Business Structures In The Uk: A Guide For Foreign Entrepreneurs

Welcome to the ultimate guide on Business Structures in the UK: A Guide for Foreign Entrepreneurs, where we blend insights with a vibe straight from the heart of Jogja. Imagine weaving through tales and truths about setting up shop in the UK, each twist more intriguing than the last.

It’s not just business; it’s an epic journey filled with the excitement of discovery.

Choosing the right business structure is like picking the perfect soundtrack for your entrepreneurial adventure in the UK. From going solo as a sole trader to partnering up or diving into the corporate scene, this guide breaks it all down—no jargon, just the essentials.

Whether you’re looking to dip your toes or dive in headfirst, we’ve got the deets on all the options waiting for you.

Introduction to UK Business Structures for Foreign Entrepreneurs

Starting a business in the UK is like stepping into a new dimension of endless possibilities where your entrepreneurial spirit can soar. But hold up – choosing the right business structure is crucial because it dictates everything from taxes to your liability.

It’s like picking the right outfit for a job interview; you need to look sharp and ready for what’s ahead. In the UK, foreign entrepreneurs can choose from several common business structures. Each offers different levels of responsibility, legal implications, and benefits.

Understanding these can help you make a savvy choice that’s best suited for your business goals while ensuring compliance with UK regulations.

Sole Trader

Operating as a sole trader is the simplest business structure, where you’re the boss, but you’re also personally responsible for any debts. It’s like being a one-person band running your own show.

• Easy to set up with minimal paperwork.
• Complete control over business decisions.
• Personal liability for business debts, meaning personal assets are at risk.
• Profits are considered personal income and are subject to income tax.

Partnership

A partnership involves two or more individuals sharing the responsibility and running of the business. Think of it as forming a crew with shared dreams, where everyone brings something unique to the table.

• Shared responsibility among partners.
• Profits and losses are divided according to the partnership agreement.
• Joint personal liability for business debts.
• Ideal for collaborating with others who have complementary skills.

Limited Company

Setting up a limited company is like creating a new legal entity. It’s like leveling up in the business world, where your company stands on its own.

• Separate legal identity from its owners.
• Owners’ liability is limited to the shares they hold.
• Profits are subject to corporation tax.
• Gives a professional image and may attract more business opportunities.

Limited Liability Partnership (LLP)

An LLP is like blending the benefits of a partnership with the perks of limited liability. Perfect for those who want the flexibility of a partnership but with added protection.

• Each partner’s liability is limited to their investment in the LLP.
• Suitable for professional businesses such as law firms and accountancies.
• Profits are distributed among partners and taxed as personal income.
• More formal structure than a regular partnership but with more protection.

“Choosing the right business structure is like choosing the right vehicle for a journey; it determines how smooth the ride is and how far you can go.”

Sole Trader

In the UK, being a sole trader is like riding solo in the business world. It’s a straightforward gig where you’re the boss, making all the decisions and pocketing the profits. This setup is super chill for those just starting out or wanting to keep things simple without the hassle of complex legal paperwork.A sole trader is the simplest business structure in the UK.

It allows individuals to run their business under their name or a chosen trade name. You have full control, but it also means you’re responsible for all aspects of the business, from finance to operations.

Characteristics and Benefits of Sole Traders

Choosing a sole trader route offers some cool advantages. First, you get to keep all your profits after tax, and there’s no need to consult with partners or directors before making a decision. It’s all you, all the time.

• Easy Setup:Setting up as a sole trader is as easy as registering with HM Revenue and Customs (HMRC) and getting on with business.
• Full Control:You make all business decisions without needing to consult anyone else. Total independence.
• Profit Retention:You keep all profits after paying the income tax. No need to share the earnings.
• Privacy:Unlike limited companies, which must publish financial statements, sole traders enjoy more privacy regarding income and expenses.

Tax Obligations and Liabilities

Running the show solo comes with some tax responsibilities. Sole traders must register for self-assessment and pay income tax based on their profits. National Insurance contributions are also on the checklist.

Note: As a sole trader, your business and personal finances are linked, meaning you’re personally liable for any debts or losses.

• Income Tax:You need to fill out a self-assessment tax return every year. Income tax is based on your business profits.
• National Insurance:Contribution Class 2 and Class 4 must be paid, depending on your income level.
• Liability:You’re personally liable for debts. There’s no legal separation between your business assets and personal assets.

Legal Requirements and Registration Process

Becoming a sole trader doesn’t require heavy admin. The main task is notifying HMRC that you’re self-employed. This registration ensures you’re on the radar for tax purposes.

• Register with HMRC:Inform HMRC that you’re a sole trader to handle tax and NIC responsibilities.
• Insurance:While not legally required, getting business insurance is a smart move to cover potential risks.
• Follow Regulations:Depending on your trade, there might be specific licenses or permits required, so check your industry norms.

