# Im a US citizen and want to open retail shop in London



## carrasmith (Nov 24, 2008)

Hi All! I currently live in Florida (US citizen) and want to move to London and open a bridal shop with a good friend of mine who already lives in London (she is UK resident). I will be importing dresses from the US. How do I go about doing this and am I even able to do this? I will be hiring UK citizens for the running of the shop. Also, I would like to open a bank account in London, can I do that now from the US? Unfortunately my friend in London is unable to open the business solely in her name due to a bit of a credit rating problem (divorce) so I would like to do this on my own. Lastly, when applying for a business loan in UK, do they use credit score from US or is it like I am starting all over again? Any help, sites I can go too, etc. would be greatly appreciated! Thank you!!!


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## Joppa (Sep 7, 2009)

carrasmith said:


> Hi All! I currently live in Florida (US citizen) and want to move to London and open a bridal shop with a good friend of mine who already lives in London (she is UK resident). I will be importing dresses from the US. How do I go about doing this and am I even able to do this? I will be hiring UK citizens for the running of the shop. Also, I would like to open a bank account in London, can I do that now from the US? Unfortunately my friend in London is unable to open the business solely in her name due to a bit of a credit rating problem (divorce) so I would like to do this on my own. Lastly, when applying for a business loan in UK, do they use credit score from US or is it like I am starting all over again? Any help, sites I can go too, etc. would be greatly appreciated! Thank you!!!


You will need Tier 1 Entrepreneur visa. See Points-based system Tier 1 (Entrepreneur) - visa application guide. See if you have enough points to apply for the visa. You need at least £200,000 in cash or readily convertible form to invest in your venture.
You will probably have to wait until you arrive here before opening a bank account, as banks require proof of address and income.
To run your business, you will need a business account separate from your private one, and bank branch can advise you on that.
Banks here ignore US credit score so you'll need to build up good credit record from scratch. Banks are still reluctant to offer loans to new or small businesses, as they are risk-averse. Explore other sources of funding like recruiting fellow investors and venture capitalists. You'll need a well drawn-up business plan.
Lots of sources of advice for small businesses, such as:
Support from UK Trade & Investment for foreign investors | Business Link
Trade/business attaché at your nearest British consulate.
Chamber of Commerce at your UK location.
Small business advisor at UK bank.


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## Guest (Sep 26, 2011)

You need to show proof of LIQUID funds in excess of £200k to apply for the Entrepreneur Visa. Once you get this visa - within 3 months you have to register a UK business and start the investment process however you get 2 years to invest the entire amount on £200k. You will also need to create 2 full time jobs which lasted 1 year each - basically if you do not have at least 300k to risk and start a business in UK and wait for the business to take off - then don't bother really.

The alternative is you find another friend in UK who can register the business and you simply let them run the business - then you can be just a supplier, you can also invest with your friend and be part owner of a UK based business but then you cannot settle in UK nor can you work in the business IN UK yourself....you can visit and overlook the business and be a supplier ONLY.

If you need to be in full CONTROL of the business then you need to collect min. £200k to just apply for the visa - they won't give u the visa unless you have this much money sitting in a Bank account and transferable to UK.

Yes you can open a UK bank account while in the US - through HSBC and Barclays if they have a branch in the US where you live - first go open an account with them in USA and then they will assist you to open the account in UK. Lastly, getting a loan for such a business in UK will be impossible for a foreigner especially but you can try....there is another visa category under which you can apply as "prospective entrepreneur" - this is for 6 months - once granted you can visit UK for 6 months and within this time you have to find a government registered Financial organization (basically a Bank or a private but FSA registered Investment firm) that is willing to loan you £50,000 to start a UK business. I doubt anyone will give you this money to start a Bridal shop....but you can still try it why not. Once you secure the £50k funding then you can apply from UK itself and extend the visa for 3 years, set up your business etc..and there is no requirement for you to invest personal funds unless you wish to.

Hope this helps.


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