The UK encourages and promotes entrepreneurship. According to the “Best Countries for Entrepreneurs” report prepared by US News & World Report, the UK is the fourth best country in the world for entrepreneurs. Economic indicators such as high GDP, high purchasing power and strong currency inspire people around the world to invest in the UK. With a Talent Visa you have the right to work and live in the UK, both as a freelancer and as an entrepreneur, starting your business.
If you have any questions about the Talent Visa, you can sign up for a free consultation with me or independently assess your chances of obtaining the visa by passing the test.
In order to start a business in the UK as a foreigner, you need to take the following steps:
- by Write your business plan.
A business plan is generally a must for any entrepreneur.It will help you determine whether your business ideas can thrive and be viable in the long term.
- by Choose the structure of your business
Before you start a business in the UK, you should choose the business structure that best represents your company.
- Individual Trader (Sole Trader)
As an individual entrepreneur, you will manage your business yourself.
Once you have paid taxes, you can save all the profits from your business. You are personally responsible for any losses incurred by your company. Your responsibilities and responsibilities as an individual entrepreneur include the following:
Monitoring revenue and expenditure; submit a tax declaration annually; payment of income tax;National Insurance Class 2 and 4.
The Partnership (Partnership)
- Partnership is the easiest way to jointly manage a company by two or more people.
The business structure of a partnership has the same responsibilities as the individual entrepreneur structure, except that you have one or more business partners.When you create a partnership business, you should have a formal agreement describing the agreed distribution of income, losses, liabilities and property between you.
- Limited liability companies (Limited Companies)
A limited liability company is a private company that requires a appointed director to manage the company in addition to any shareholders.
If you are the company’s sole employee, you can still register as a limited liability company by appointing yourself as a director. You can hire employees, but the director still bears legal responsibility for the company’s reporting and performance. The company has its own bank account and is subject to corporate tax as it is a separate legal entity.
- Limited Liability Partnership (Limited Liability Partnership)
To conduct a business with two or more members, you can create a limited liability partnership (LLP). A member can be an individual or a company called a “corporate member”. Like in a “ordinary” business partnership, each participant pays tax on their share of profits, but is not personally responsible for any liabilities that the business can’t pay.
- by Register with the UK Tax and Customs Service.
For proper taxation, you must register your UK business with HMRC. The Registration Chamber requires registration of limited liability companies.
- by Check out the additional rules applicable to your area of activity.
Depending on the type of business in the UK, there may be additional requirements, such as permits or licenses. Check for additional rules to follow to avoid problems in the future. https://www.gov.uk/licence-finderby
Find out what licenses are available here: https://www.gov.uk/browse/business/licences
A separate bank account in the UK is required for many enterprises in the UK, except for individual entrepreneurs and partnerships. But for the ease of accounting transactions, it is recommended to open a separate bank account. Unlike, for example, a startup visa and an innovator visa, the validity period of which is 2 and 3 years respectively, with a talent visa you can develop your business for up to five years.
The UK is an attractive place for entrepreneurs, providing not only a stable legal environment, but also a favourable political and economic system, and also offering benefits in the form of tax reductions, thanks to a network of tax agreements and other exceptions for non-UK residents. The UK Government also offers substantial financial support to startups and startups in various fields. https://www.gov.uk/business-finance-support?page=1
The Global Talent Visa gives you the opportunity to work and run your own business in the UK. If you have any questions about the Talent Visa, you can sign up for a free consultation with me or evaluate your chances of obtaining a visa by passing the test.
