The United Kingdom remains one of the top destinations for those looking to start a business. As one of the biggest economies in the world, people with creative business ideas will find many benefits in migrating to the UK. Some of these benefits include support from the government for small businesses, expert counseling, and funding.
The UK also has an easy-to-navigate legal structure for registering new businesses as well as a large consumer market to sell your products or services to. However, as a migrant with creative business ideas, there are certain things you need to work on to start your own business in the UK. Some of these vital things are covered in this post.If you’re from outside the UK and are considering setting up a UK company, you may feel daunted by the amount of work involved. These tips will make it easier! Click To Tweet
STARTING A CREATIVE BUSINESS IN THE UK AS A FOREIGNER
Anyone of any nationality can start a creative business in the UK; however, basic requirements need to be fulfilled. Some foreign nationals will need a Visa, but some don't.
EU nationals living in the UK before January 1, 2021, can apply for the EU settlement programs. But anyone from non-EU countries will have to get a work visa.
Other requirements for starting a business in the UK are highlighted below:
1. How to open a business in the UK and get citizenship
To migrate to the UK to start a business, you may need to get a Visa. You should speak to Republic of Ireland Immigration solicitors to find out if this applies to you or not.
One of the good things about starting a business in the UK is that you may be able to apply for a visa to enter the UK based solely on your creative business ideas. There are two routes for this.
Innovator Visa Route
This visa class is specifically for those planning to migrate to the UK to start a creative business. To qualify for this visa class, the business idea in question must be different from any other type of business idea currently on the market.
An approved body must endorse it. The eligibility criteria to qualify for this class of Visa are pretty strict. Additional criteria include:
- Access to investment funding of up to £50,000 from a verifiable source
- Personal savings: a minimum of £1,270 in savings for up to 28 days before submitting your visa application.
- Proof of English proficiency
In addition to these, applicants will also be required to pay an application fee of £1,021 or £1,277 for those extending their visa class or switching.
If your innovator visa application is approved, you can remain in the UK for three years and get an extension as many times as you want when the visa period expires.
Startup Visa Route
This visa route is similar to the innovator visa. But it is less strict. The startup visa class is for foreign nationals with a creative business idea but with limited business experience who want to start their business in the UK.
Unlike the innovator visa route, no investment funding is required for this visa class. All you need to do is show proof of personal savings of up to £1,270. Your creative business idea must also be endorsed by an authorized body recognized by the home department.
This visa class only gives you two years of stay and cannot be extended. However, you may apply to switch to an innovator visa class after the startup visa expires.
2. Consider the Legal Structure of your Business opportunity
Once your visa is approved, you are now legally allowed to start your business in the UK. If you already have all the details of your creative business idea figured out, the next step to take will be to determine how you will structure your business legally.
Do your research on whether you want to run your business as a sole proprietor, partnership and LLC, or any other option.
3. Register your UK Company
Before you can begin running your business, you need to register it. Your business should also be licensed by appropriate governing bodies depending on the type of business it is.
These points cover some of the major hurdles you’ll need to scale to begin executing your creative business idea as a foreigner in the UK.
Of course, there are other legal requirements you should be aware of, such as your tax obligations. You can seek legal advice to find out more about these obligations.