is on-demand and what works as a business structure plan. You can be the sole trader of your business or go for a partnership. These are two common ways to do business in the UK. Some other options are limited liability partnerships (L.P.) and limited companies. You need to be careful about which one to choose because it will determine the tax you pay.
Open Up a Business Bank Account
A business account is an absolute necessity for business holders. The UK has a strict policy about it to prevent any kind of money laundering. This makes the application process drawn out. It is advisable to open up your business account after getting your residency. If this doesn’t apply to you, many international banks are to turn to in this step. Borderless bank systems are also used by many international businessmen.
The UK Tax Corporation
Business structure determines the tax as well, and after deciding the plan for your business, you need to register your business to the UK Tax Corporation. The UK government is meticulous on tax matters. You need to consult the HMRC (Her Majesty’s Revenue and Customs), and after completing the registration, they will send you the required information.
Finally, opening up a business in the UK may be a lengthy process because of the extensive legal structure. However, the UK is buzzing with entrepreneurs, startups, and small business owners. It has a very stable economic system along with a booming consumer market. After completing the visa requirements, the UK offers you its diverse market with great potential to extend your business. Success is right around the corner!