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Tom Redfern                Rachel Lockwood
           LLB (Hons)                BSc (Hons), ACA, CTA

      Head of Legal                   Partner
    Fitzgerald & Law                 Oury Clark
Professional Advisory Services   Chartered Accountants
GLOBAL READY
International Growth Strategies for SMEs:
 The Legal Aspects of Setting up in the UK

          January 25, 2012, Charlotte NC
                    Session 1
        Tom Redfern, Head of F&L Legal LLP
Agenda



Incorporation
     V                                        Changes to UK
 Permanent                                    Work Permits
Establishment



                www.fitzgeraldandlaw.com
                     London   San Francisco
UK Company Set Up
        Limited Company:                      Permanent Establishment
                                                      (PE):

        Separate legal identity                No legal identity distinct from
                                                     overseas parent


Liability limited to the extent of the               Unlimited liability
        share capital (min. £1)

Can own property, sue and be sued,          Parent is liable for debts which may
contract in its own right, liable for its   be enforced against overseas assets
              own debts                        (subject to International Law)

     Statutory audit is a legal                Statutory audit is not a legal
  requirement if worldwide group             requirement, no annual return to
        sales exceed £6.5m                      Companies House required
UK Company Set Up
     Limited Company:                Permanent Establishment
                                             (PE):

 Statutory accounts of the UK       Statutory accounts of the overseas
Company (not the foreign parent)      parent, which owns the PE, must
must be filed at Companies House        be filed at Companies House

Directors and Company Secretary        Permanent Representative
       and Registered Office
         Their authority                     Their authority

Usually perceived as portraying a    May be perceived as being less
  better local image and profile      committed to the UK market
UK Company/PE Set Up
            Action                      Time            Notes

 Critical          Register a PE      2 – 4 wks         Nothing      can     proceed   without
            Incorporate a Ltd Company 1 – 2 days        registration of PE / Ltd Company



                 VAT registration       2 months +      Assume queries from HMRC
Immediate    Bank account application   1 month +
               Register for Payroll     1 week +        Salaries/deductions can be calculated/
                                                        paid in the interim


              Employment Contracts      Within 8 weeks Deadline is a legal requirement
Required
                Employer’s Liability    1 week          Legal requirement to have ELI
                    Insurance

            Corporation Tax Registration Within 3       Within 3 months of starting first
                                         months         accounting period, i.e. when trading
                                                        starts
Changes to UK Work Permits
Changes to UK Work Permits
                                             Facts and Figures
Summer 2010:    Govt aim to reduce net migration figure to <100,00 in its lifetime
                (reviewing all routes)
                Warning: assumed the same numbers would carry on leaving as
                have done before
1980s :         42,000 more people leave than arrive each year
To 1997:        Govt aim to minimise immigration into the UK
1997 onwards:   Policy changes contribute to rapid increase in migration
Until 1994:     Paper records kept of foreign citizens arriving/leaving the UK
1998:           Govt abolishes controls on checking visas on departure
2004:           250,000 net arrivals
2009:           Net migration reached 196,000
2010:           Net migration reached 252,000: highest calendar figure on record
2018:           Britain's population will rise by 4m to 65.6m
The Challenge
                                             Changes to UK Work Permits

The Challenge for the UK Government


   Reduce net migration and protect economic growth


                                       Build confidence in the immigration system


Select the brightest and best to work and study in the UK


                                       Bear down on abuse (Tier 4: Students)
Less automatic settlement


                               www.fitzgeraldandlaw.com
                                    London   San Francisco
Types of Work Permit
                               Changes to UK Work Permits




                  Tier 1: Belongs                    Tier 2: Belongs
     Sole
                       to the                             to the
Representative
                     individual                         Company




                 www.fitzgeraldandlaw.com
                      London   San Francisco
Sole Representative
                                      Changes to UK Work Permits

Sole Representative (not points based)
• Can own up to 49% of the US and UK businesses
• Should hold a senior post
• Should be directly employed by the parent company
• 2 years initially, can be extended for a further 3
• Should not intend to carry out any other work
• Eligible for NHS healthcare (free)
• Can qualify for Indefinite Leave to Remain (ILR)



                        www.fitzgeraldandlaw.com
                             London   San Francisco
Tier 1 Visa
                         Changes to UK Work Permits




                 Tier 1
              (points based)



                                              Exceptional
Investor   Entrepreneur
                                                Talent


           www.fitzgeraldandlaw.com
                London   San Francisco
Tier 1 Investor Visa
                                          Changes to UK Work Permits


