The UK, in recent years, has seen a surge in tech startups and tech-related businesses. It has begun to be noticed as one of the most sought-after locations for setting up a tech business. While this sounds good to hear, it has its own complications. Many foreigners and non-residents want to start or bring their tech businesses to the UK. Then there are some who have founded a tech business. have a great idea, or have already created an innovative tech-based product or service. Creative idea-based business founders wishing to bring or start a business in the UK must go through the innovator visa process.
Applying for the innovator visa means you have a viable and innovative business idea, product, or service that is likely to be scalable if set up in the UK. This also means that, as per the basic requirements of the innovator visa, you have £50,000 for investing in this business in the UK. Having cleared the essential requirements with the company being set up, it simply depends on your skills, connections, and marketing. Suppose you are not eligible for the innovator visa but are still interested in moving to the UK to set up your tech business. It is better to consider all the requisite statutory norms and procedures in that case.
Pointers for starting a Tech business in the UK.
Registration
You can register your business as a trader, sole proprietor, partnership, or limited company. As the owner of this business, it is better for you to first decide on which type of company you want your business to be since this will decide other operational modalities of the business. This also includes and influences the accounting standards and policies for your business. The type of business also determines your borrowing capacity if you wish to avail of loans or raise capital.
Location
This is among the most important decisions since it will determine the success of your business. Location impacts many aspects of a business. For products being traded, you need to look at warehousing or inventory storage and sales areas with delivery and logistics support. For a tech service business, you may need to look for an office-type environment with sufficient seating, connectivity, and other related working parameters.
Statutory Permits and Insurance
Different businesses need different types of permits and licenses to conduct their business. If your tech business falls under any category requiring approval or permits to operate in the UK, you must apply and get the same before commencing the work. Seek expert guidance and advice for your business if there are any doubts regarding the requirements of licenses and permits. The same is the case with Insurance. The right insurance cover for your tech business will depend on the type and nature of the tech part of your business. This will and should ideally cover indemnity as well.
Team and Resources
Your tech business will need the correct type of team. It is essential to identify the skill sets required vis-à-vis the availability of people in the location of your business. Many HR consultancies can help identify qualified people with appropriate skill sets as needed for the company. Finding the best and most efficient team will determine the success of your tech business. It is best to identify, list, and scope out the successful applicants for your business. Besides the right team, your business will also require the appropriate office equipment, tools, service providers, and connectivity support resources.
Banking and Finance
Any business needs to have the right kind of banking support. You should open a bank account immediately to register your business. A local bank near your location of work is a good option. It is advisable to work with a bank based on your business needs and how the bank can support your business. Specialized support from the bank will always play a significant role in your business growth.
Sales and Marketing
Your tech business’s sales and marketing plan will depend entirely on the complexity of your products, services, or offerings. Typically, this will affect the pricing for sales and deliveries. What also matters is the possibility of distribution and channel partnerships. Another critical factor is the funds required for distribution and logistics thereof. Depending on the sales policy of your tech business, you could focus on online marketing channels and e-commerce options.
Having understood the basic requirements for starting your business in the UK, if you decide to move there alone or with family, it will help to first consult an expert UK immigration solicitor in London to help you with all the statutory and legal formalities required for migrating to the UK.
