Learn how to – Can a Foreigner Start a Business in the UK?

Learn how to – Can a Foreigner Start a Business in the UK?.

Opening a business in the United Kingdom does not require residential status. Foreign nationals may register companies in a perfectly legal way! Learn how to establish your startup in one of the most stable economic systems in the world.

Currently, the easiest way to do it is to register online and get a UK bank account for non residents without proof of address. However, entrepreneurs should also be aware of visa requirements and other factors. Here are the fundamentals.

Can a Non-Resident Start a Business in the UK?

Non-residents are allowed to establish businesses registered to a local address. There are different ways to acquire a physical address legally. For example, you could rent it or buy a virtual office address through your registration agent. 

This requirement is not only related to accountability and correspondence. It is also one of the primary conditions for legitimizing ownership. However, a visa is not required unless you are planning to work in the country. 

It is impossible to launch a software development firm and then join the UK workforce without a visa. Thus, sell goods/services while staying in your country or get a work visa and travel to the UK. Alternatively, you can hire employees who are allowed to work in the United Kingdom. 

Suppose you live in India and want to sell fashion products. Through a registration agent like Go Solo, you can register your business with Companies House. Trading through a British business will give more sales power to your brand. You will have to pay tax on the earnings of local employees and corporation tax on business income. After tax deductions, you can take your salary.

Important Things to Know About Starting a Business in the UK as a Foreigner

• Establishing a business bank account is not a legal requirement. Yet, it is recommended, as you can manage money more efficiently. If all money flows into your domestic bank account, you will have to pay high fees for international transfers.
• Registration involves the same requirements as for local residents. You will have to register with Companies House and HMRC (depending on the business structure).
• Establishing an Ltd. company is an optimal choice. Unlike a sole trader or partner, you will not be personally liable if something goes wrong.  Consider registering as Ltd. with one director and shareholder (you can act as both). However, you need a PLC (public limited company) to sell your shares to the public. 
• We recommend using the services of an agent, as a mistake is your application, mainly to additional costs or even blacklisting.

What Do I Need to Register? 

In addition to a physical address in the UK, you need a unique company name. It may not resemble the names of other companies or include offensive words. In addition, you will be required to provide information about the director(s) and shareholder(s), along with documents of formation. These are memorandum of association and articles of association.

A registration agent will guide you through the necessary steps. You can complete them all online quickly and conveniently. Some intermediaries even provide a business bank account and a mobile app for money management!