Tier 1 Investor (Points based)
• The purpose is to allow High Net Worth Individuals to make
  significant investment into the UK. It is not linked to
  employment in the UK.
• You must achieve a minimum number of points based on
  your ability to invest £1m
• Is valid for 3 years and can be extended by 2 years
• Investors of £5m will be allowed to settle in the UK after 3
  years
• Those investing £10m can settle after 2 years


                          www.fitzgeraldandlaw.com
                                 London   San Francisco
Tier 1 Entrepreneur Visa
                                     Changes to UK Work Permits

Tier 1 Entrepreneur (points based)
• Allows you to set up/take over/ be actively involved in
  running a UK business
• Need to have at least £200k available or £50k from an
  approved 3rd party funder
• The money must be for spending in the UK
• Is valid for 3 years and can be extended by 2 years




                       www.fitzgeraldandlaw.com
                            London   San Francisco
Tier 2 Visa
                                Changes to UK Work Permits




                        Tier 2


                                                    Intra-Company
Sponsor Licence        General
                                                        Transfer



                  www.fitzgeraldandlaw.com
                       London   San Francisco
Tier 2 Sponsor Licence
                                     Changes to UK Work Permits

Tier 2 Sponsor Licence
• Sponsor licence for UK company required before a work
  permit for an employee can be applied for
• The process takes longer for new companies than established
  companies
• An Authorising Officer submits the application
• Beware of UK Border Agency audit/visit




                       www.fitzgeraldandlaw.com
                            London   San Francisco
Tier 2 General
                                Changes to UK Work Permits


Tier 2 General
Restricted:      - £20-150k pa salary
                 - Graduate Level
                 - RLMT
                 - Limit of 20,700 for 2011/12
                 - Settlement


Unrestricted:    - Over £150k pa salary
                 - No limit on numbers
                 - Settlement
                  www.fitzgeraldandlaw.com
                       London   San Francisco
Tier 2 Intra-Company Transfer
                                    Changes to UK Work Permits


Tier 2 Intra-Company Transfer
• Must have minimum of 1 year’s service
• Graduate Level
• Short-term staff – min salary £24-£39,999k pa
• Long-term staff – min salary £40k+ pa
• No settlement




                      www.fitzgeraldandlaw.com
                           London   San Francisco
The End
Thank you for listening
Tom Redfern
                                                 +44 20 7430 5886
                                              tredfern@fandllegal.com

               North America Office                                          London Office
388 Market Street, Suite 1300, San Francisco CA94111           8 Lincoln’s Inn Fields London WC2A 3BP
                  +1 415 7289815                                           +44 20 7404 4140
               info@fitzandlaw.com                                       info@fandllegal.com




                                           www.fitzgeralandlaw.com

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Session1 f&l uk business immigration, employment and ip update tom redfern - jan 2012

