(ThyBlackMan.com) There is a reason why several multinational companies choose to do business in the UK. There is a potential market, and it gives them an entry point to do business with other countries across Europe. According to the Department for International Trade in the UK, companies in the UK are able to reach over 500 million customers in Europe alone. This means that your business is more likely to thrive here.
While you may be concerned about the UK exiting the European Union, it is still a great place to launch a new business. According to the Institute for Public Policy Research, London is an international digital powerhouse. Indeed, London is the leading city in Europe for capital investment. What’s more, the exiting of the United Kingdom from the EU has created competitive advantages for business owners.
Some of the benefits of starting a business in the UK as a foreigner include:
- Access to strong local talent
- Ease of doing business
- Strong infrastructure
- Manageable taxation system
- Increased flexibility
- Manageable regulations
Starting a Business in the UK as a Foreigner
As a prospective entrepreneur, the immigration authorities will treat you more favorably. The UK has a point-based system, which is divided into Tiers. Tier 1 is dedicated to entrepreneurs, skilled workers, and investors. These are foreigners who will be actively involved in running businesses in the UK.
Capital requirements
To be eligible for a Tier 1 visa, you should invest a minimum of £200,000 of your own money or from a third party. There is also an alternative provision with a reduced requirement investment amount of £50,000. However, these funds should only come from an FCA registered venture capital fund, a UK government department, or an entrepreneurial seed funding competition in the UK.
Letter of good conduct
Apart from meeting the investment capital requirements, you should also demonstrate the availability of maintenance funds and know the English language. What’s more, you will also be required to produce a criminal record certificate from your country to prove you are of good character.Â
Extensions to visas
The UK laws allow you to apply for an extension of your visa if you are registered as self-employed or a director for six months after being granted permission to reside in the UK in your original visa. Keep in mind that you have to prove that you’re a member of a partnership, self-employed, or you have been working as a director of a business for the last three months before making an application. Additionally, you have to prove that you have created a minimum of two full-time jobs that have been in existence for more than one year. For a successful visa extension, ensure that you talk to an immigration solicitor.
Bottom Line
Whether you want to expand your business into the UK or you want to start a new business, your business will be more likely to find growth and revenue sooner. However, there are essential things you should consider before you start your business, including a wide range of regulations.
Staff Writer; Roy Shaw