How can a startup expand its business to the UK post-COVID-19?
Finally, we have started adapting the era of coronavirus and put in practice various social norms and taken it on the chin. However, there are a number of firms that could not pull through the COVID-19 onslaught. In the time of crisis, it is very important to put your strength together and start hoping against hope.
One must know that a startup needs hope, optimism, determination, courage, and marketable ideas. But there are several important things to consider when expanding your business in a country like the UK and that too after Covid-19. Bootstrapping and penetrating saturated markets require you to examine factors like currency, language, regulations, and immigration policy when the country is still active to fight through the crisis of Coronavirus.
Currency and Exchange Rate
While looking at your business at the bigger picture, currency and Exchange rates come first. But things get worthy of attention after a life-altering crisis like coronavirus. A small change can be catastrophic to your business. Therefore, it becomes a prime requisite to monitor the forex market. At the beginning of the outbreak, the pound had fallen to its lowest level against the dollar in 30 years. However, the economy has gradually revived and buoyed the expectation of entrepreneurs.
Cultural consideration plays a significant role that fosters effective communication. One must understand that each culture has underlying beliefs, values, and assumptions that help in comprehending ways to interact with clients and employees. Savvy businesses have reasons to believe the importance of decision-making and time perception which are acquired through developing an appreciation for another culture. In the UK, there are four fundamental principles i.e. Courtesy, discipline, politeness, and punctuality. Learning these principles will be key to long-term business success in the UK.
Coronavirus has undoubtedly dominated global headlines, however, the UK has a prodigious change ahead in 2021. The country has left the European Union on 31st January 2020 but is still witnessing the gradual transition from the freedom of movement to the points-based system amid the Coronavirus pandemic. After summing up the free movement and taking back control of the borders, the UK is psyched up to introduce a global immigration system. This implies that an entrepreneur must be mindful of the potential implication of Brexit on startups.
The UK’s departure from the EU is a deceptively simple plan. The concept is associated with freedom of movement, expansion of the points-based system, the unveiling of the new visa categories, and the pioneering of new immigration opportunities in the UK. According to the system, anyone coming to the UK for work/run a business must meet a specific set of requirements for which they will be awarded some score. Henceforth, visas will be provided to those applicants who will gain enough points.
It will come as no surprise for you to learn that the UK has always attracted promising entrepreneurs. A couple of months ago, the UK Government had launched Start-up and Innovator Immigration routes which were specifically designed to attract entrepreneurial talent. The Start-up Visa is for those individuals who want to gain access to the UK market with an innovative business plan for the first time. However, you can also take advantage of Innovator Visa if you have extensive industry-related knowledge and experience and at least £50,000 in investment funds.
Another immigration route is Sole Rep Visa for individuals who want to establish the company’s first-ever commercial presence in the UK by setting up a wholly-owned subsidiary or register a UK branch. However, the individual must take the helm of business with full authority to make key decisions on behalf of the business. If you want to be self-employed or run a business in the field of expertise, you can apply for a Global Talent Visa. This route has replaced Tier 1 (Exceptional Talent) which is predominantly for the brightest talent across the globe.
To identify the perfect immigration routes and bring it to successful fruition, you will need an Immigration Law Firm. A Y & J Solicitors is a multi-award winning UK Immigration law firm with a decade of experience recommended by Legal 500 based in Central London. Our qualified UK lawyers specialise in business and individual immigration and have successfully presented cases right from application to the decision-making process.
Need bespoke UK immigration advice/services? Get in touch with our team now.