The United Kingdom is a dream destination for quite a number of people the world over. People who seek UK citizenship range from, professionals business persons, students, and others in search of greener pastures on how to open a business in the UK and get citizenship.
The country is the sixth-largest economy in the world. It makes sense to secure a job and citizenship in such a country. You definitely expect such an economy to have space for entrepreneurs who want to set up businesses in the UK.
How To Open Business in the UK and Get Citizenship
These business prospects usually come with the quest to get citizenship. In this article, we will interact first with the requirements of setting up a business in the UK. Then we will look at the citizenship qualification determinants.
How to start a business in the UK for foreigners on how to open a business in the UK and get citizenship.
Changes have been initiated in the UK that has made starting a business there a bit more difficult than in the previous years. This, however, does not mean you can not own a business in the UK as a foreigner.
Steps to consider before starting your business or presenting your idea.
Your biggest challenge will be the immigration system. They made changes that are making it difficult for foreigners to get the required legal paperwork.
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, 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. 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. H ou will need to acquaint yourself with “the legal position and tax payment of every business structure.”
You will need to be a legitimate trader to save yourself the embarrassment of being deported. With this in mind, 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 that 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 utility bills that have 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.
When your legal structure is in place, you need to register your business with a UK tax corporation. If ever you forfeit tax payment you may lose your business. Sometimes effects on your stay in the UK may be subsequential to how to open a business in the UK and get citizenship.
Now we know the processes involved in the establishment of a business in the UK. We even got some information on how you can attain residency in the UK. You should know that residency and citizenship are two different facets of the immigration system.
Let us explore the requirements needed for one to get citizenship, and see how these connect to being an entrepreneur in the UK.
The following criteria apply if you want to get British citizenship and a passport;
- You need to have residency in the UK on a valid visa and intend to Naturalise as a British Citizen in due course. This is known as “British Citizenship by Residency.”
- British Citizenship by Birth is one where you were born in the UK or Northern Ireland before 1983. You can access a British Passport, “and can pass British Nationality to your children, irrespective of where these children are born.”
- Citizenship by Descent applies to you if one of your parents naturalized before your birth or has British Citizenship by residency or birth.
- British Citizenship by Double Descent is when your grandparent or great-grandparent was born in the UK or Northern Ireland.
Given the above elaborations, it is clear our Citizenship criteria of interest as far as opening a business and getting citizenship is concerned is Citizenship by Residency. Whichever visa you have acquired, you will need to let it naturalize and get citizenship. The quicker way is to get your Tier 1 visa and let it naturalize or start with a working visa.