Doing Business on HSMP

[viren68]

Hello Seniors and Moderators,

Came to UK in july 2005 on HSMP /Go a job in my field /Got FLR(IED) up to 2010 . Initial three months were horrible and Scary.
Indeed London has taught me many great things in Life which I refused to lean in Classrooms.

This is a brief history of me.

I wish to make another step forward "touchwood" By the Grace of ALmighty GOD. I am entering in to a partnership, small High street trading business along with my business partner.

But I dont know where to start from.

Please could anyone provide guidance and throw light on issues like:

1. How to get registered a company.
2. What is this public Liability Insurance.
3. The role of Local Council for small traders.
4. Any other suggestion or guidance or advise.

Me and my partner will invest about £20,000/=

What to do If I need a Loan of another £50,000/=

Please help.

Thanks in Millions.

Lastly but not the least, Is it legal to do both business and job on HSMP visa??
Viru.

[John]

Is it legal to do both business and job on HSMP visa??

Viru, I think this is your only visa-related question. I confirm that if you hold HSMP status you are allowed total freedom to do any (legal) work you like, whether employed or self-employed, and if working for a limited company, whether you own shares in the company or not.

Your other questions? More suited to an Accountant. I suggest that you and your partner get advice in the area where the business will operate.

[viren68]

Hello John,

thanks very much for the reply. I talked to an agent and he wants £80/= for a company to get registered in Uk, Shall I go for it??

Viru

[NationOne]

To register a company get hold of a good accountant. He/She will be able to handle all the registration with
1. Companies House
2. HMRC
3. Inland Revenue

[inso]

Is it legal to do both business and job on HSMP visa??

I confirm that if you hold HSMP status you are allowed total freedom to do any (legal) work you like, whether employed or self-employed, and if working for a limited company, whether you own shares in the company or not.

It just may be useful to note that, if you are in full-time employment, you should check your contract regarding disclosure of extra-mural business activities if you intend to do both...

[Spear]

I'm in the UK under HSMP.
I'm in the process of setting up my own trading company. I'm registered already as a business.
My question is how much am I allowed to pay myself ?. Earnings are important for extension, so I would want to pay myself as much as possible.
Can I pay myself more than what I profit, or can I pay myself all the profits,
Can I pay myself from a business loan although the business makes no profit. Can I pay myself more than the revenue of the business?
Any help would be appreciated