Partnership

Ayo teman-teman Surabaya, kalau kamu mau ngebentuk bisnis di Inggris, partnership bisa jadi jalan yang asik loh! Di UK, partnership itu nggak cuma satu model aja. Yuk, kita kenalan sama dua tipe yang paling sering dipilih: general partnership dan limited partnership.

Partnership di UK itu seru karena kamu bisa sharing tanggung jawab dan profit bareng partner kamu. Tapi, sebelum kamu nekat, pahami dulu peran dan tanggung jawab partner biar semuanya fair. Nah, kalau kamu penasaran gimana cara buatnya, kita bakal kasih contoh-contoh agreement juga.

Types of Partnerships in the UK

Di Inggris, partnership itu punya dua tipe utama yang bisa kamu pilih, masing-masing dengan karakteristiknya sendiri:

• General Partnership (GP):Ini tipe yang paling umum di mana semua partner punya tanggung jawab yang sama terhadap utang dan kewajiban bisnis. Artinya, kalau bisnis kamu kena masalah, setiap partner bisa bertanggung jawab penuh. Tapi, keuntungan juga dibagi rata sesuai kesepakatan.
• Limited Partnership (LP):Di sini, ada partner umum yang bertanggung jawab secara penuh dan partner terbatas yang hanya bertanggung jawab sebesar modal yang mereka investasikan. Jadi, partner terbatas bisa lebih aman dari risiko, tapi biasanya mereka juga nggak ikut aktif dalam manajemen sehari-hari.

Roles and Responsibilities of Partners

Dalam sebuah partnership, tiap partner punya peran dan tanggung jawab yang jelas. Ini penting banget biar nggak ada yang saling lempar tanggung jawab dan semua berjalan lancar.

• General Partner:Mereka yang bertindak sebagai general partner harus siap dengan segala risiko bisnis. Mereka ikut aktif dalam manajemen dan bertanggung jawab atas segala kewajiban bisnis.
• Limited Partner:Sebaliknya, limited partner lebih tenang karena batas tanggung jawab mereka hanya sebatas uang yang mereka investasikan. Mereka biasanya nggak terlibat dalam keputusan manajerial sehari-hari.

Examples of Partnership Agreements

Biar partnership kamu berjalan mulus, bikinlah partnership agreement yang jelas. Ini beberapa komponen kunci yang biasanya ada dalam sebuah agreement:

• Roles and Contributions:Tentukan peran dan kontribusi masing-masing partner. Ini bisa mencakup uang, waktu, atau aset lainnya yang diinvestasikan dalam bisnis.
• Profit and Loss Sharing:Jelaskan bagaimana keuntungan dan kerugian akan dibagi di antara para partner.
• Decision Making:Atur bagaimana keputusan penting akan diambil dan siapa yang berhak memutuskan apa.
• Dispute Resolution:Siapin mekanisme untuk menyelesaikan konflik yang mungkin muncul antara partner.
• Exit Strategy:Sediakan strategi keluar buat partner yang ingin meninggalkan partnership.

Limited Company

Yo! So, when it comes to setting up a limited company in the UK, foreign entrepreneurs gotta know what’s up. It’s like leveling up your business game with some serious legal backing. Whether you’re eyeing a private limited company (Ltd) or a public limited company (PLC), understanding the differences and what you need to get started is crucial.The process of forming a limited company involves a few key steps.

First off, you’ll need to decide on a unique company name, register your business address in the UK, and appoint at least one director. Legal requirements also include registering with Companies House, preparing a Memorandum of Association, and outlining the Articles of Association.

Private Limited Companies (Ltd) vs. Public Limited Companies (PLC)

Private Limited Companies (Ltd) and Public Limited Companies (PLC) each have their own vibes, benefits, and challenges. It’s essential to know which one aligns with your business goals.

• Private Limited Companies (Ltd) are super popular because they offer limited liability and privacy. They’re perfect for smaller businesses looking to grow steadily without the pressure of public investors.
• Public Limited Companies (PLC) are like the big leagues. They can offer shares to the public and have access to more capital, but with that comes stricter regulations and the need for transparency.

Understanding the differences in terms of capital requirements, shareholder involvement, and regulatory obligations can help you decide which structure is best for your business dreams.

Advantages and Disadvantages of Operating as a Limited Company

Running a limited company offers several perks but also comes with its own set of challenges.

• One major benefit is
  

  limited liability

  . Your personal assets are protected if things go south with your business.

• There’s a professional image boost, helping you build trust with clients and partners.
• Tax efficiency is another pro, as limited companies can take advantage of corporation tax rates that might be lower than personal income tax rates.

However, it’s not all roses. There are some downsides too:

• Administrative responsibilities, like filing annual returns and maintaining financial records, can be a headache.
• More transparency is required, especially for PLCs. Your financials are out there for all to see.
• Startup and maintenance costs can be higher compared to other business structures.

Understanding these pros and cons helps you weigh your options and make informed decisions about whether a limited company is the right fit for your business hustle.

