Deciding to set up a business in the U.K. needs great amount of hard work. The U.K. is a place providing excellent opportunities for entrepreneurs from everywhere in the world.
Even though there are a few uncertain elements in the process of setting up a business for the non-EU immigrants, there is a cause for optimism to start a startup in U.K.
The Department for International Trade states that corporation tax here is still the lowest among the 20 largest economies of the world. The registration of a company takes only 48 hours.
There are a set of obstacles to overcome prior to getting customers and tracking profit margins. We present the major hurdles to face while building a startup in the United Kingdom.
Immigration and vetting
The person must hold a valid visa for reflecting the status as an entrepreneur at the time of entering the country.
The appropriate visa for business owners is the Tier 1 Entrepreneur visa. It is held in high regard and the system of work is based on points.
During the last year immigration statistics confirmed of a 13 percent increase in applications for the Tier 1 Entrepreneur visa. This illustrates the international confidence in the economy of U.K. furthermore it had a rejection rate of 42 percent. U.K. Home Office exercises meticulous vetting. All supporting documents accompanying a demand need to be certified originals officially and not their copies. Moreover, the answers must not be ambiguous. A vetting procedure concerns the genuine entrepreneur test. The success rate of Tier 1 Entrepreneur visa applicants was 81 percent in 2012.
The plan must be easy-to-follow and straightforward and there must be details regarding the credibility of vision.
There will be an interview regarding visa application. There needs to be clarity and spontaneity in the responses during the process. Furthermore the candidates must practice giving informative and to the point answers to the questions pertaining to the business plan.
Finally, be aware that timing to prepare a strong visa application. The candidates must apply between one to three months earlier than the date of intended travel. Also consider hiring an immigration lawyer for strengthening the case.
The cost of the application process is £1,277 per-person, and there is an Immigration Health Surcharge also. The applicants must have noteworthy financial investments around £200,000. There is acceptance for a visa if a person invests £50,000 in a U.K. based business during the past 12 months.
The environment for new businesses in the UK is competitive. The person setting up the business has to be ready to incur a loss in the early stage even when there is strength in the business plan. Finally there is difficulty in establishing in a strong market. Wait for the time and continue the journey with hope and confidence.