In order to start a business in the United Kingdom, you will need to set up a company there. This can be a daunting process for some foreign nationals, but there are a few ways you can make this easier. Here is a short guide on how to start a business in the UK as a non-resident foreigner.
Can a non-resident own a company in the UK?
There are no restrictions on starting a business in the UK as a non-resident foreigner. Foreigners can own a company in the United Kingdom without having to reside in this country. The company registration process is the same for non-residents as it is for people living in the UK. Your company must be registered and have a UK address corresponding to its location.
Advantages of starting a business in the UK as a non-resident
There are many reasons why setting up a company in the UK is a great idea.
- This country has a long history of entrepreneurship and business development.
- The UK has a mature legal and financial system, which makes starting and running a business relatively easy.
- As a highly educated and prosperous country, the UK is a desirable place to live and work.
All of these factors make the UK an attractive place for non-resident foreigners to start a business. Whether you are a small startup looking for a stable environment in which to grow, or a larger company looking for a prosperous market, the UK can be a great option.
The process of registering a company in the UK for non-residents
If you want to start a business in the UK as a non-resident foreigner, you must take the following steps.
Decide what you do
Foreigners who want to set up a company online in the UK and do business without going there have the right to do so. However, if you wish to relocate after starting a business in the UK as a non-resident, you will need to apply for a work visa to be eligible. You should start the process of applying for a visa well ahead of time. There are two types of visas that may be applicable to you – innovator or start-up visa.
Compile your business plan
A business plan is required for all UK entrepreneurs, as it will assist you in determining whether or not your business ideas are likely to thrive and be long-term viable.
Select your business structure
When you are ready to start a business in the UK as a non-resident, select a business structure that closely represents your company. The most common types of business structures in the UK are sole traders, limited companies, partnerships, and limited liability partnerships.
Register your company name
You will need a physical address in the UK when you have to register your business. Your company name and address may be entered into the company register. You will also need this for tax purposes. Even though just a few companies may be required to follow the process of registering their names, others can do this to protect their trademark. This will prevent other companies from operating in the UK under the same trademarked company name.
Your company must have a written memorandum and articles of organization, the right number of shares and shareholders, and a separate business bank account. If you are a limited business, you’ll have to register for corporation tax. If you’re a sole trader, you’re free to use your name; however, when it comes to registering your business, there are a few more requirements and steps you must take.
Complete company registration process with HMRC or Companies House
You will need to register your company for tax purposes with HM Revenue and Customs (HMRC). If you are setting up a limited company, Companies House will require you to register for starting a business in the UK as a non-resident.
Check whether you have to fulfill other business requirements
Depending on the type of business you are running in the UK, there may be additional requirements such as permits or licenses. Make sure you check for any additional rules that apply to avoid any problems in the future.
Benefits of hiring professional services when starting a business in the UK
When starting a business in the UK as a non-resident, it’s important to make sure you’re doing everything you can to succeed. This includes hiring professional services to help you get off the ground and grow your business. The benefits of doing this include:
Expertise and support
Hiring a professional services company will give you access to the expertise and support of experienced professionals. They will be able to help you with everything – from setting up your business and marketing it to finding the best equipment and technology for your business.
Having a professional services company on your side will help you to be more efficient. They will be able to help you with everything – from creating your business plan to marketing your products and services. This will help you to focus on your core business and reduce the amount of time you spend on tasks that aren’t important to your success.
Improved quality of services
When you hire a professional services company, you can be sure that the services they provide will be of the highest quality. They will have years of experience in the industry and will be able to provide you with the best possible outcomes. This will mean that your business will be more successful and you will be able to continue to grow it for years to come.
Hiring a professional services company will reduce the costs associated with starting a business in the UK as a non-resident. These services will complete all the necessary business formation tasks in the UK at optimum cost.
Set up your company in the UK with Workhy
Workhy is a company that helps non-resident foreigners start businesses in the UK. We offer a range of services, from establishing your company to helping with paperwork and financial processes. At Workhy, we know that starting a business in the UK as a non-resident can be a daunting task, and we are here to help you every step of the way.
We offer advice and support throughout the process, from finding the right business structure to filing paperwork to start a business in the UK as a non-resident. If you are a non-resident foreigner who wants to set up a company in the UK, we are ready to help you with our expert team. Contact us today to get started.