For a long time, the United Kingdom was a vibrant country for businesspersons and investors seeking greener pastures, registering companies and starting new businesses was quite comfortable until a few decades ago when the nation began imposing severe administration bottlenecks on foreign investors.
Even so, a foreigner can start his or her business despite these challenges with a well-executed plan. The same applies to registering a limited company.
But what are these plans?
Let’s get going with how to register a company or a sole trader business in the United Kingdom!
Consider applying for a visa
- The visa factor depends on the nationality of the persons in question. European native citizens must not have any form of legal authorization to start a business in the United Kingdom; thanks to the rights enshrined in all European nationals in the European Economic Area’s partnership agreement.
- Therefore, the necessity of a working visa comes into play for non-European citizens. If you are a European and you want to start a business in the UK, you’re lucky because the EEEA covers your needs, but if you’re a non-European, do yourself a favor of applying for a working visa to get you moving!
- Additionally, the visa application must be well informed to avert its bouncing. I must say that the application must be early enough to allow legal assessments and grilling if possible. Again, those interested in starting businesses must make sure that they apply for the right visa; the Tier 1, popular as Entrepreneur. Upon application, Tier one takes at least three weeks for its approval as well as declinations. Applicants are free to apply at times of their convenience!
- The structure of the business in question – upon acceptance and approval of the visa, the applicant shouldn’t buy time as it’s time to assess the business structure. The business structure is an important role when it comes to the remission of government revenues as well as tax filing. At this point, the entrepreneur is thought to be aware of the business he or she is indulging in. Just to mention, the business structures accepted are as follows;
- Sole proprietorship
- Limited company
- PartnershipLimited Liability Partnership
- The features of the above business structures are distinct and so are the legal elements required for their startup and running!
Depending on the business structure, one must comply with the terms and conditions governing the formation of business he or she is indulging in. Therefore, incorporation of companies, as specified and required is vital. If the owner is incapable of incorporating the enterprise, they must approach an intermediary part to do so on their behalf.
Registering the business for taxation-
Yet again, taxing also depends on the business structure in question, but that doesn’t exempt any business from taxes. It’s not an option, registration for taxing applies to all businesses without bias or prejudice. For instance, corporate tax is only applicable to incorporated businesses. Management of employees, when present -as employers, the government asks you to consider the health and safety welfare of the workforce in your business. This aspect dictates that employers must; Run official payroll provider pensions to eligible employees pay National Insurance; redeemable to reduce bills
So, get started!
- Coming to terms with the rules-
- just like any other country, the United Kingdom has a set of rules that govern;
- Imports and exports
- Online trading
- Storage or use of individual information
- Is very critical that an investor should know what’s awaiting him or her by familiarizing himself with laws that govern specific lines of businesses. The sooner, the better!
- Obtain necessary required licenses and permits for your line of business – some businesses require individual permits for them to be legal in the United Kingdom. Such enterprises must get the relevant licensing to avoid friction with the law. They are as follows;
- Selling food
- Trading in the streets
- Playing music
Compliance is very important!