Are you mulling shifting to the United Kingdom and launching a business venture there?
If so, you ought to start gathering information regarding the rules and regulations needed for self-employed businesses there. Great Britain is considered a very attractive place for entrepreneurs. In fact, the World Bank study, which was undertaken in 2011, ranked UK seventh in the list of all the countries across the world for ease of doing business. It was also ranked first as far as business access to credit was concerned.
Since it is a multicultural country, the UK welcomes entrepreneurs coming from foreign countries.
Initially, you need to get an appropriate visa for setting up your own establishment in that country. The new visa rules, which were formulated in 2011, were framed with the main intent of luring foreign investment into the UK.
For foreign entrepreneurs from outside of the European Union, the visa they would need is the Tier One Entrepreneur Visa. To be eligible for this visa, one needs to have a bank balance of at least £200,000, or £50,000 of funding from a venture capital firm accredited by the UK Financial Services Authority. Another alternative is to procure funding from a department of government specifically for starting a business in the UK.
After registering your business with Companies House, you need to register for the appropriate tax that needs to be paid, in addition to registering with HM Revenue and Customs for PAYE (pay-as-you-earn) for purposes of income tax and national insurance of the employees you would recruit
If you are an Indian with an entrepreneurial fervour, you may want to invest in the UK given the advantages stated above. If the answer is in the affirmative, then we, at Y-Axis, have the expertise and experience to help you apply for the Tier One Visa. Drop in at any of our 17 offices spread all over India to avail our standout services.