The Consulate General of Brazil in London has prepared a guide with practical information about how to do business in the UK and turn your dreams into a reality!
The UK represents one of the largest economies in the world; with a fully diversified and dynamic market it is an attractive environment for overseas investors.
The Brazilian community in the UK is growing steadily and is estimated to be about 140,000 people, most of who were attracted to the country by favourable economic conditions. From large companies that have set up operations in London as a means of international expansion, to smaller micro-companies, often serving the Brazilian community itself – many of which are BBMag partners – the majority come from retail (clothing, lingerie and swimwear), food (bars and restaurants) and services (accommodation, cleaning, construction and renovation, travel agencies, transportation, etc.). Amongst the sectors where Brazilian participation is growing the most are: aesthetics (hairdressers, makeup artists), health (doctors, dentists, nutritionists) and technology (programmers, graphic designers, system administrators and database management).
The British market is extremely competitive, so business owners and entrepreneurs need to keep track of developments and to make sound investments if they are to enjoy success. If you are thinking of setting up a business in London, check out the “Guide for entrepreneurs”, prepared by the Consulate, which outlines the most important points to consider when opening your business:
Firstly, you need to have a legal migrant status, which allows you to work and invest in the UK. Generally speaking, this type of visa is known as a Tier 1, which is divided into two categories: the entrepreneur, which is dependent on a minimum investment of £50,000 and the graduate entrepreneur, which requires the endorsement of an accredited institution, such as UK Trade and Investment (UKTI) or a UK higher education institution.
Having a business plan is essential, especially if you plan to finance or borrow the money. The Consulate website offers detailed templates and guidelines.
The entrepreneur should choose the most appropriate business entity to register: a private company, a limited company or a public company. Each of them has different implications in terms of tax, legal issues and social security.
In addition to social security contributions, there are other responsibilities, such as taxes, that vary depending on the business entity. The hiring of employees also demands close attention to the peculiarities of specific labour contracts.
Legislative considerations in the management of your company include: protection of private information, consumer law, quality standards, hygiene requirements, safety precautions and special legislation (such as with alcohol and tobacco products).
Support for entrepreneurs
There are public advisory services for your business available throughout the UK that offer advice relating to your application, financing, loans, tax incentive programs and any other related subject. In addition, there are various Brazilian professionals working in the UK from the fields of as law, marketing and accounting that can help orientate you with regards to local legislation and business practice.
A compete guide can be found at the Consulate website: www. cglondres.itamaraty.gov.br