Once you receive your visa, the operational setup of your venture begins. Setting up a business in the UK is straightforward if you know the exact steps.
1. Registering at Companies House
Your business must be incorporated as a UK Limited Company:
- Articles of Association: Standard or customized articles defining shareholder rights and share classes.
- SIC Codes: Select the correct Standard Industrial Classification code matching your business activities (e.g., 62010 for computer programming, 62020 for IT consultancy).
- Registered Office Address: You must provide a valid UK address for official correspondence (can be a virtual office or commercial desk space in London).
2. Opening a Business Bank Account
You need a dedicated corporate account to manage your funds:
- Digital Challengers: Services like Wise Business, Revolut Business, and Monzo are fast to set up and highly founder-friendly for cross-border operations and currency exchange.
- High-Street Banks: Traditional banks (like Barclays, HSBC, or NatWest) are excellent for long-term backing but typically take longer to open and require a UK-resident director.
3. Compliance & Payroll
Ensure your company remains compliant with UK regulations:
- Register for VAT: If your taxable turnover exceeds ยฃ90,000, you must register for Value Added Tax (VAT) with HMRC.
- Set Up Payroll (PAYE): Set up Pay As You Earn (PAYE) to pay yourself and hire local UK talent, ensuring compliance with pensions and tax withholdings.
4. UK Founder Operational Dashboard
The following checklist provides a chronological guide to your setup tasks upon landing in the UK:
| Task Name | Target Timeline | Regulator / Platform | Required Inputs |
|---|---|---|---|
| Companies House Incorporation | Week 1 post-arrival | Companies House Portal | Registered office address, director details, SIC codes, initial share allocation. |
| Business Bank Account Setup | Week 2 post-arrival | Wise / Tide / Revolut | Certificate of incorporation, passport, endorsement letter. |
| National Insurance Number (NINO) | Week 2 โ 4 post-arrival | Department for Work & Pensions | Passport, vignette stamp, BRP copy. |
| HMRC PAYE Registration | Week 4 post-arrival | HMRC Portal | Company UTR (Unique Taxpayer Reference), National Insurance Number. |
| VAT Registration | When turnover approaches ยฃ90k | HMRC Portal | Detailed sales records, trading address. |
5. Renting a Flat in London without a UK Credit Score
Renting in London is a notorious hurdle for newly arrived founders. Because you lack a UK credit history, traditional letting agencies will often request:
- Rent Upfront: Frequently, agencies will demand 6 months of rent upfront in lieu of a credit check.
- A Guarantor: A UK-resident individual who agrees to pay your rent if you default.
- Proof of Funds: Bank statements showing your personal or company cash reserves.
To bypass this, look at founder-friendly co-living spaces or serviced apartments during your first 90 days. They offer flexible rental agreements that do not require extensive UK credit verification.
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