Should You Start a Business
in The UK in 2024?
Explaining the aspects of
starting a business in the UK
starting a business in the UK
Starting a business in any country requires careful study of legislation, requirements, and procedures. In this article, we discuss whether it is challenging to relocate and start a business in the UK in 2024.
What visas can entrepreneurs use to open a business in the UK?
One of the primary visas for launching a business in the UK remains the Innovator Founder visa. The popularity of this visa is steadily increasing due to its ability to provide entrepreneurs with attractive opportunities for business development and the ability to hire in British companies. The Innovator Founder visa allows entrepreneurs to establish a business in the UK, providing employment opportunities and reducing financial risks.
The Innovator Founder visa offers several key opportunities:
Additionally, for successfully launching a business in the UK under the Innovator Founder visa, it is important that the business idea is innovative, has growth and scalability potential, which involves creating new jobs.
For example, if you are planning to develop new technologies or introduce unique educational solutions, this could be an ideal foundation for your business in the UK. It's important to ensure that your business idea can stand out among competitors in the British market.
For a more successful process of obtaining the Innovator Founder visa, it is recommended to consult with business consultants and lawyers to ensure the correctness of the business idea selection and preparation of the necessary documentation.
Thus, the Innovator Founder visa represents a powerful tool for Russian entrepreneurs aiming to start their business in the UK, providing them with a wide range of opportunities and prospects for development on the international stage.
British Taxes
The main tax obligations for companies in the UK differ significantly from those applied in Russia.
One of the key taxes is Corporation Tax, which taxes the profit derived from business activities.
Currently, the standard rate is 25%, but it can vary depending on the level of profit.
The UK also levies Value Added Tax (VAT), which ranges from standard rates of 20% to reduced rates of 5% and 0% for certain categories of goods and services.
Another tax is Capital Gains Tax, which is levied depending on the taxpayer's income level at rates ranging from 10% to 28%.
Potential Challenges in Obtaining a UK Business Visa
It is important to understand that the immigration service scrutinizes not only the business idea but also the applicant's profile.
Let's give an example from real practice. Our client wanted to reunite with family in the UK, preferably on a visa that would allow him to obtain British citizenship in the shortest possible time. The client had a long career break, and it was important for him that the business concept developed for the visa reflected his business vision.
We helped the client conduct extensive market research, selecting ten suitable business ideas, with three of them worked out in detail.
Another challenge encountered in obtaining the visa was related to a request for additional explanations from the UK Home Office - we needed to prove that after a long career break, the client possessed the necessary skills and knowledge to run a business. We successfully handled this task. As a result, the client received the long-awaited Innovator Founder visa and reunited with his family in the UK.
Moving to the UK is not a universal solution for all entrepreneurs. However, if you choose this country and seek legal assistance, you can be confident that immigration to the United Kingdom will be a pivotal event in your life. The UK can be a challenging country for business immigration if you do not have a high income level. However, it is worth considering the UK if you are confident in your financial capabilities and open to new challenges.
One of the primary visas for launching a business in the UK remains the Innovator Founder visa. The popularity of this visa is steadily increasing due to its ability to provide entrepreneurs with attractive opportunities for business development and the ability to hire in British companies. The Innovator Founder visa allows entrepreneurs to establish a business in the UK, providing employment opportunities and reducing financial risks.
The Innovator Founder visa offers several key opportunities:
- Starting a venture in a new market without financial risks
- Opportunities for education and training
- Possibility of relocating family to the UK
- Organising the relocation of team members (with a Sponsor License held by the applying company)
- Opportunity to obtain Permanent Residence (PR) after three years and subsequently apply for British citizenship
Additionally, for successfully launching a business in the UK under the Innovator Founder visa, it is important that the business idea is innovative, has growth and scalability potential, which involves creating new jobs.
For example, if you are planning to develop new technologies or introduce unique educational solutions, this could be an ideal foundation for your business in the UK. It's important to ensure that your business idea can stand out among competitors in the British market.
For a more successful process of obtaining the Innovator Founder visa, it is recommended to consult with business consultants and lawyers to ensure the correctness of the business idea selection and preparation of the necessary documentation.
Thus, the Innovator Founder visa represents a powerful tool for Russian entrepreneurs aiming to start their business in the UK, providing them with a wide range of opportunities and prospects for development on the international stage.
British Taxes
The main tax obligations for companies in the UK differ significantly from those applied in Russia.
One of the key taxes is Corporation Tax, which taxes the profit derived from business activities.
Currently, the standard rate is 25%, but it can vary depending on the level of profit.
The UK also levies Value Added Tax (VAT), which ranges from standard rates of 20% to reduced rates of 5% and 0% for certain categories of goods and services.
Another tax is Capital Gains Tax, which is levied depending on the taxpayer's income level at rates ranging from 10% to 28%.
Potential Challenges in Obtaining a UK Business Visa
It is important to understand that the immigration service scrutinizes not only the business idea but also the applicant's profile.
Let's give an example from real practice. Our client wanted to reunite with family in the UK, preferably on a visa that would allow him to obtain British citizenship in the shortest possible time. The client had a long career break, and it was important for him that the business concept developed for the visa reflected his business vision.
We helped the client conduct extensive market research, selecting ten suitable business ideas, with three of them worked out in detail.
Another challenge encountered in obtaining the visa was related to a request for additional explanations from the UK Home Office - we needed to prove that after a long career break, the client possessed the necessary skills and knowledge to run a business. We successfully handled this task. As a result, the client received the long-awaited Innovator Founder visa and reunited with his family in the UK.
Moving to the UK is not a universal solution for all entrepreneurs. However, if you choose this country and seek legal assistance, you can be confident that immigration to the United Kingdom will be a pivotal event in your life. The UK can be a challenging country for business immigration if you do not have a high income level. However, it is worth considering the UK if you are confident in your financial capabilities and open to new challenges.
Do you have any questions about business immigration, obtaining permanent residency, or citizenship in the United Kingdom?
Book a free consultation to get additional information!