So, you have decided to set up a business in the UK? It is not hard to see why this is an attractive proposition. Needless to say, there is going to be a lot of work involved. To ensure you get your company off on the right foot, read on to discover common mistakes that should be avoided when setting up a business in the UK.
Practical tips for Tier 1 Entrepreneur Visa applicants:
Applying for the wrong visa
It is likely that you will need to make a Tier 1 Entrepreneur Visa application in order to set up a business in the UK. However, this does depend on the nature of your business, as well as the funds you have available. It is vital to familiarise yourself with what is required and make sure you can meet the criteria before submitting your application.
Failing to set up a business bank account
Mixing personal and business finances can be a nightmare. Not only in terms of money management, but you could find yourself in big trouble if HMRC decide to do an audit.
Forming your company incorrectly
In order to start your business properly, you are going to have to submit your company to Companies House. You need to ensure you choose the correct structure for your firm and that everything is filed correctly.
Not discovering whether you are legally permitted to use your business name
You will quickly find yourself in legal hot water if you infringe on another business’ trademark. You should never start using a business name on your marketing collateral, be it your social media or business cards, unless you have verified that someone else has not taken it.
Bad pricing
Do your research before entering the UK market. If you price yourself too low, consumers will assume that this is all your product or service is worth. It is not always best to go cheap.
Not understanding technology
In the UK today, technology plays a massive impact with regards to the way in which businesses operate. Technology can enlighten you to various trends and insights so that you can make more informed decisions, as well as enabling you to run your business more efficiently.
QC Immigration has vast experience guiding Tier 1 Entrepreneur Visa applicants successfully from start until finish. Book a consultation with us to discuss your UK business plans.