  • 1. Tom Redfern Rachel Lockwood LLB (Hons) BSc (Hons), ACA, CTA Head of Legal Partner Fitzgerald & Law Oury Clark Professional Advisory Services Chartered Accountants
  • 2. GLOBAL READY International Growth Strategies for SMEs: The Legal Aspects of Setting up in the UK January 25, 2012, Charlotte NC Session 1 Tom Redfern, Head of F&L Legal LLP
  • 3. Agenda Incorporation V Changes to UK Permanent Work Permits Establishment www.fitzgeraldandlaw.com London San Francisco
  • 4. UK Company Set Up Limited Company: Permanent Establishment (PE): Separate legal identity No legal identity distinct from overseas parent Liability limited to the extent of the Unlimited liability share capital (min. £1) Can own property, sue and be sued, Parent is liable for debts which may contract in its own right, liable for its be enforced against overseas assets own debts (subject to International Law) Statutory audit is a legal Statutory audit is not a legal requirement if worldwide group requirement, no annual return to sales exceed £6.5m Companies House required
  • 5. UK Company Set Up Limited Company: Permanent Establishment (PE): Statutory accounts of the UK Statutory accounts of the overseas Company (not the foreign parent) parent, which owns the PE, must must be filed at Companies House be filed at Companies House Directors and Company Secretary Permanent Representative and Registered Office Their authority Their authority Usually perceived as portraying a May be perceived as being less better local image and profile committed to the UK market
  • 6. UK Company/PE Set Up Action Time Notes Critical Register a PE 2 – 4 wks Nothing can proceed without Incorporate a Ltd Company 1 – 2 days registration of PE / Ltd Company VAT registration 2 months + Assume queries from HMRC Immediate Bank account application 1 month + Register for Payroll 1 week + Salaries/deductions can be calculated/ paid in the interim Employment Contracts Within 8 weeks Deadline is a legal requirement Required Employer’s Liability 1 week Legal requirement to have ELI Insurance Corporation Tax Registration Within 3 Within 3 months of starting first months accounting period, i.e. when trading starts
  • 7. Changes to UK Work Permits
  • 8. Changes to UK Work Permits Facts and Figures Summer 2010: Govt aim to reduce net migration figure to <100,00 in its lifetime (reviewing all routes) Warning: assumed the same numbers would carry on leaving as have done before 1980s : 42,000 more people leave than arrive each year To 1997: Govt aim to minimise immigration into the UK 1997 onwards: Policy changes contribute to rapid increase in migration Until 1994: Paper records kept of foreign citizens arriving/leaving the UK 1998: Govt abolishes controls on checking visas on departure 2004: 250,000 net arrivals 2009: Net migration reached 196,000 2010: Net migration reached 252,000: highest calendar figure on record 2018: Britain's population will rise by 4m to 65.6m
  • 9. The Challenge Changes to UK Work Permits The Challenge for the UK Government Reduce net migration and protect economic growth Build confidence in the immigration system Select the brightest and best to work and study in the UK Bear down on abuse (Tier 4: Students) Less automatic settlement www.fitzgeraldandlaw.com London San Francisco
  • 10. Types of Work Permit Changes to UK Work Permits Tier 1: Belongs Tier 2: Belongs Sole to the to the Representative individual Company www.fitzgeraldandlaw.com London San Francisco
  • 11. Sole Representative Changes to UK Work Permits Sole Representative (not points based) • Can own up to 49% of the US and UK businesses • Should hold a senior post • Should be directly employed by the parent company • 2 years initially, can be extended for a further 3 • Should not intend to carry out any other work • Eligible for NHS healthcare (free) • Can qualify for Indefinite Leave to Remain (ILR) www.fitzgeraldandlaw.com London San Francisco
  • 12. Tier 1 Visa Changes to UK Work Permits Tier 1 (points based) Exceptional Investor Entrepreneur Talent www.fitzgeraldandlaw.com London San Francisco
  • 13. Tier 1 Investor Visa Changes to UK Work Permits Tier 1 Investor (Points based) • The purpose is to allow High Net Worth Individuals to make significant investment into the UK. It is not linked to employment in the UK. • You must achieve a minimum number of points based on your ability to invest £1m • Is valid for 3 years and can be extended by 2 years • Investors of £5m will be allowed to settle in the UK after 3 years • Those investing £10m can settle after 2 years www.fitzgeraldandlaw.com London San Francisco
  • 14. Tier 1 Entrepreneur Visa Changes to UK Work Permits Tier 1 Entrepreneur (points based) • Allows you to set up/take over/ be actively involved in running a UK business • Need to have at least £200k available or £50k from an approved 3rd party funder • The money must be for spending in the UK • Is valid for 3 years and can be extended by 2 years www.fitzgeraldandlaw.com London San Francisco
  • 15. Tier 2 Visa Changes to UK Work Permits Tier 2 Intra-Company Sponsor Licence General Transfer www.fitzgeraldandlaw.com London San Francisco
  • 16. Tier 2 Sponsor Licence Changes to UK Work Permits Tier 2 Sponsor Licence • Sponsor licence for UK company required before a work permit for an employee can be applied for • The process takes longer for new companies than established companies • An Authorising Officer submits the application • Beware of UK Border Agency audit/visit www.fitzgeraldandlaw.com London San Francisco
  • 17. Tier 2 General Changes to UK Work Permits Tier 2 General Restricted: - £20-150k pa salary - Graduate Level - RLMT - Limit of 20,700 for 2011/12 - Settlement Unrestricted: - Over £150k pa salary - No limit on numbers - Settlement www.fitzgeraldandlaw.com London San Francisco
  • 18. Tier 2 Intra-Company Transfer Changes to UK Work Permits Tier 2 Intra-Company Transfer • Must have minimum of 1 year’s service • Graduate Level • Short-term staff – min salary £24-£39,999k pa • Long-term staff – min salary £40k+ pa • No settlement www.fitzgeraldandlaw.com London San Francisco
  • 19. The End Thank you for listening
  • 20. Tom Redfern +44 20 7430 5886 tredfern@fandllegal.com North America Office London Office 388 Market Street, Suite 1300, San Francisco CA94111 8 Lincoln’s Inn Fields London WC2A 3BP +1 415 7289815 +44 20 7404 4140 info@fitzandlaw.com info@fandllegal.com www.fitzgeralandlaw.com