The United Kingdom has always been a centre of attraction for many people, whether in business or tourism. Over the years, it has been one of the most preferred locations for starting a business. Nonetheless, the business environment in London is now changing.
People want to know if they can form a company in London after immigrating to another country. Legally, they can. However, they must abide by the rules to ensure they don't fall prey to scams.
You can start a company in London as a foreigner, but it can be highly challenging. Before starting your business in London, follow all the necessary steps.
Here are the necessary steps that you must abide by to start your business in London:
It is crucial to be aware of your immigration status to start your business effectively. You need to have an effective permit and visa to start the business.
Preparing a business plan is crucial. It helps you understand if your business idea is sustainable. You need to prepare a budget forecast and be familiar with the market. Writing a business plan makes it easier to start the business.
There are different types of business structures in the UK. Therefore, you need to ensure that you are familiar with them before starting your business in London.
Your business name is a representation of your business. Sole traders can use their name as their business name. Nonetheless, you may register your name to ensure flexibility.
When setting up a limited liability company, follow all the rules. It would help if you had a company secretary, directors and others to help you with the business setup. Furthermore, it would help if you also prepared a memorandum of association.
The most crucial step to setting up a business in London is registering with HMRC. This helps to offer you protection for tax purposes. The limited companies will need to register with Companies House. The registration fee will vary depending on your mode of registration. While the online registration fee is lower, the one by mail is high.
A business bank account plays a vital role in determining the business's success. As a non-resident, you need to open a bank account to manage your transactions. Furthermore, a business bank account will make it easier for you to operate in the UK.
The banks in London have no complex regulations for opening a business bank account for immigrants. However, you must follow the anti-money laundering policy of the bank. You can open a business bank account in the UK in the following ways:
When you want to start a business in London after migrating to another country, it is advisable to safeguard the interest of your company. Therefore, opting for business insurance in London can help to safeguard your business.
Given below are the types of business insurance you can apply for in London:
The office space and business structure will play an essential role in determining whether or not you need this insurance. It helps safeguard your business premises, and it offers pretty much the same coverage as home building insurance.
This is compulsory for businesses that work with public premises or are responsible for conducting any public activity. It covers damages that the business may accidentally cause to the third party.
A business' property and assets are the most important, and therefore, it is crucial to safeguard them at all costs. The content insurance provides coverage for movable property and business equipment.
Content insurance is, however, not a compulsory one. Nonetheless, it is advisable to get this insurance to offer protection to the valuable assets within the organisation.
This insurance is a must-have for businesses that hire employees, and it offers protection for claim coverage. If any employee makes a claim related to sickness or injury because of work, the employer's liability insurance will cover it all.
Professional indemnity insurance is also referred to as professional liability insurance. It is compulsory only for particular businesses such as private consultants, accountants, solicitors and more.
However, it can also offer extra coverage to the business depending on various claims that may be filed. It will help to protect against reputational and financial damage.
When you start a business in the UK, you need to employ staff. However, there are certain rules and regulations that you must follow. You must register as an employer in HMRC and get employer liability insurance.
You will be eligible to hire foreign staff for your business in the UK. However, you must check that they have the legal rights to work in the UK. If anyone is committed to any unlawful activity, they will be banned from conducting business in London.
Furthermore, when hiring employees for the business, you must also cater to the minimum wage rule. You need to make pension contributions and follow the social security regulations. It is advisable to be familiar with the UK labour law before hiring anyone.
There are different schemes and plans in London that can help you get your business started. It is necessary to plan the financial management. The cost of starting a business in London will vary. Therefore, it is advisable to get relevant information.
If you move to another country and plan to start a business in the UK, you must follow the guidelines properly. You can work in close association with an accountant or professional who can help to ensure an easy business setup.
Get the best advice on tax savings, accounting services, payroll, self assessment, VAT and more, whether you want to call us directly, request a call back or chat online with our experts, rest assured that we will always give you the best advice.If you have any questions, or would like to speak to us in person, please do get in touch. We're here to help.
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