Video:

Strategy development for inbound businesses

Author: Stephen Drew, James Kirk (yBC.tv)

Categories: Business crossing borders, Business Growth, Entrepreneurs
Tags: National insurance, payroll, UK
Strategy development is necessary when starting a business in a new environment. In this TV show Stephen Drew discusses typical issues for entrepreneurs who move into the UK.

International strategy development

I think what’s quite interesting is we see a lot of business coming in from a variety of different countries arriving in the UK and often the mind set is understanding their own markets and how things operate, and there can be a bit of an adjustment to understand what they need to do in a new country like the UK. For somebody that’s used to operating and running a business in the UK they often don’t think about some of the smaller detail, because it’s quite easy to deal with and they know where the answers are, but for an inbound business that can actually be quite daunting and quite difficult to deal with. So an example would be you’re bringing in some workers from your host country to get the business up and running and established and you need to put them on the payroll, but how do you get somebody a National Insurance number so they can be properly registered to go through the UK payroll system? Now, again, when you know the answer that’s relatively easy to deal with, when you don’t know the answer you need to know where to go to to be able to make that happen, so that you don’t fall into compliance holes, you don’t create difficulties with the authorities, and actually you can just deal with that level of detail efficiently and actually focus on the prime reason for being there and for growing the business.

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