New Business Setup

[RayMickey]

I know this is really a wrong time to venture a new business with the economic slowdown and recession, and I don't know how much it is going to impact my field of business either but I want to give it a try. For quite sometime, I am writing this business plan to give some direction to my mind.

Basically I live in India and work in the field of GIS, Image Processing and Photogrammetry. I had a feeling that even at the time of economic slowdown, these services can not be ignored by the people who need it. So, I am planning to come to UK and extend this business from India to setup an office in UK to offer value added services. I already have Tier 1 General visa stamped in my passport which should allow me to do this business.

Although I read a lot of forums and business sites in UK, this is the first time I am discussing with any one about starting a business in UK, so, I am looking for some basic information on what type of business it should be and which is a good place to start this business like this. Is there any specific legal requirements in UK to extend a business from India depending on the type I should set it up?

I know my questions are not complete and may lack clarity but I'll wait until someone pose more questions to complete my information in that direction.

I am desperatly looking for a great help and information to move further. Any help will be much appreciated.

[apexaccounting]

I would suggest you set up a Limited Company because being from overseas Banks will be very reluctant to open an account for an individual.

Are you planning to be overhear full time or only some of the time?

If you want to discuss anything I am happy to offer any help I can.

Richard, Apex Accounting

[RayMickey]

That's really generous of you to offer help on this Richard, thanks a lot.

Limited company might be a good choice as you say. Do I have an option of LLC here? I see an option of "Offshore Company" but it is just a form of "Limited company" right?

I am planning to be in UK for full time and 100% dedicated to market this business.

I see a Limited Company can be formed with £ 24.99 with electronic certificate from the sites like:uk-plc.net. Can anyone give the complete idea of all the expenses that can occur to set up a new company. Please limit it to the minimum things, like, I may not require the company seal and other things right away.

While registering the new business can I give a virtual office address and phone number? I am just exploring options to minimize my effort and money and focus on the actual business.

[apexaccounting]

You have the option of LLP (Limited Liability Partnership) which requires a mimium of 2 partners but I would Limited Company is the best route. You can get a company set up for less than £50, other costs on top might be VAT Registration if you get an Accountant to do it and Registered Office Address Fees.

You can get a Virtual office and telephone answering service for around £75 per month.