Being one of the largest economies in the world, the UK is a great place to start a business. However, if you are a foreign national living in the UK, you might be wondering if it is at all possible for you to start your venture. Even as a non-resident, starting a business in the UK is not very difficult. Non- resident refers to someone not living in UK. The UK has the 6th largest GDP in the world, making it an economic superpower. Along with this, you can rely on its legal structure and formidable financial system to start your journey as an entrepreneur. Being a non-resident might pose a specific struggle when starting a business, but it can easily be mitigated.
Venturing into a business in the UK as a non-resident
Any person from any nationality can start a business venture in the UK. Residential status is actually not one of the factors that are taken into consideration when formatting business transactions in the UK. The only thing that needs to be taken into consideration is that your company should be registered to an address in the UK. This helps in accountability and the correspondence of various information in case the need arises.This address is also helpful for legalising or registering to legitimise your business or ownership over it.
It is very easy to acquire an address even as a non-residential with Companies House. The address can be a property that has been purchased, belonging to friends or family members, or even a rented property. There are various methods of acquiring an address in the UK without having much to sweat on.
Visa – do you need it?
You actually do not require a visa to start your business in the UK. There is no need for you to provide any proof to the government that you are able to work when establishing your business.
Note that even if you start a business in the UK, you will not be allowed to work from the UK. Simply creating a business in the UK does not give you the right to work in the UK. This means that it is not possible for you to become a member of the UK workforce, but it does not limit you from starting your business.
Things to keep in mind
When starting a business in the UK as an anon-resident are a few things that you must bear in mind:
- Get a UK Business Bank Account – While you do not necessarily require a business bank account as a non-British national to start your business, it is always advised to have one. When you register for a bank account in the UK, you will be able to avoid various costs that may be incurred because of the movement of money and fees during local trade. It is not technically or financially efficient to transfer money to your domestic bank account because it charges a fee every time, which may take away a considerable chunk of your profit.
- Without a work visa, you will not be able to apply for a personal allowance grant that is usually provided for self-employed individuals. This basically means that you may have to pay tax for your business not only in the UK but also in your domestic country.
Start your business, even as a non-resident, in the UK today! Seek assistance from an efficient accountant in London to ease out financial matters.