What steps must Dependent Visa holders take to start a business in the UK?
How a dependent visa holder can start their business in the UK. Dependent visa holders are those who have permission to be in the UK because their partner or spouse holds a visa in their own right, such as a skilled worker visa.
Agenda 1:Â Being Employed As a Dependent Visa Holder
Majority of you can work with very little restriction to your right to work. If you are on dependent visa, it’s likely you can run your own business and or work as a self-employed person in the UK. You must check your visa conditions and if you are not sure, please do seek professional legal advice on this point. The only risk being on dependent visa is if your partner’s visas curtail or runs out, as you will no longer have a right to stay in the UK. And this means you might want to examine options that would make you independent of your partner’s visa. And one option is to acquire a sponsor licence for your own company.
Sponsor yourself to your own company and this process is also well known as a self sponsorship visa route. And I have created multiple post on these subjects. Feel free to read all these post on our whatsapp channel on the visa route that might be useful for you.
Agenda 2: Choose a business style.
When you are setting up a business as a dependent visa holder, there are several business structure that you can choose for your own business and this can include like being a self-employed sole trader, partnership and limited liability company. And the rest of this post will cover on the limited liability company. Which one you will choose is depends on what you want and what you need as an entrepreneur, including how you wish to pay tax and what personal liability you wish to hold as a business person.
Agenda 3: Setting up the business
The third agenda is a setting up the business itself. So firstly, you must decide on a unique name. The company must have a registered office address, and it can be a virtual one and have at least one director and one shareholder. And that can both be you. You must also appoint as a company secretary, and you must also create two founding documents. Which one is Memorandum of Association and Article of Association.
Agenda 4: UK business Bank account
Now open a UK business Bank account. It is also very much advisable to have one because you want to keep business money separate from your own funds.
Agenda 5: Registered with the HMRC.
Start trading in the UK, you must register your business with HMRC and file your tax return in order to pay your corporation tax. You may also have to register for VAT depending on the types of the goods or service you sell or where you offer these services. And of course, your VAT taxable turnover you have. You must also register for PAYE if you have any employee to set up your payroll.
Agenda 6: The business Insurances.
There are several business insurances out there. If you have any employee, you must get employee insurance which covers your claim made by your employee against your business. If they become ill or injured while working for you. It is also advisable to have a public liability insurance because this will protect your business if you cause injury to a third party. Another one is professional indemnity insurance that will protect your company against financial and reputational harm if your company makes a mistake while working for a customer.
In conclusion, setting up a British business on a dependent visa is not very different from a setting up a business as a settled person, the major concern is that you have no control over your visa and it depends on your partner’s visa or spouse’s visa, which is why it’s a good idea to apply for a visa dedicated to entrepreneurs.
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