Business in the UK
Running a business in the UK was a more attractive place for all foreign nations. Now it has become more complex with the changes implemented in recent years. Still, with a good idea and a perfect business plan, it is possible to even today with a proper execution plan. Here in this article, we discuss simple ideas to startup a business in the UK and get citizenship easily.
With the changes in the point-based immigration system, it has become difficult to get visas for foreign nationals, to start a business in the UK.
How to start a business in the UK
There are a wide variety of business types available in the UK and it depends mainly upon the individual to choose the best business that fits exactly your company profile and structure. The simple procedure on how to start a business depends mainly on various factors among those, which are most importantly considered, are,
- Feasibility in the Business idea
- Proper understanding and Assessment of running your business
- Perfect Business plan
- Perform a complete business research
- Choose a business name and register your business
- Approach for financial funding for your business
- Business Advice form an Expert Consultant
Be clear with the above factors and execute it clearly without any dilemma so that your business reaches the target customers and helps you to attain your Goal easily.
Benefits of Investing in the UK
As the UK or Great Britain considered as a well-advanced or high economic country, investing in such country offers you many benefits like,
- Visa Free access to nearly 164 countries
- Transparent Legal system process
- Fewer hurdles to the entrepreneurship
- Tax benefits for non-domiciled individuals
- Simple taxation for all small business
- Enormous business opportunities
- Good and high-Quality life
- Skilled and productive manpower
- High standard of education and Healthcare
Still many more benefits are there among which few mentioned here for your reference.
Different Types of business as a Startup in the UK
There are plenty of opportunities available in the UK to start a Home-based business or offline business based on your own expertise. Depending upon the business structure you can start a business either as a sole trader or in partnership with other small businesses or limited companies.
Generic Partnership
This is the business where two or more individuals combine to put in their ideas, share their profits equally, and pay tax jointly based on the profits and debts. This type of partnership best suited for small businesspersons.
Social Enterprise
This is a UK business type that suits well for the persons who would like to share their business profit to meet the requirement of some charitable trusts, social or community objectives. The main motive is to help the poor and the needy out of their profit.
Similar to this you can also prefer some of the limited companies or private limited companies, where you contribute your profit as a share to the companies as a shareholder and increase your company’s revenues and reputation.
Procedures to Get Citizenship in the UK
In order to start up a new business in the UK and apply to get citizenship certain rules and criteria have to follow by the business organization with the help of previous entrepreneurs in the UK. If you are a high potential business entrepreneur or sole trader, starting a business for the first time then you can apply for the startup visa before three months of your travel.
To get a Visa, you need not invest funds in the start stage like the Innovator visa, but the only requirement is you have set up a business in the UK with an exact business plan and execution process.
You can start a business either as a freelancer, self-employed as long as you have the permit to live and work in the UK.
Early-stage Visa Prerequisite
The basic eligibility criteria for the startup visa in the UK,
- Business idea planned, recognized by the UK approved body
- You are a dedicated and highly skilled worker, investors, or entrepreneurs
- You should satisfy the English Language Requirements
- 18 years of age, completion is more important
- Proof of funds/personal servings that could support yourself during the time you spend in the UK
- Already invested £50,000 in a UK business before you apply for the visa.
Suppose you want to extend your visa then you have to apply for the existing Tier 1 entrepreneur visa permit and be eligible to satisfy all the required criteria by the UK government. Moreover, you should have invested nearly £200,000 in a UK business excluding loan or property or £50,000 as an initial funding source.
In order to extend your visa, you should register as self-employed for more than 6 months in the UK and permitted to stay over there using the original visa. To extend your visa it is more important that you abide by the rules and regulations of the government and follow the immigration laws strictly.
In addition to all these, you should also ensure that you have the right insurance level for your business protection in the UK. There are different types of business insurance available, so make sure that you choose anyone based on your business. Also, be aware of the current support schemes by the UK government for your business and UK business grants or startup business loans for UK business and the Brexit consequences.
Conclusion
Hope this article has given you the gist of how to start a business in the UK and the ways to get Citizenship in the UK with eligibility details and requirement based on the type of the business you choose.
