Can You Just Open a Business? What it takes to be an Entrepreneur in the UK

If you’re a foreign national, the UK is an attractive place to start a business. The booming economy, the favourable landscape, and the diverse population all contribute to a great potential return on investment. But the past few changes to UK immigration rules have made it difficult for prospective entrepreneurs to start a business in the UK. However, with some careful considerations, the outlook for foreign nationals is quite positive.

Steps for Starting a Business in the UK

If you want to start a business in the UK, there are some careful considerations that you must take before taking any big steps. These include:

Choosing the Correct Visa

This is the most important part of becoming a UK entrepreneur. You must choose from possible visa routes and pick one that best suits your business and financial strategy. Depending on your circumstance, you can choose from:

Tier 1 Entrepreneur Visa – This is aimed at non-EEA nationals who are looking for entrepreneurial prospects in the UK. You need to show a sufficient amount of funds and must be over 16 years of age to qualify for this visa.

Tier 1 Investor Visa – This is aimed at foreigners who can invest a minimum amount of £2,000,000 in an active trading company registered in the UK. The visa holders under this category are permitted to engage in business activities, work, or study in the UK.

Tier 1 Exceptional Talent – This is aimed at individuals who demonstrate exceptional talent, specifically in the areas of tech, arts, engineering, humanities, and science.

Tier 1 Graduate Entrepreneur Visa – This is aimed at international students who have graduated and have a viable idea for starting a business in the UK.

Choosing the Business Structure

According to UK immigration laws, foreigners can set up several different types of businesses in the UK, including:

• Sole Traders
• Limited companies
• Partnerships

Complete Legal Requirements

Each type of visa and company has different legal requirements and documents that need to be submitted. Before starting any business in the UK you need to make sure you comply with all the laws and complete the visa and business registration processes in its entirety to avoid any legal complications.

Need Help?

Wembley Solicitors offers legal support in Middlesex, UK to foreigners in need of expert UK business and commercial lease solicitors. Contact us today to know more!