The UK is a popular destination for foreign investors who want to register a business due to its strong association with the rest of the world. Overseas company owners can migrate to the UK through self-sponsorship. You can take this strategic step, which requires business registration in the UK. Selecting the appropriate legal structure and ensuring you meet your tax requirements are two of the many things to consider in this complicated process.
This article will walk you through how to register a business in the UK, self-sponsorship visa UK requirements, and utilise it to obtain a skilled worker visa through self-sponsorship. To be able to self-sponsor your skilled worker visa, you must get things right from the outset.
What processes are involved in registering a company in the UK?
Getting your company registered gives it credibility and opens up many possibilities. This section guides you on how to register a business in the UK, which is often the first step towards obtaining a skilled worker visa for non-UK citizens.
Entrepreneurs can start businesses and sponsor skilled worker visas instead of looking for work with another organisation. Compared to when you work as an employee of another company, you will have significantly more control over your earning potential as a business owner.
Another well-liked substitute for the Start-Up or Innovator Founder visas is this one. To qualify for one of these visa types, you must launch an innovative company in the UK. The endorsement supports the distinctiveness of your company idea. There is far less pressure to launch a creative new company using self-sponsorship. All it has to have is profitability and viability.
While starting a business is quite simple, you must complete some prerequisites and post-start procedures to enable you to self-sponsor your visa. Now that you know how to register a business in the UK, let's dive into the following actions to establish a business in the UK:
Business Structure To Choose for Registering
When you are looking into how to register a business in the UK, you have to select the legal entity you want, such as a sole trader, limited company, or partnership.
Sole Trader: For taxation reasons, the sole trader registers with HMRC but not Companies House. Freelancers frequently choose this approach. Under this legal structure, the person has total liability for business obligations.
Limited Company: A limited business has to register under a distinct, tasteful name with Companies House. The firm's and the owner's financial records are kept apart in a limited company. Nevertheless, this protection entails extra reporting and management duties.
Partnership: The simplest option for two or more people to launch a business is through a partnership. In a partnership, both parties share the obligations and gains equally.
To whom should you register: Company House or HMRC
When you dig into the specifics of how to register a business in the UK, you need to know what your company needs. If you want to operate as a lone trader, you must notify HMRC that you will work as a self-employed individual. This process is easy and free, and you can complete it online.
You must register your firm with Companies House if you want to create a limited company or a partnership. This is a £12 procedure you can initiate online and finish within 24 hours. The Company House will request details such as the company's name, address, director and shareholder details, share capital information, and information of those with marked control over the company. This will be easier to do if you are starting a business.
To verify that your company is a legitimate organisation, you will get a "certificate of incorporation." Within three months after that, you will have to register for corporate tax.
Choosing a trading name is necessary to form a limited business or partnership. This cannot conflict with any UK trademarks that are currently in use. Your business name will become exclusive to you once you register it.
What documents are required to register a partnership or limited business from abroad?
Fortunately, there's a lot of information on how to register a business in the UK, and it's not too difficult to register a limited corporation from abroad. You'll require a registered bank account and office address registered with the UK.
These days, a lot of banks provide solutions for overseas banking. You may open a UK bank account without giving an address to banks like Monzo and Revolut. HSBC also provides non-resident banking solutions. Before obtaining a UK bank account, you must clear anti-money laundering procedures. Since you don't live in the UK, you should anticipate being more closely watched.
You can use a PO Box or virtual office address as your UK-registered address. You can rent a prominent UK business address using a virtual office service, and all mails you will receive at your abroad address. The price of this service will change. A range of prices will apply to this service.
Can someone from outside the UK register a business?
A legal company entity must be established, and a residence is a prerequisite. Fortunately, foreigners wishing to launch new businesses in the UK are welcome. It is unnecessary to be physically present in the nation to apply, as you can conduct the entire procedure online.
You need to speak with an accountant to find out your tax status and the location of your income tax and corporation tax payments.
Establishing a business in the UK through self-sponsorship
You must choose a UK resident as an Authorising Officer inside your organisation if you plan to set up your firm to self-sponsor your skilled worker visa. For this individual to stay in the UK, they must be a British citizen or have settled status or indefinite leave so you need to understand self-sponsorship visa UK requirements
The following actions are necessary for them to fulfil to be eligible to sponsor a UK visa.
- Authorising Officer: This refers to a high-ranking individual overseeing employees' and representatives' use of the sponsorship management system (SMS).
- Key Contact: Your company's primary point of contact for UK Visas and Immigration (UKVI).
- Level 1 User: In charge of utilising the SMS to manage your license daily.
One individual or several people can perform these duties. To enable someone outside the UK to start UK operations, you might appoint them and provide them with a UK Expansion Worker visa. This person must have received entrance permission to open your business in the UK.
Get your business started with AY & J Solicitors
A wealth of information and guidance is available on how to register a business in the UK. However, the whole procedure is more easily stated than done. For that reason, if the idea of registering with your company overwhelms you, think about working with experts like us. AY & J Solicitors can assist you with establishing, registering, and laying the groundwork for your business. We will walk you through each stage of the process so you will know exactly how to register as a corporation in the UK.
A Y & J Solicitors is a specialist immigration law firm with extensive experience registering a business with guidance on self-sponsorship visa UK requirements. We have an in-depth understanding of immigration law and are professional and results-focused. For assistance with your visa application or any other UK immigration law concerns, please contact us at +44 20 7404 7933 or contact us today. We're here to help!
