UK is considered the 5th largest world economy according to the World Bank with an estimated GDP of $2.6 trillion in 2018. Being the 2nd largest economy in the EU, it is deemed as a major international trading power. Launching a new business in UK, being a Greece Resident is no easy feat in such a booming economy and involves a lot of tasks that need to be taken care of. Prior planning is a must and following the guidelines below may help one find the required direction for setting up his business.
Fulfilling Legal Eligibility Requirements
The best thing for Greece Residents is that being part of the EU is that EEA residents do not need a Visa to start work in the UK. Although changes may occur after Brexit is implemented on 31st October 2019, it is yet to be ascertained.
Business Idea and Planning
Setting up a business in the UK for Greece residents is made quaicker and easier only if one has done proper research and pilot testing in the line of business one wishes to set up. Entrepreneurs anywhere need a business plan for a proper start up. This helps one ascertain that the ideas one wishes to pursue are viable and would be successful and sustainable in the UK for the longer run. Preparation of budget and cash flow forecasts, marketing research, and a properly written business plan is a necessity. Creation of a detailed 5 year business plan should be done which should include one’s strategy and marketing, pricing, advertising, production costs as well as rough predictions of the profits. It should outline the competition and what one is offering. It helps theorize the target market, number of clienteles, what to charge and how to flourish. Then the theories can be tested by researching the market and make the changes to the plan accordingly.
A business plan should be adaptable as economies and markets are ever changing. A business model keeps the business organized and prepared for myriads of potential pitfalls. It helps increase the chances for the business to succeed and it is required as a proposal for application of loans or external funding.
One should first identify a target market or a target audience to whom one wishes to sell the goods or services. The next step should be locating the market/audience and selling the commodities at an equitable yet profitable rate. Other important things one should consider is the availability and accessibility of the goods and services one wishes to sell in the market along with their current price and
quality. If the goods are already easily available at cheaper rates or better quality, the business is unlikely to flourish. Research competitors on their dealing with client, their pricing and how they can improve, then use that to stand out in one’s own business. In summary, a good research identifies the business structure, pricing, demographics and resources.
Innovation is the key for a business to thrive and proliferate. Identifying the gap in the market and filling the gap would be a more sustainable idea than reintroducing the same product at better quality and/or price. Another prerequisite for a business success is its virtual presence. Online websites or social media presence not only helps in market the product, but also makes it more viable and reliable in a consumer’s eyes. It is also the best way to research the demand for individual supplies and can help one decide if he wishes to fully commit to his business.
Sufficient funds should be available for setting up the business, implementation, employee salary, management, and so on. The best way to tackle the finances would be opting for a UK based Business Consultant like Premier UK Business, which covers implementation fee, employee’s salary, taxes and many other things at a reasonable cost. Try not to overspend as starting up and managing a business can be costly.
Finance can be arranged through business loans from a bank for which one needs to open up a UK bank account. Investors or Commercial Lenders can also be sought to meet the budget.
Consideration of the Business Structure
Companies abroad that wish to branch into an international business, especially in the UK, needs to register with Companies House. After selection of a business idea and a business name, the next step is determining the business structure. Since overseas entrepreneurs can not register as sole trader (unless they have a National Insurance Number, and are registered as self-employed with HM Revenue and Customs), they have to consider the following most common options:
1) Limited liability partnership (LLP) is an agreement amongst partners where each partner is liable to pay the debt for the amount he invested but has to pay the taxes as with a business partnership. An LLP agreement is signed for this partnership and registered with the Companies House.
2) Limited Company is the most common and easy way to start a company in the UK. It can be registered within the 24 hours and allows one to separate ownership from executive role i.e. Directorship.
If one opts to set up a limited company in UK, it takes registration with Companies House for Corporation Tax, a director and a shareholder, and relevant documentation. The director should be a responsible company officer who manages the business at all times according to the laws and ensures annual returns, taxation and business accounts management. A company secretary may also be required if the business is a large-scale corporation. A limited company is more tax efficient and has separate finances than one’s own finances; debts are limited to the company and not the person. Profits is taken out as dividends or salary and income tax is also paid; full accounts and Corporation Tax have to be submitted too.
Selection of a Business Name
A catchy name should be selected but it must be ensured that it is easy to recall. Restrictions are present on choosing the name, such as, it should not be similar to any other company’s name and should be available in the Company House’s database. Limited companies need to register their name and address while others can register as a trade mark company so no one else can trade under their name.
Get Help Starting a Business in UK
Last but not the least, consider taking advice from a business advisor in UK like Premier UK Business as Greece has many laws and customs that are separate from UK. Premier UK Business not only helps one guide through the business set up process, give tailored business advice suited to one’s respective business, but they also cover mentoring support, registration, company set up, budgeting, cash flow, marketing research, provision of address, arranging finance for vehicles and equipment. They also help open a business bank account, arrange advice on pensions and taxation, along with advice on how to comply to UK laws. Other services they provide include employing a team on company’s behalf, keeping records, handling of VAT and yearly Corporation Tax returns. In short, they essentially help to set up the business from A to Z.