Is it easy to start a business anywhere in the world? I believe this question is very relative and will attract all kinds of responses. I will try to answer it using procedural requirements and facts. Together we can also cast an eye on things like choice of business, attitude, and expertise. It most certainly, can not be easy to start a business in the world’s sixth-best economy in the world, but it is easy to start a business in the UK and you can manage, provided you meet all the requirements.
The United Kingdom has been the apple of business’s eyes since time immemorial, such that changes were implemented such that it has become challenging to start a business in the UK.
A recap of the procedural requirements:
If your nationality is from one of the 40 plus countries that need a visa before entering the UK, getting one is definitely the first step for you. Before starting a business, it would be wiser to get a working visa.
Visas are different, therefore it is important to ask the travel agent in order for you not to make mistakes with regard to which visa is appropriate for you. The period for a response of is it easy to start a business in the UK, whether or not your visa has been accepted is three weeks.
The new UK immigration system is divided into what are known as tiers one and two. This system is point-based.
a) Tier 1: This is where your eye will be because “Tier 1” serves entrepreneurs, investors, and highly skilled workers with business prospects in the UK.
As I mentioned earlier, it is wiser to get a working visa first because of the strictness of the requirements for the tier 1 visa. At least £50,000 in investment capital is needed for you to have or you should have invested approximately £50,000 in the UK in the preceding 12 months.
b) Tier 2: This one includes working and studying visas and others. You can start with this one if you are not financially sound for Tier 1.
This should be general knowledge to entrepreneurs, before starting your business anywhere as a foreigner, you must find out the kind of business structure that exists and thrives there. It is what attracts your business interests in that country there. Such is the case too with starting a business in the UK. YOU will need to acquaint yourself with “the legal position and tax payment of every business structure if you’re among people asking Is it easy to start a business in the UK?.
You will need to be a legitimate trader to save yourself the embarrassment of being deported. With this in mind, soon after getting a visa, which legitimizes you to start your own business in the UK, the first port of call is the creation of a legal structure. Of particular importance is noting the legal structure of your business has a direct effect on the amount of tax due from your business.
Business Bank Account and registration
It is important that you open a business bank account and to do this the details of your residence in the UK are to be submitted as proof of national residence to the bank. Part of the documents needed is a utility bill that has your name on them. Further restrictions exist as you are expected to have stayed in the UK for at least half a year, you are expected to own your residential property, and your residential address and your office address must be different.
After selecting your legal structure, you need to register your business with a UK tax corporation. If ever you forfeit tax payment you may lose your business and sometimes effects on your stay in the UK may be subsequential.
There are other angles to answering this question. Looking at the aspect of business structure, you will realize it is important to research beforehand and identify the business structure that thrives in the UK. Research too is a “not-so-easy” yet an integral part of the pre-action period.
If a structure you are not well acquainted with happens to be the one that thrives in the UK, you might have to figure out how you can receive training on it. You can consider partnerships with people who have the know-how.
When you have established the business, the early years of operation, like in any environment are not easy as you will realize more expenses than revenue. Issues to do with competition among others will be stumbling blocks you are bound to meet.
Attitude in itself is an important aspect when considering whether or not it is easy to start a business in the UK. We mentioned the need to identify a structure that thrives and if the one that does happen to be something you dislike, dropping an ounce of interest may extinguish your business before it even starts.