London has a population of over eight million residents, providing a bucket load of potential customers and consumers for business in and around the city. The UK is said to be the easiest area in Europe to set up and run a business, which is why so many savvy business owners have taken to the capital city of England.
Why not London? Voted the world's most competitive city, London offers expanding international companies leading talent and transport links, light-touch business regulation and huge opportunities for growth. People do business here to join the world’s most successful companies in London.One of the strongest regions and cities on the planet is London. It’s highly attractive, and it offers one of the best prospects for business development and innovative thinking. London is the showcase for our work throughout Europe and is paramount in our global strategy.London offers Europe’s best and most diverse workforce. Among more than 4m workers you’ll find 230 languages, tech specialists, 400,000 creative and some of the world’s best professional services partners.London is the easiest city in Europe in which to do business. Benefit from flexibleemployment law and low-cost legal structures, entrepreneurs’ visas and capital gains tax relief.
DO I NEED A VISA TO STATRT THE BUSINESS?
If you have a Tier 4 visa to study in the UK. The requirements to switch to a Tier 1 Entrepreneur Visa are not overly complex. You can be sponsored by a college or university which is on the list of authorized endorsing bodies or check if Sirius Program, which is run by UKTI (UK Trade and Investment) is accepting applications.
WHAT ABOUT FUNDING?
You have two options: access to £200,000 investment OR just £50k from a registered UK Venture Capitalist.If the venture already exists, then they can enroll to become a sponsoring company and sponsor you on a Tier 2 visa. It only takes 6 months to become a sponsoring company, but there are hoops to jump through and you'll want to get professional advice.However you structure the venture, then you'll want to create an EMI scheme for vesting share options, it will be hugely tax advantaged for founding employees. It's one of the best reasons to create a company in the UK. One can open a business from own restaurant to your own empire.There is another way to fund your business, so be sure to read up on your options and approach others who have gone down the same route for advice. You may be eligible for a loan from the government scheme Start up Loans, but be sure you have all the facts and legalities checked before taking money from anyone.
There has never been a better time to start a business in the UK, and there are plenty of opportunities and resources available to you.
WHAT TYPE OF BUSINESS SHOULD I DO?
The type of business you plan to run in London may have an impact on which location will be best suited for your needs. Financial service businesses will reap more benefits if they are situated in or near London’s Square Mile, which is the ‘financial heart of the city’. A business involved with media will do better near Soho, which is filled with creative companies in advertising, publishing, design and film etc.
WHAT ABOUT TAXES?
There are three main kinds of tax relevant to businesses. These are National Insurance (NI), Income Tax and Value Added Tax (VAT). Self-employed business owners must assess their own tax using tax self-assessment documentation established by HM Revenue and Customs.