Starting, or transferring, your business to the UK can seem daunting after Brexit. But the UK remains an economy with plenty of opportunity for Indian businesses. It’s one of the top five economies in the world, and with an advanced consumer base there’s plenty of reasons for optimism for businesses. Below we explore how Indian companies can begin to start business in the UK.
Indian nationals in the UK
One advantage of the UK is that there are plenty of Indian nationals already residing in the country. This makes the transition and start of your business here much smoother, with less of a cultural barrier. There are 361,000 Indian nationals residing in the UK currently – the third most populous international group.
The best steps to starting your business
Write a business plan
Writing a business plan can help you really crystalise your ambitions and what you want to do with your company. This should be a blueprint for what you want to achieve and a road map for how you’ll get there. Visit the UK before settling and conduct research on your market to help you prepare this plan.
Pick a location
If you’re starting an e-Commerce business, you’ll need to find a location where you can set up a warehouse with plenty of space for goods. This will need to be an area with strong logistical links, alongside competitive rent prices. On the other hand, you’ll need to consider your audience if you’re setting up a retail premises: what are you selling and who do you need to attract? Make sure you set up in the ideal location to sell your products.
Choose a company structure
The UK has similar laws to India, so this should be fairly familiar. You can choose to make your business a Public Limited Company (PLC) or a Limited Liability Company (LTD). LTD is more suitable for smaller companies – only their shareholders are affected by its performance. A PLC will be more appropriate for lager companies searching for public investment.
The final step will be to arrange your settling status in the UK. For a start, you’ll need to register your business in the UK. An important step after this will be to apply for a UK visa. If this seems like a daunting process, you can seek the advice of immigration lawyers to walk you through the documentation required and help you arrange settler status.
The UK can be a great place to start a business as an Indian company. By arranging any visa requirements and planning carefully, your business can thrive in an attractive economy.