Many international businesses are keen to set up operations in the United Kingdom. The country offers several advantages for businesses, including a highly skilled workforce, a relative lack of bureaucracy, and a developed infrastructure. However, experts like Kavan Choksi advise some important things to know about business in the UK before deciding to move there.
Appointing a Director
The first step in setting up a UK company is appointing a director. The director will be responsible for the company’s day-to-day running and will need to be registered with Companies House, the UK’s registrar of companies. Once the director has been appointed, they will need to submit a number of documents to Companies House, including a Memorandum and Articles of Association. These documents will outline the company’s purpose and how it will be governed.
Registering the Company
The next step in starting your own business is to register the company with Companies House. This can be done online or by post, and you will need to provide certain information about the company, including its name, registered office address, and details of the directors. Registering the company is an important step in ensuring that your business is legal and compliant with all the necessary regulations. It also provides a level of protection for you and your co-founders in case of any legal disputes. Once the company is registered, you will be able to apply for a business bank account and start operating your business.
Opening a Bank Account
Once the company has been registered, you will need to open a bank account in its name. To do this, you will need to provide proof of identity for all directors and shareholders as well as proof of address for the registered office.
Getting a Business Visa
The process of setting up a business in the United Kingdom can be complex, especially if you are not a British citizen or an EU/EEA national. One of the first steps you will need is obtaining a business visa. There are several different types of visas available, so it is important to choose the one that best suits your needs. The most common type of Visa for business owners is the Tier 1 Entrepreneur Visa. This Visa allows you to set up or take over an existing business in the UK.
Once the company is up and running, you may need to hire employees. To do this, you will need to obtain a license from the Home Office. This can be done by applying online or by post.
When done correctly, setting up a business in the UK can be a straightforward and relatively simple process. However, certain things need to be considered, such as appointing a director, registering the company, and obtaining the necessary licenses and visas. By following these steps, you can ensure that your business is set up correctly from the start.