If you’re a foreign national that wants to do business in the UK, the path to making this happen may be more straightforward than you expect. There are many reasons why someone based overseas may wish to take advantage of the UK economy. For instance, it is one of the richest countries on earth and is home to a diverse customer market. Even if you’re not a UK resident, you can launch a business in the UK. As long as your company is registered to an address in the UK, you will be able to set up your business in the UK.
Setting up your company
One of the first steps to take if you do want to start a business in the UK is to register with Companies House using an address based in the country. This could even be a virtual office address if you wish. You won’t need a visa but you won’t automatically have the right to work in the UK. Nonetheless, you can still make money through a business based in the UK even without a visa. Many people set up British businesses to optimise their sales power within their own country and elsewhere. You will also be able to recruit staff that are permitted to work in the UK. Tax will need to be paid on their earnings, and you will need to pay corporation tax on the income that your business makes in the UK. You can still take a salary like any other business director in the UK can.
Get a UK business bank account
It’s incredibly advisable to open a business bank account registered in the UK so you can avoid substantial fees for moving money and trading locally. It’s not a good idea to send the money that you make in the UK to your domestic account as international transfer fees can be very expensive. You will need to pay tax on all the money that you make from the business and will need to pay tax back at home. This is why you will need an experience accountant that can help you keep the tax burden to a minimum. Also check out our blog on exporting goods as the same rules will apply.
Find the expert support you need
It’s also a wise move to get help with setting up a business in the UK as the legislation can be confusing. You will need approval from authorities like HMRC and Companies House and will need to seek out the right insurance products in case an unfortunate event occurs. To register your business in the UK, you will need to choose a company name and business address and provide information on the director or directors. Public trading companies also need to name a minimum of one shareholder. You will also need to complete and provide Documents of Formation known as the memorandum of association and articles of association. You may also need help with setting up payroll and e-commerce solutions so you can pay your staff and enable online purchasing. Setting up a company in the UK as a foreign national can be very lucrative. By following all the right procedures, you can make your British venture a success.
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