7 Steps to start Business in the UK from your home country | self sponsorship visa uk

The UK has fallen into its largest recession on record because of the coronavirus lockdown, contracting by more than 20% between April and June, in the biggest slump of any major global economy. As you can see right now might not be the best time to look for a job, especially if you’re looking for visa sponsorship job in the UK. The job market isn’t doing great and there’s a lot of competition for jobs for you. If you’re thinking about going to the UK for your studies, it’s important to check out what jobs are available in your field. And remember that living here in the UK can be expensive because of inflation. And think about whether you can get a good job after you graduate or not : UK’s self sponsorship visa uk

self sponsorship visa uk

And hence today I want to talk about something different. If you’re struggling to get visa sponsorship job, why not think of starting your own business in the UK? The cool thing is, you don’t need to be in the UK to start your business. You can do it from your home country, whether that’s India, Pakistan, Nigeria or somewhere else. Of course, students who are already in the UK or anyone who is in the UK can also think about starting a business irrespective of any visa category you are in.So this post is for anyone and everyone who is interested in setting up a genuine business in the UK with from any part of the world.

Step one choose a business type.

There are several types of business that you can create in the UK. These are sole trader partnerships, limited liability company and limited liability partnership. Which one will you choose as a non UK citizen? Depends on what you want and need as an entrepreneur, including how you wish to pay tax, what personal liability you wish to hold and your visa status. So today I’ll focus on the steps needed for limited companies.

Step two do you need a visa?

You do not need a UK visa to set up a company in the UK. You heard it right. You can be based abroad and set up a UK company. However, if you do want to move here, you can get a visa appropriate for entrepreneurs such as innovator, founder, visa. You can also go through self sponsorship route where you set up a company and sponsor yourself as a skilled worker to work for your own company. By the way, self sponsorship is not a term or a visa category defined by the UK government. In fact, this is a term which is used by one of the top immigration solicitors in the UK. So they claim the whole process is legit and already held many people.

Step number three setting up the business.

1. Firstly, you must decide on a unique name.
2. The company must have a registered office address. It can be a virtual one, so you don’t need a physical office.
3. Have at least one director and a shareholder. They can both be you.
4. You must appoint a company secretary.
5. You must also create the two founding documents, which are the Memorandum of Association and Articles of Association.

Step four UK business Bank account.

This is a required step and it is advisable to do so anyways as it keeps business money separate from your own personal funds. You may find it easy to open a business bank account with many digital banks such as tide, Monzo, Sterling as compared to the typical high street banks like HSBC, Barclays and many more.

Step five register with HMRC.

In order to start trading in the UK, you must register your business with HMRC and file your tax returns in order to pay corporation tax. You may also have to register for VAT depending on the types of goods or services you sell, where you offer them and the amount of VAT taxable turnover you have. You must also register for Paye if you have employees to set up your payroll.

Step number six business insurance.

There are several types of business insurance that may have to acquire in order to start a UK business. So if you have employees, you must get employer’s liability insurance, which covers claims made by your employers against your business if they become ill or injured while working. It is also a good idea to get public liability insurance, as this will protect your business if you cause injury to a third party. Professional coverage insurance will protect your company against financial and reputational harm. If your company makes some mistake while working for a customer.

Step seven UK Strategic Partners.

It is possible for you to get a UK based representatives to fulfil roles in your UK business if it is not possible for you to do so. You can take legal help from any UK solicitor like a king as they do handle sales, sponsorship, visa. So before I conclude today’s POST, setting up a British business as a foreigner is not necessarily a complex process.

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7 Steps to start Business in the UK from your home country | self sponsorship visa uk

7 Steps to start Business in the UK from your home country | self sponsorship visa uk

Step one choose a business type.

Step two do you need a visa?

Step number three setting up the business.

Step four UK business Bank account.

Step five register with HMRC.

Step number six business insurance.

Step seven UK Strategic Partners.

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