As a foreigner planning to start a business in the UK, how can I register my business and what are the main steps and requirements of the registration procedure?

Before you start a business in the UK as a foreigner, you should apply for a business visa in advance.

You should only apply for the visa that is appropriate for the type and purpose of your business.

UK Expansion Worker Visa

Allows you to enter the United Kingdom and open a branch or subsidiary of your existing overseas business, requires no investment and is self-funded.

UK Innovator Visa

Suitable for those entrepreneurs who have an innovative and ambitious business plan and experience in a particular industry.

To apply for the visa, you have to first receive confirmation from an authorised UK government agency. You are also required to have £50,000 as an investment fund.

Business registration

Ukrainians can register their business with HM Revenue and Customs online:

o  follow the link: https://www.gov.uk/set-up-business;

o  set up an account or log in to an existing account;

o  click on the appropriate option when prompted and follow the instructions to fill in any required information.

When registering, you should also familiarise yourself with and choose an organisational form of business activity.

The most common forms are:

o  Private Limited Company (LTD);

o  Limited Liability Partnership (LLP);

o  Limited Partnership(LP);

o  Public Limited Company (PLC);

o  Branch of a foreign company;

o  Private Unlimited Company;

o  Private Company Limited by guarantee;

o  Sole trader.

At the same time, a person registering a business has to provide the following documents:

o  form "IN01", which is an application for company registration;

o  the memorandum of association, which specifies the names of all company members and contains their signatures;

o  the company's charter (unless a model charter is used);

o  additional information if the company name contains words whose context may have a double meaning. For example, if the word "audit" is included in the company name, you have to have permission from the state auditor to use such a name.

Online registration takes no more than an hour, and upon completion, you will receive your unique taxpayer number (UTR) by mail and complete the registration.

Please note that after registration, you are responsible for filing Self Assessment Τax Return and paying taxes.

Taxation regime

The following types of taxes are levied in the United Kingdom:

o  Corporation Tax;

The standard rate is from 19% to 25% for the financial year, depending on the profit.

o  VAT.

In the UK, it is 20%.

This tax is paid by companies whose annual turnover exceeds £85,000.

Self-employed workers pay income tax by filing a Self Assessment Τax Return.

Information on this type of tax can be found at the following link: https://www.gov.uk/browse/tax/self-assessment;

Other useful information (government support for business, hiring employees) can be found via this link.