Settling up a branch in the UK and sending an overseas business representative would require you to create a solid business plan to satisfy the Home Office.
Although, it doesn’t have to be completely developed yet it needs to be clear, concrete, and purpose-oriented.
This opportunity to set up a business or a wholly-owned branch or subsidiary in the UK is an open-arms invitation from the UK government to ‘build back better.
In the post-Covid-19 UK, the UK government has conceptualized the idea of enabling businesses to leverage global mobility.
However, everything eventually boils down to your business plan. What is your strategy and approach to setting up a business in the UK?
In this article, let us discuss in detail about the essentials of an effective business plan or model.
Outline of a Business plan
To begin with, a Business plan is an overview of your business, intent, and ideology. What is it that you want to plan, set up, and achieve?
In the overview, you should include your business outline, summary, what makes you qualified to set up your business, marketing and research, financial strength, and why the UK is your best choice.?
A comprehensive list would include the following:
- Summary of your business
- Purpose or ideology of your business
- Sales and marketing details or plan
- Human resources set up
- Investment appetite or strategy
- Is your business service-based or product-based business
- SWOT analysis report, if needed
- Your business competitors
- Market analysis
- Competitor analysis
- Business viability, scalability, and innovativeness
- Overview of profit and losses
- Balance sheet prediction
- Revenue model
- Cost of hiring workers
- Predicted Annual turnover
- Advertising and fixed and unfixed cost details
A business summary should always be crisp, clear, and value-creating. The Home office officials responsible for your case must immediately get a grasp of your business plan, value proposition, and viability.
Whether you are a service provider or product-based business, this clarity must come out properly in your business plan. The business activities in the U branch must match with the parent company.
Your business plan effectiveness is very important, why should your business be set up in the UK? If you plan a business plan and successfully answer this question, your chances improve.
Planning your revenue and finances is extremely important, you must include a revenue forecast, and at least 4-5 years’ financial forecast.
The genuineness of your parent firm will be checked by the UK Home office, your parent firm must be trading and have a legal presence overseas. This genuineness test is the most difficult aspect of your business plan.
Apart from the aforementioned, the details of a representative for a sole representative visa is critical. His/her qualifications, knowledge of the work, ability to make decisions on behalf of the parent firm, he/she must not hold major shares in the company.
The company must also evidence through a notarized letter that the overseas business representative is genuine and capable of handling operations abroad and tenure in the parent company.
Notwithstanding the business viability in the UK, you must include market and competitor analysis in your plan, outlining key performance indicators, marketing structure, and value proposition. Organizational charts, hiring, and vacancy details.
A SWOT analysis must be done to know the strengths and weaknesses of the business. It is not mandatory but it would be better for you to plan your activities and take risks with strengths and weaknesses.
How to develop a business plan?
A sole representative visa application is incomplete without a business plan. A good immigration solicitor can help you develop a business plan if you don’t have one already. Taking legal advice is beneficial in two ways, firstly their experience will help you develop a scalable business plan, and secondly, they know what Home Office seeks in your business plan. A Y & J Solicitors have been helping their clients with Sole rep applications and they could do it for you too hassle-free.