Business

Are you interested in the UK to set up a business?

The pandemic situation of Coronavirus affects the economy of the whole world; the UK is on the way to maintaining its economic development. The UK has one of the highest ease of doing business scores out of all the countries in the world. It is a very attractive place for a new and experienced person to set up a business. It is difficult for foreigners to understand how to become a business owner in the UK. For this best mortgage company in dubai has defined some important steps before legalizing a business in the UK.  

  1. Verify Eligibility:

If you are an individual starting a business, firstly, you should check whether their residency and legal status allow you to start a business in the UK or not. Those foreigners who want to start a business there must apply for an Innovator or Start-up visa. The process of these visas is not very difficult.

  • Innovator Visa

To apply for an Innovator visa, you need at least £50,000 for investment. This visa is basically for experienced business people. Those who will have this visa can become permanent residents of the UK after three years.

  • Start-up Visa

For a Start-up visa, you do not need to invest a minimum amount. This visa is for those who are newly going to start a business in the UK. Start-up is a good choice for inexperienced people because there is no requirement for investment.

You can consult with an immigration consultant; they will be able to guide you about visas according to your requirement. This will help you avoid misshapen in the visa process, and you can also ask for more information about starting a business in the UK.

  1. Create a business roadmap:

To get the visa from one of them, you need to write the business roadmap, which defines your idea, like How you will structure, run and grow your own business. If your business idea is appropriate and succeeds, you will get government approval for a visa. It is required for both Innovator and Start-up visas.

Your plan should cover all the perspectives of the business. It helps you to prove yourself and whether your business idea has worth or not. Your plan must meet the market needs. In short, your plan should lead to new jobs and give an advantage at national and international levels. Besides this, an applicant should also give proof of the amount required for investment in their business.

  1. Receive an approval letter:

Applicants should receive the approval letter from the government, which will submit with the application. The endorsing body will assess the business plan’s capability and development within three months of visa application. They will provide a letter that should include basic information about both the applicant and their business plan.

  1. Credibility proof:

The government will need to assess the application’s credibility and business plan. The applicant may be invited for an interview, and there needs to be assured that the applicant has the amount for investment and will not work against the rules of immigration visa.

There are some conditions an applicant must meet to be eligible for a start-up and innovator visa. The applicant’s age should be 18 years, and they must be good at English speaking. To test their speaking, the applicant has an English-taught degree or must pass an English language test. Applicants must have funds for their expenses and visa application.

  1. Set up the business:

After approval of your business proposal, you will need to decide your business structure: choose the business name, and address, and register your company. You can start your business according to its structure, including opening a separate bank account that separates your business and personal finances. It makes you look more professional and includes registering for corporation tax and with HM Revenue and Customs. If you are starting a small business, get your business insurance to protect your business and personal assets. Select the best tools and software to manage your business accounts, marketing etc.

When you have completed your business setup, you will need to obtain a license or permit. After completing all these steps, your business will be ready to be operational and trading in the UK.

Starting a business anywhere requires investment, and to set up the business in the UK, you also need investment for visas and other processes. If you don’t have enough money, you can get the mortgage from mortgage companies and estimate your mortgage amount through a mortgage calculator. A mortgage company gives you a loan, and you can pay for it monthly, making it easy for you to start a business and run it. Ksquare.ae guide you with the best business plans and give a mortgage to your choice as we are one of the top mortgage calculator in uae.

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