How to Open a Branch of Your Business in the UK
Are you a business holder and thinking about expanding your business overseas? If so, the UK might be the place for you. The country is always seeking new opportunities and investments from foreign companies, so this could be an excellent opportunity for your company!
This blog post will explain some of the essential things you need to know to start a branch of your firm in the UK. Check out the pieces of the paragraph to find out everything.
Documents You Will Need
Here are some of the records you will require to begin the business branch in the UK. Note that you may require additional documents. Make sure to consult a
- A certified copy of your founding document (in whatever form, i.e., organisation through the state of incorporation/formation documents). Shall include the date you started doing business under that name and status in the country where you were founded.
- List of officers with names, titles, address(es), citizenship(s). Complete list of the directors, shareholders or partners in alphabetical order with their citizenship(s). A list of the countries where they do business under your organisation’s name with dates and addresses where applicable.
- Certified copy of all relevant laws, regulations or provisions that impose liability on the officers for misconduct because of their office, or any contract with the company, or any resolution of the board so imposing such liability. In addition, a detailed description of all significant activities actually carried on by you to date.
- Certified copy of your organisation’s most recent audited financial statement along with a detailed listing of sources and applications of funds for that period.
- Certified copies of your organisation’s written policies on the conduct of directors, officers and employees in their business dealings on behalf of your company.
- A certified copy of all documentation about any previous application for registration made by you in the past five years (except unsuccessful applications). It includes affidavits or declarations under penalty of perjury, information statements or registrations.
- Certification of appointment of an agent for service of process in the country where you are seeking registration to do business along with his name and address. Attach a list of your organisation’s officers, directors, shareholders or partners complete with their places of residence, including postal addresses outside your home state or province.
Steps You Need to Follow
Here are some of the most obvious steps that you will require going through to start the branch of your business in the UK.
First thing’s first – The visa. To be more specific, you will require the sole representative visa. A Sole Representative (SR) is an individual who has an employment agreement with a company or organisation in their country to work for that business/organisation in other countries without being directly employed by the foreign company.
To register as a Sole Representative, an individual needs to provide proof from the employer that they have been authorised as ‘Sole Representative’ within the organisation,
Are you just starting the business, or are you already an owner of another one? If it’s the former, then I’m afraid you can’t just skip this part. You have to set up a limited company in which your business operates. While the word ‘limited’ sounds ominous, it’s actually an advantage because of tax purposes. If you are already the owner of one business, you’ll have to transfer ownership over to the new one, but this won’t be an issue if you’re just starting out.
Next up is getting your finance set in order. If you already have the capital, great! But if not, don’t worry; it’s possible to get loans even if you’ve filed for bankruptcy before, but usually, it depends on how much debt you had and for what. If you have a business plan, then that will help your case. Finally, talk to your bank about the amount they are willing to lend you and how much interest you have to pay on it – there are loans available for up to 40% APR.
Finally, it’s time for finding an office space! Again, this will be easy or difficult, depending on what industry you’re in (and what you’re willing to deal with). For example, if you’re looking for workplace space in London, it might be a bit hard to manage. However, if you are looking to start your first location outside Britain’s capital city, finding office space is much easier.
We hope the pieces of writing will assist you in initiating your office in the UK! We wish you the best of luck on the journey.