UK immigration rules have been radically overhauled over the years and getting settled in the UK these days is not easy. Yet one of the easiest ways to get settled in the UK is still open for those with entrepreneurial skills. Basically, one needs to have the equivalent of at least £200,000 available to invest in his or her own business. Then there is an English language requirement and the applicant will need to be able to maintain a certain amount of funds for 90 days, which will be in addition to the £ 200,000 requirement. However, the requirements for funds notwithstanding, the key to success of this application depends on paperwork; particularly the requirement that the applicants must produce a business plan.
Setting up in the UK
As the politicians say the UK is open for business! Indeed. Opening a company in the UK takes just two hours. The regulatory environment is business-friendly except that tax laws can be quite complicated. The most common form of a business structure is a private limited company which can be set up as a one-man band.
However, despite all the goodies, a foreigner arriving in the UK is in all likelihood will take a few months before he familiarises himself with how things work in the UK. Therefore, anyone pursuing this route to enter and settle down in the UK might want to explore a more secured way of getting there.
Buy an existing business in the UK
Buying an existing small business involves far less risk for a person coming over to the UK than one first arriving here and then trying to stitch up a business. A newly arrived person will need first to learn everything from scratch before starting up. He will need to seek the help of accountants and lawyers to do the hand-holding during the initial days. Get his social security registration done, bank account opened etc. Contrast this with an existing successful and potentially profitable business: there are several advantages; the business may already have assets, employees, established customers, contacts and a track record. Buying in to it means you’re in business in the UK from day one. Your investment gets its return from the day you land in the UK.
How we could help?
Well, we’re not immigration specialists, we’re accountants, and business advisors. We advise businesses for a living: be it about tax, accountancy or finance. As business advisors we know how businesses operate in the UK, the legal and tax environment in which they operate, and the risks they face.
We could:
- Help you identify a business sector of your choice considering your unique business skills
- Identify and locate an existing small business successfully operating within that sector
- Carry out a due diligence on the business with regard its legal, financial and compliance standing
- Negotiate with the seller on your behalf
- Help you take over the business, and
- Do the initial hand-holding for the smooth transfer of the business
But remember we cannot run the business for you! Also, the immigration part of the application is taken care of by one of our associates who are immigration attorneys.
For an initial no-obligation discussion please contact us or e-mail us about your interest.
