How You Can Start a Business as an Immigrant in UK
Updated on Sunday 12th February 2017
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Foreign investors who want to start doing businesses in the UK need to obtain the Tier 1 visa for entrepreneurs if all important requirements are met. Our immigration solicitors in London are ready to provide with suitable information and details in this matter and can help you prepare the documents to legally perform activities as an entrepreneur in the UK. And if you are interested in family reunification, the UK family visa is the type of document you need.
Requirements to meet when starting a business in the UK
Overseas entrepreneurs can benefit from the fruitful business opportunities in the UK, in cities like London, Birmingham, Nottingham, Cambridge, Liverpool or Manchester where the market is quite attractive. First of all, a business plan is mandatory before making any movement and the market should be properly analyzed, in order to start a money-making company. A businessman should know that opening a company in the UK requires a minimum share capital, according to the business activities, and employees with a full-time work contract, from the country or from abroad. Please take into consideration the following conditions to start a business as an immigrant in the UK:
• prepare for the IELTS test if you do not have sufficient English knowledge;
• make proof of the financial situation, to see if you can support yourself and the employees before the business starts generating money;
• propose a suitable business plan;
• create full-time work contracts for at least 2 EEA (European Economic Area) citizens.
We remind that you can solicit help and guidance from our immigration lawyers in the UK if you want to settle or to relocate in the UK.
How to apply for a UK Tier 1 visa for entrepreneurs
This important type of visa, the Tier 1 visa for entrepreneurs is available for 2 years, with the possibility to extend it if your company still runs activities in the UK. You can also use it if you plan to develop and to set up a new business in the country, or if you want to bring your family with you. One should know that you cannot obtain public funds as a foreign entrepreneur in the UK.
Business recommendations for immigrants in the UK
If you have decided that the UK is the proper country you can develop and want to be a successful businessman, it is recommended to consider a few important aspects:
• choose the proper business structure and name for your company;
• make a research in the chosen domain, in order to create a business plan;
• find out information about the needed licenses;
• choose an accountant to deal with the taxes and the financial situation of your new company;
• create a website and promote your company.
The UK registered good numbers related to the economic growth for the last year. Tourism, banking, engineering, oil and gas, insurances, and real estate are among important areas of interest where an immigrant can set up a business.
Please feel free to contact our team of immigration solicitors in London for extra details about how you can start a business as an immigrant in the UK.