Getting Set Up As An Expat In The UK

Setting up a business in the UK doesn’t have to be stressful but it pays to know what you will be dealing with when you begin your journey. And while some of the process is self explanatory, having a trusted adviser by your side to help you navigate the trickier parts makes a lot of sense.  

So, when you’re considering setting up the UK, ask yourself the following questions: 

1. Do you need a UK visa? EU nationals who were living in the UK before 1 January 2021 may be able to apply for the EU Settlement Scheme, but most foreign nationals will need to apply for a work visa before they can set up a business. You can get further details here.

2. What sort of legal structure will suit your business? Once you’re legally allowed to start a business in the UK as an expat, you should decide to how you would like to structure it to best suit your needs 

3. Are you going for a limited company? If so you will need to incorporate your business. You can do this at Companies House. 

4. Do you understand your tax obligations? You need to register for corporation tax if you’re incorporated, and whatever your structure, self-employed people need to register as a Self Assessment taxpayer with HMRC. 

Once you’ve decided on that, you will need to begin the process of acquiring the right visa. There are several visa options open to those arriving in the UK looking to set up a business.  

Innovator Visa 

You can apply for an Innovator visa if: 

• you want to set up and run an innovative business in the UK – it must be something that’s different from anything else on the market 
• your business or business idea has been endorsed by an approved body, also known as an endorsing body  
• you meet the other eligibility requirements  

You must be able to show that your business idea is: 

• new – you cannot join a business that is already trading 
• innovative – you must have an original business idea which is different from anything else on the market 
• viable, with potential for growth 

Start up Visa 

You can apply for a start-up visa if: 

• you want to set up an innovative business in the UK – it must be something that’s different from anything else on the market 
• you meet the other eligibility requirements  

You must be endorsed by an authorised body that is either: 

• a UK higher education institution 
• a business organisation with a history of supporting UK entrepreneurs 

You must be able to show that your business idea is: 

• a new idea – you cannot join in a business that is already trading 
• innovative – you must have an original business idea which is different from anything else on the market 
• viable – it has potential for growth 

Paul Beare Ltd is one of the leading accounting firms specialising in helping overseas businesses set up in the UK. If you’re in need of advice or support in this or any other area, we’re right here for all your needs. You can contact us for help from tax and payroll to accounting and banking.