How To Start A UK Company As an Expat part 2 – Part one is here.
Benefits of Having a U.K Company as an Expat
As an expat, if you are planning to work overseas or set up a business overseas, you must consider your company’s legal structure. Many different options are available for individuals who want to run their own business and register a company name.
One of these options is registering a limited company in the United Kingdom. When running your business from overseas, there might be a number of benefits to having your company registered in the U.K that you may not have thought about.
This section will explain the 7 Benefits of Having a Company as an Expat. If you would like more information on this topic, please contact us today, and we will be delighted to help.
1. More Credibility
When you are running a business, having U.K company registration can often make your business appear more credible in the eyes of your customers and suppliers. Having a UK Company gives you that extra bit of credibility, which will give you an advantage over companies who are operating from overseas or are not registered in the U.K.
2. More Investors
If you are looking to raise capital for your business by selling shares, potential investors will likely want to check that your company is legally registered in the U.K before they buy any shares in your company. If you choose not to register in the U.K, you may find it more difficult to attract investors, and your business may raise less capital.
3. U.K Company name
If you register a company in the U.K, you will use a U.K registered company name. This helps to avoid the issue of choosing a confusing or similar company name with another company that is already registered in the country.
Choosing a similar company name with another company can result in legal disputes between your company and the other company, which could have been avoided had you chosen a unique U.K Company name.
4. Easier to Trade
If you are looking to sell your goods or services in the U.K, is registered in the U.K will make this process much easier for you as a trader. You may also need to let HM Revenue & Customs know that you are trading within the U.K if you are not already registered here, which can be done with a UK Company Registration.
5. Save on Corporation Tax
If you are looking to set up your company in the U.K, is registered as a limited company can help save you money if your turnover is likely to be less than £300,000 per year. By registering as a limited company, you can be taxed as a sole trader, which is often more beneficial than the small companies’ rate of Corporation Tax.
6. Free GP Registration
As a UK company, your expat employees will be entitled to free National Health Service (NHS) registration with a local GP practice. NHS GP Practices are generally used by all residents within the area and can help reduce any inconvenience experienced when looking for an NHS Doctor’s surgery appointment.
7. Employees’ Allowances
To save your company money, you may consider employing your spouse or children under the age of 18. If you do employ a family member under the age of 18, they will be entitled to some allowances, which can help reduce the amount of tax that your business needs to pay.
10 Business Ideas for Expats in the U.K
With over 1.2 million expats living in the U.K., it is no wonder why there are endless business opportunities available to them. However, because of language barriers and other factors, many people do not know where to start when beginning a business in the United Kingdom.
There are plenty of online resources about setting up businesses in the U.K., but many of them are only available in English. To simplify things for new expats, this article will detail seven business ideas that they can start immediately to help the transition phase go as smoothly as possible.
Virtual Assistant Services
While everyone knows that it is easy to find jobs in the U.K., finding a good and high-paying job can be difficult for expats who do not speak English fluently or well enough. Even if one does speak excellent English, they might still feel unconfident about their abilities because of cultural differences.
As such, companies providing virtual assistant services are in high demand. Virtual assistant jobs do not require any specific skills other than speaking fluent English, so expats who have basic knowledge of computers can also apply.
Language Lessons
While English is the primary language used in the U.K., many people still want to learn it well enough to conduct day-to-day business. Because of this, people are willing to spend money on any service that can offer English lessons in their preferred style. With the right marketing strategies, one can use Internet resources to promote online English language classes for anyone in need.
Travel Consultant
Many expats who come to the U.K. have a vacation planned in the near future. However, one cannot always rely on travel agencies to offer affordable deals because of exchange rates and other factors. As such, many people hire independent travel agents to help organize their trips to specific countries around Europe or even worldwide.
Being a travel consultant is not hard if it is just a hobby, but it is also a very lucrative side business as long as the person knows his or her way around different countries.
Dog Walking
In most metropolitan cities, people do not have time to walk their dogs even for just a short time because of work commitments and other factors. Expats living in the U.K., especially those that have a pet, can use this opportunity to start making money by walking the neighbor’s dog while they are away.
Expats who do not have their own house and live in high-rise buildings should consider asking neighbors if they need help walking their dogs while at work or on vacation.
Day Care
Most families living in the U.K. have two working parents who do not have the time to take care of their children throughout the day.
While some parents hire nannies to help them, others turn to home-based daycare centers operated by independent individuals, just like many other businesses in this article.
With good marketing strategies, an expat can easily market their daycare service to parents who need trustworthy individuals to take care of their children.
Translation Services
Expats in the U.K. know that not everyone speaks English fluently, so they can provide translation services for different individuals who need assistance in their native language. Translation jobs are highly sought after because it does require specific skills to do accurate translations.
While some individuals might be nervous about hiring an expat to translate important documents or records, they will most likely be more comfortable hiring someone who is from their own country, even if they do speak fluent English.
General Cleaning
Most households in the U.K., no matter how small, have a lot of work to do when it comes to maintaining cleanliness. This is especially true for expats who are used to living in different countries that might be more polluted than the U.K., so they would need extra help to keep their homes spotless throughout the day.
Event Organizer
The expat life is full of birthday parties, business gatherings, and other functions where they can meet with friends and other people from the same country for companionship. Expats in the U.K. can capitalize on these opportunities to earn extra money by helping organize events that everyone would want to attend. Even if an expat is not particularly good at organizing events, he or she can always ask for help from other people who are.
T-Shirt Printing
Expats in the U.K. often feel homesick once they leave their own country, so creating t-shirts that show where they come from is one way to remind themselves of home. T-shirts with flags and other national symbols make great gifts for friends and family who also love the country, so an expat can earn some extra income simply by making personalized t-shirts to sell online or offline.
Tea Consultant
Expats in the U.K are considered experts in tea drinking because the country is very serious about their tea. Expats can help other people discover different teas that they might not know about if they are true tea connoisseurs themselves.
What does it mean to start a business?
To start a business means to be self-employed and have your own small company. It is a very exciting step in one’s life, yet there are many specific things that need to be considered before doing so. When starting a business, you take on a significant risk and time commitment.
What are the benefits of starting a business?
There are many benefits to starting your business. The most significant one is the ability to create jobs for yourself and others, as well as make a profit. You will also be able to do what you enjoy every day by starting your own company
Conclusion
There are a number of reasons to live and work in the UK as an expat. Perhaps you have family ties, or you were recruited to work for a British company as part of their overseas operation. One thing is certain: if you decide to start a business in the UK as an expat, you may need to pass the requirements above.
