If you don’t have a UK passport, but you’re considering starting a new UK-based business idea, then you not only have some additional paperwork to complete, there are extra concerns as well. However, due to the historical and cultural ties between Britain and Australia, the UK has always been an attractive option for Australian entrepreneurs. Here are some of the things that you’re going to need to consider if you want your business launch to be a safer and more successful process.
Every business needs some form of insurance, and trading without it is ill-advised and dangerous. It’s essential that you get the right form of insurance, as they come in a variety of different types, and your first pick might not always be the most suitable. While there may be similarities between Australian and UK insurance policies, the fact remains that you are going to need to protect your business, your customers, your workforce, and your business model from external threats. Consider:
- In-house theft
Commercial cover for business in the UK can ensure you have policies tailored to your business. Insurers such as Hiscox use underwriters who are experienced in the risks unique to your business, offering comprehensive protection with their commercial cover. With no admin fees and immediate cover available, this is one solution for those hoping to protect their business no matter where they might be in the world.
Know your market
While there are a lot of similarities between Britain and Australia, there are plenty of cultural differences as well. Trading in a new country means always being aware of those differences. Sometimes, a marketing campaign will falter or have a negative impact due to a misunderstood cultural or linguistic difference. Look at the large corporations who have had to race for damage control when an advertising campaign has a different meaning to a new demographic.
Register your business
One of the first tasks that you’re going to need to do before you start trading is to register your business with HMRC. This will ensure that your company is paying the right amount of tax. Don’t assume that you won’t need to pay tax in the UK just because you’re based in Australia. If you’re a limited company then you will need to pay for registration. The cost that you pay will depend on if you pay in person or by post, although paying via the postal service is considerably higher.
Know your sector requirements
Different business types need different paperwork, and you need to make sure that you have the relevant documentation before you launch. Check your business model. If you sell alcohol, or play any form of music, then you are going to need to be very aware of the official requirements. Failure to do so will often result in a fine, and that can be the biggest threat to your business.
With its cutting-edge tech sector and strong market position, the UK is a very attractive destination for Australian entrepreneurs. Make sure that you understand the legal necessities and your business launch will go much more smoothly. Plan right, and you could be trading to UK customers before you know it.