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Establishing a Business
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Persons wishing to establish themselves in business in the United Kingdom may
do so as sole traders, in partnership or by incorporating a company. Whichever
form is decided, the applicant needs to introduce capital of at least
GBP200,000 of his or her own money, held in his own name. Trusts or other
investment vehicles are not acceptable.
Additional resources may also be required for maintenance and accommodation if
the business is unable to generate this income initially. The applicant must be
engaged full-time in running the business and no supplementary employment is
permitted.
The investment should be proportional to the interest in the business and
should be sufficient for the applicant to have a wholly controlling, or at
least equal, interest in the business. There must be a genuine need for the
goods or services to be provided and this category should not be considered to
be a route to buy residence in the country.
The purpose of these provisions is to increase employment opportunities for the
resident labour force. This necessitates the creation of at least two full time
jobs within the first twelve months of trading for persons already settled
(permanently resident) in the United Kingdom. If the applicant is purchasing an
existing enterprise, audited accounts for previous years are required. Many
small businesses (hotels, guest houses etc) show minimal profits and may not
yield sufficient income to satisfy the rules.
All applications of this nature are referred to the Immigration and Nationality
Directorate in Croydon where they are carefully assessed to ensure that the
business has a good prospect of success, in addition to normal immigration
considerations.
IMPORTANT NOTE - INNOVATORS
Presently, there is a pilot scheme for 'Innovators' bringing exceptional skills
and talents to the United Kingdom. Such individuals do not need to satisfy the
capital requirement shown above. However, the applications are complex and need
to be carefully prepared. Despite a downturn in hi-tech industries, most
applications are from this sector.
If you are interested in establishing in business in the United Kingdom, we
would like to hear from you. Please email business@visalondon.com with a brief
outline of you business intentions. You can also contact us using our
general enquiry form.
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Material Copyright ©2001 Westminster Business Associates Ltd.