- VISA :
In the main, any non-UK resident wishing to set up a company is required to have an “Innovator Visa” or a Start Up Visa.
There are, in fact, several types of visas allowing you to open a company in the UK.
1. Innovator Visa :
- This visa is used for the creation of an innovative company.
- To obtain this visa, you must be supported by a specialized organization: an Innovator Endorsement Body.
- This visa allows you to stay in the UK for a maximum of 3 years.
- It is necessary to justify a minimum investment of £50,000 (GBP) to obtain it.
- A budget of £1270 (GBP) per 28-day period is also required to prove that the person has the necessary resources to live in this country.
- Finally, the visa fee is £1,021 GBP.
1. Start Up Visa :
- This visa is intended for entrepreneurs who wish to bring real added value to the British market by creating a business.
- The project must be supported by a specialized support organization.
- This visa allows you to stay in the UK for a maximum of 2 years.
- The visa fee is £308 (GBP).
1. Other visas :
Alternatively, it is possible to opt for another type of visa.
1. If the person is a leader or potential leader in their field:
- The person is eligible for a Global Talent visa if he/she is a leader in research, art, culture, digital technologies…
- With this visa, it is possible to:
- Create a business;
- Be an employee, self-employed or director of a company; and
- Work in the UK without a job offer.
- Eligibility criteria: the person must prove that he/she is a leader or potential leader by applying for an endorsement.
- This visa can last up to 5 years.
It is possible to extend this visa as long as the person is eligible.
- The person may be eligible to apply to move to the UK after 3 years if they are a leader or 5 years if they are a potential leader.
2. If the person sets up the first UK branch or subsidiary of their business:
- The person may be eligible for a UK Expansion Worker visa (Global Business Mobility) if he/she is working for a foreign company and is planning to set up his/her first branch or subsidiary in the UK
- Eligibility criteria:
- Be employed in an eligible job; and
- Receive a minimum salary (defined according to the type of work).
- This visa can last up to 1 year.
It can be renewed as long as the person is eligible.
3. If the person is a graduate of an eligible university:
- It is possible to apply for a High Potential Individual (HPI) visa.
- Eligibility Criteria :
- Have graduated within the last five years from an eligible university; and
- Prove that the individual can read, write, speak and understand English.
- This visa allows the individual to stay for up to 2 years.
If the person has the equivalent of a PhD, this visa can last for 3 years.
If the person wishes to stay longer, they will have to change their visa type.
- CREATE AN LLC (LIMITED LIABILITY COMPANY) :
Several steps are necessary to create such a company:
- Choose the name of the company and its executive staff (CEO and secretary).
- Appoint the shareholders and the guarantor.
- Choose the PSC (people with significant control) who will hold more than 25% of the shares.
- Draft the articles and memorandums of association.
- Register the company at Companies House (have an address and a SIC code that determines the scope of the company’s activity).
Registration costs £12 Sterling (GBP) and is usually completed within 24 hours.
- Register as a future Corporate Tax payer on the HMRC (Her Majesty’s Revenue and Customs) website.
- Business profits are taxed at 19%.
- Self-employed persons are subject to income tax.
- A business owner must pay social security contributions of 12% for employees paid less than £4,190 per month. Above that, the rate is 2%.
Lawfirm Cabinet BRAHIN
Nicolas BRAHINI Lawyer
Master’s Degree in Banking and Financial Law
1, Rue Louis Gassin 06300 NICE (FRANCE)
Tel : +33 493 830 876 / Fax : +33 493 181 437