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HomeSector InsightsCorporateBreaking Into The UK Market: A Guide for Expat Entrepreneurs

Breaking Into The UK Market: A Guide for Expat Entrepreneurs

Danielle Trigg
By Danielle Trigg

As an expat entrepreneur, you have already shown the ambition, drive, and determination to succeed. You have decided to start a business and take the first steps towards realising your dream. Now, you are considering breaking into the UK market. This guide will provide you with the essential information you need to know to successfully navigate the UK business landscape and establish your business in the UK.

Learn About Expat Investment

Resident and non-resident expats may have different legal obligations depending on current regulations. This is critical to your success as an entrepreneur in the UK. Check out government resources for foreigners looking to invest in the UK. Consider hiring a UK-based firm to handle specific documentation, business analysis, and other tasks to help you get started. Remember that taxing regulations differ from your home country, so have that sorted before running your business. Business licences typically take a few weeks, and you’ll have to pass certain checks as an expat.

Find An Industry And Niche

The UK economy largely depends on services and industry, contributing over 90% of the GDP. There are many industries and sub-niches in the UK that you can explore as an entrepreneur; find a niche with gaps that you can plug in and create solutions for them. Obtain accurate information about the UK business and market scene, then explore the market. If your business is primarily online but based out of the UK, consider investing in digital marketing research to find your niche.

Conduct Market Research

Market research helps you gain perspective on the pain points and general needs of your target market in the UK. If, for example, you’re looking to invest in the footwear niche, your market research will help you identify the categories of footwear with the best sales potential and the purchasing behaviour of your target market. You can travel to the UK or hire a firm to research your market. You’ll also find helpful resources online from government web pages and private companies.

Get A UK Business Account

UK businesses, both local and international, have to process payments and perform other financial activities to keep business going. As an expat entrepreneur, you’ll need a UK multi-currency account from an international business financial specialist like Silverbird for converting currency and making international payments. These days, you don’t have to go through endless checks before opening a UK business account; you can do that online and get your business started. International payments require your due diligence to get the best service, so ensure you bank with a trusted and customer-first financial firm.

Obtain A UK Visa

Foreigners coming to the UK for business require a visa before they get access. Three visa categories might apply to you; startup, innovator, and investor. Each class has different requirements, with the last two requiring a capital of £50,000 and £2 million, respectively. Apply for the visa that you qualify for and receive a decision before proceeding to the UK. Note that each visa category has a maximum duration before expiry; you can switch visas or move from the UK.

Register With Customs And Revenue

UK business regulations require companies to register with the HM Revenue and Customs (HMRC) for taxes. The HMRC provides taxing guidelines and services to registered companies. You’ll need to pay a small fee to register online or by mail and receive your tax certificate shortly. Don’t skip this step for any reason. Different taxes apply to different categories of businesses; self-employed and private partnerships pay taxes, but corporations and limited companies pay more. Ensure you have the required documents, such as business registration and financial reports and file your business under the correct category.

Hire Local Talents

Thousands of local talents in the UK fit every business profile you may require. From designers to accountants, skilled workers to professional staff, you’ll find a large pool of candidates with enough experience to grow your company. Hiring local staff is often more capital-efficient than bringing your team from abroad, and you’ll also be contributing to the local economy. You can hire a recruitment agency to find the best hands for you or handle the process yourself. Ensure you understand the UK labour laws and comply with them when hiring staff. Check the minimum wage regulations to know your employees’ benefits and wages.

Purchase Business Insurance

You should take insurance covers such as public liability insurance, employers’ liability insurance, professional indemnity insurance, and building insurance to protect your business and maintain your legal status. The UK regulations require companies to purchase insurance policies and stay covered. You can apply for business insurance once registered in the UK.

Final Note

As an expat entrepreneur, you might experience challenges breaking into the UK market, but having a solid foundation will help you stay afloat and build your business. Hire the right hands and consult professionals across diverse fields related to your business.

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