The UK has consolidated its place as one of the best places in the world to do business in the United Kingdom, according to the World Bank’s latest ‘Ease of Doing Business (EoDB) 2020’ report.
The SmartMove2UK brings to you a comprehensive guide if you wish to start a business in the UK. Let us go about answering a few burning questions associated with starting a business in the United Kingdom.
Can you start a business in the United Kingdom as a non-resident?
Yes, a non-UK resident can start a business in the United Kingdom. The registration of a business is on the same lines for both- a resident and a non-UK resident.
The restrictions on setting up a business in the UK for a foreign national range from low to manageable. You can be a company secretary, a shareholder, and even a company’s director in the United Kingdom. However, you will have to register your business with the Companies House in England, Scotland, Wales, or North Ireland- depending upon the location of your company in the United Kingdom. Whilst starting a business may be easy for non residents, getting a bank account is a whole different ball game particularly if you are a non resident.
Why start a business in the United Kingdom?
You must wonder if it is at all feasible to start a business in the United Kingdom. But the truth is, the United Kingdom is one of the easiest places to set up and run a business. If you need more convincing here are our,
Top 5 reasons about setting up a business in the United Kingdom:
- The manageable taxation system of the UK is one of the most striking features of the UK market. The rate of Corporation Tax in the United Kingdom is 18%, starting from 1st April 2020. This proves that the rate of corporate tax imposed in the UK is quite low in comparison to other foreign markets, being 17% in India .
- Apart from the ease of setting up a company in the UK, the United Kingdom is a more structured economy that also favors entrepreneurs with funds and financial schemes and yet, enormous opportunities
- The Rule of Law establishes a framework that holds everyone- people, businesses, and the government- accountable for their actions. Guidelines for wage issues, workplace safety, recruitment, and licensing offer clarity, sustainability, and consistency in an inherently fluid setting.
- The strong infrastructure for doing business and the flexibility of the UK market enable a new business to firmly lay its foundation in the United Kingdom. The focus on sustainable and positive improvements ensures a solid establishment for profitable business operations.
- The UK has a vast talent pool to recruit from. The UK’s education system and universities lure in some of the brightest young minds making it a market of highly skilled professionals. Besides, the overall cost of labor is lower in the UK, with respect to countries such as Germany, France, or Ireland.
How to start a business in the United Kingdom?
- Begin with a valid passport and your visa. You must apply for a work visa before you decide to start a business in the UK. Apply for a visa as early as possible to rule out any mishap during the procedure.
We, at The SmartMove2UK, guide you through the entire process of choosing the right work visa for your business purpose, applying for the visa of choice, and directing you through the rest of the procedure.
- Consider the legal structure and business plan of your business. You must pick a location and a company structure beforehand. Our global mobility experts have experience of working with companies to different sizes to assist with this.
- Time to incorporate your business – choosing the appropriate name, selecting the nature of business and submitting memorandum and articles of association are all part of the registration process.
- Then, you can register your business for taxes. This is a given for every business in the UK. You can get your incorporated company registered via the HMRC or over the phone.
Now your business is all set to be finalized and rolled out into the market.
Which UK Visa to apply for?
This can be an intimidating question for most beginners as this is where you need to start. There are several UK Visa routes to establish a business in the United Kingdom.
You can choose from applying as UK Tier 1 Investor Visa if you are an ultra high net worth individual to being a representative of an overseas business or as an intra-company transferee if your company already has a presence in the UK. In 2019 UK also introduced UK Innovator Visa and UK Start Up visas to encourage entrepreneurs with innovative and scalable ideas – the list of UK Visa options is diverse.
This is where experienced and professional UK visa experts step in. Consult The SmartMove2UK today and realize your dream of starting a business in the UK.
The United Kingdom offers ample opportunities for young minds and seasoned players to set up and run a successful and lucrative business. With their sturdy national economy, the scope of growth is prolific.
But the daunting chore of registration of the business and applying for a work visa need to be performed by professionals only. The SmartMove2UK has experienced & professional UK visa specialists who are more than mere UK Visa Consultants.
Connect with The SmartMove2UK experts who have years of expertise in UK visa consultation to get the right work visa as per your business specifications and requirements.