10 Essential Steps for Setting Up a Successful Business in the UK

In the quest to find out which business visa is the best for your question “how to start a business in UK”, you must have come across many options. But what is gaining more popularity nowadays is the UK self-sponsorship visa. 

This article will guide you on 10 essential steps for setting up a business in the UK using this visa route and you’ll have the understanding of making a better choice. 

The UK self-sponsorship visa route: what is it?

The UK self-sponsorship visa route is a mixture of a sponsor licence and a skilled worker visa. This is not an actual visa but a combination of elements of both a sponsor licence and a skilled worker visa. If you are an overseas business owner, then this route can be the best for you as it gives you the flexibility and autonomy to run your business while also managing 

Here are the essential steps you need to take for setting up a business in the UK using the UK self-sponsorship visa route:

1. Get knowledge about the UK self-sponsorship visa route:

Before proceeding towards the essential steps for setting up a business in the UK it is important that you understand each and everything about the self-sponsorship visa route. This visa route is not an official visa but it uses certain elements of sponsor licence and skilled worker visa. Under this visa route, you essentially employ yourself in the business that you have set up using a skilled worker visa. 

2. Start your Market research:

While you plan on starting a new business in the UK, it is important for you to conduct a thorough market research. You need to gain knowledge about the UK economy and business opportunities that could be in your favour. The research would help you understand the viability of the business you are thinking of starting and this can help you create your business plan better. 

3. Create a business plan:

A well-made business plan is important for two reasons: one, it is a roadmap for your business and acts as an important document while you apply for a sponsor licence. Your plan must show your business mission, vision, target audience, financials, and strategies of operations.

Second, when you have a drafted plan, it is easy for you to prove and show the UK authorities that your business is workable and worth it. 

4. Registering the business in the UK

When you are ready with your business plan, you need to get your business registered with the appropriate authorities in the UK. You must choose a specific business structure like- a sole trader, partnership, or a limited company and fill in the details like the name of the company, address of your registered office and information of the directors. If you register your business you can easily your business as an established legal entity in the UK. 

5. Application for a sponsor licence

To get a sponsor licence to sponsor yourself under the skilled worker visa, your establishment must secure a sponsor licence. This starts with the submission of an online application, payment of the required fee, and arranging the supporting documents which include a certificate of business registration, a statement of bank account, and proof that your business is trading. Your company also needs to show that you are compliant with the UK’s requirement of sponsorship which means that you must keep and maintain accurate records and taking care of obligations to report. 

6. Fulfill resident labour market test

Although this is not required for a skilled worker visa anymore, it is a good option for you to advertise the position you need to fill. This also shows that you are transparent and make sure that your plan to go for self-sponsorship is in line with immigration rules in the UK. You also need to make sure that you document the process of the recruitment process with reference to the future. 

7. Apply for getting the certificate of sponsorship

When you have an approved sponsor licence, you can issue the certificate of sponsorship to yourself. This certificate is a document that includes details about the job role, such as job title, responsibilities, and remuneration. You also need to make sure that you meet the criteria of eligibility for a skilled worker visa, which also includes the salary thresholds. 

8. Application for a skilled worker visa

When you have the certificate of sponsorship in your hands you can go for application submission of a skilled worker visa. The process of the application involves filling out an online form, paying the visa fee and submitting supporting documents like a Certificate of sponsorship, English language proficiency and proof that you have enough money that can support you in the UK. Once everything is approved, you will get the right to live and work in the UK as a skilled worker for your business. 

9. Starting with your business operations

After you have received your skilled worker visa you can focus on running your business now. The activities for setting up your business include getting your business bank account opened, getting a place for your business on rent/lease, recruiting employees for your business and planning your marketing and sales strategies. Make sure your operations are in compliance with rules and regulations including taxes and employment. 

10. Monitoring and compliance maintenance

As an individual who holds a sponsor licence, you will have continuous responsibilities regarding changes to your business or your status as a sponsored worker. You need to track the operations and ensure compliance with the immigration and regulations related to your business and immigration and if you fail to fulfil or complete these obligations you can face revocation of licences.

Conclusion:

The UK self-sponsorship visa route is the best option for individuals who are ambitious and keen to establish their roots in the UK while also fulfilling the responsibilities of running a business and take care of their immigration status. It proves to be the best option for you if you compare it with other visa options like the Innovator Founder visa which comes with its own limitations and challenges.