Starting or Running Your Own Business

If you have already begun or are contemplating starting your own business in the UK, it’s not altogether different from doing so in the USA. Just as complicated, maybe a little more so at first whilst learning the rules/regulations.

You cannot become self-employed in the UK unless you are already entitled to work, unless you can show that you are investing not less than £200,000 of your own funds into the business, and that you will be employing two other persons already settled here. You must also show that your business fills a genuine need, that you will be running it full-time, and that you would be able to support yourself and dependents without taking other employment or recourse to public funds.

If you go into business as a sole trader, without forming a limited company, you are solely responsible for all business debts. Sole traders and partnerships must display names of business owners, and address for service on all business forms/stationery, and prominently displayed at trading establishment.

If you are setting up a British branch of your company, you must register with Companies House within one month of establishing a place of business. Overseas companies are eligible for all the same incentives as British owned companies, if they set up in areas of economic problems.

I used the links at right to research how to set up a small business in the UK.

There are quite a number of grants and funding for business in many regions and sectors, I keep an eye on the J4b.co.uk website, and subscribe to their newsletter.

You can get business advice packages from most High Street Banks and some free advice from them as well, check with your local branches. NatWest and HSBC have been very helpful to us in the past.

Most of the government offices such as Customs and Excise and Inland Revenue are very helpful with phonecalls relating to VAT, taxes, employer issues, and so forth. Check their websites for the appropriate/up-to-date numbers to call.