Limited Liability Partnership (LLP)

Limited Liability Partnerships (LLPs) blend the flexibility of partnerships with the benefits of limited liability. These unique structures provide a safeguard for personal assets while allowing members to manage the business directly. For foreign entrepreneurs eyeing the UK market, LLPs offer an attractive hybrid model, combining security with operational flexibility.LLPs are particularly appealing for businesses involving collaboration between multiple professionals, such as law firms, accountancy practices, or consultancy services.

The liability of each partner is generally limited to the amount they invest in the business, making it a secure option for international investors seeking to mitigate financial risks.

Unique Features of a Limited Liability Partnership

LLPs stand out due to their distinctive characteristics that differentiate them from other business structures in the UK.

• Each partner’s liability is limited to their agreed contribution or investment in the LLP.
• LLPs have a separate legal entity status, meaning they can own assets, incur liabilities, and enter contracts independent of the partners.
• Business profits are shared among partners as per the LLP agreement, providing flexibility in profit distribution.
• There is no requirement for a board of directors or shareholders, offering direct management and operational simplicity.

Registration Process and Documentation Required for LLPs

Setting up an LLP in the UK requires specific steps and documentation. Understanding this process is crucial for foreign entrepreneurs looking to establish their presence legally and efficiently.First, you’ll need at least two designated members, who can be individuals or companies.

Each member must provide personal details, and a registered office address in the UK is mandatory. Following this, register the LLP with Companies House, which involves submitting the necessary formation documents, including:

• LLP incorporation document, detailing the name, registered address, and partner details.
• Statement of compliance, confirming adherence to legal requirements.
• LLP agreement, outlining the management structure, profit sharing, and responsibilities of members. Although not legally required, it is highly recommended for internal governance.

After submitting these documents and paying the registration fee, the LLP is officially formed upon receiving a Certificate of Incorporation from Companies House.

Advantages of LLPs for Foreign Entrepreneurs

LLPs offer several benefits that make them particularly appealing to foreign entrepreneurs. These include:

Liability protection for personal assets.

The limited liability feature ensures that personal assets are shielded from business debts and liabilities, a crucial aspect for international investors wary of financial exposure.

• The flexibility in profit distribution allows partners to manage earnings in a tax-efficient manner, appealing for international tax planning.
• The absence of corporate tax means profits are taxed as personal income, simplifying the tax process for foreign stakeholders.
• LLPs are not subject to some of the more stringent regulations imposed on limited companies, providing a more straightforward regulatory environment.

These advantages make LLPs a compelling option for foreign entrepreneurs aiming to leverage the UK’s business-friendly legal framework while protecting their investments.

Taxation and Financial Considerations

Navigating the taxation landscape in the UK can be quite a ride, especially for foreign entrepreneurs diving into the business scene here. Each business structure comes with its own set of financial obligations and tax rates. It’s crucial to get a grip on these differences to make informed decisions and keep your business compliant.Understanding the taxation differences across various business structures in the UK is essential for any entrepreneur aiming to establish a presence here.

Whether you’re a sole trader, part of a partnership, or heading a limited company, each structure has unique fiscal responsibilities.

Taxation Differences Across Business Structures

Each business structure in the UK has distinct tax obligations, making it vital for entrepreneurs to comprehend these nuances. Here’s a breakdown of how taxation differs among the primary business types:

• Sole Trader:Profits are taxed as personal income. You’ll need to file a Self Assessment tax return annually.
• Partnership:Similar to sole traders, profits are divided among partners and taxed as personal income, with each partner responsible for their tax returns.
• Limited Company:Subject to Corporation Tax on profits. Shareholders also pay tax on dividends.
• Limited Liability Partnership (LLP):Partners are taxed as individuals, with profits treated as personal income.

Tax Rates and Obligations Table

The table below Artikels the tax rates and obligations for each business structure, providing a clear comparison to aid decision-making:

Business Structure	Tax Rate	Filing Requirements
Sole Trader	20% to 45% (Income Tax)	Annual Self Assessment
Partnership	20% to 45% (Income Tax on each partner’s share)	Annual Self Assessment for each partner
Limited Company	19% (Corporation Tax)	Annual Company Tax Return
Limited Liability Partnership (LLP)	20% to 45% (Income Tax on each partner’s share)	Annual Self Assessment for each partner

Financial Reporting Requirements

Each business structure also has distinct financial reporting obligations that entrepreneurs need to adhere to. Knowing these requirements helps in planning and maintaining compliance with UK regulations.

• Sole Trader:Simple record-keeping of income and expenses to support tax returns.
• Partnership:Requires records for income, expenses, and each partner’s share of profits or losses.
• Limited Company:Must prepare statutory accounts, file annual returns, and submit a confirmation statement. Compliance is crucial to avoid penalties.
• Limited Liability Partnership (LLP):Similar to limited companies, requiring detailed accounts and annual returns to be filed with Companies House.

Understanding the specific taxation and financial reporting obligations for each business structure is key for compliance and financial stability.

Legal and Regulatory Compliance

Navigating the legal landscape in the UK is crucial for any business, especially for foreign entrepreneurs who might be unfamiliar with local regulations. Adhering to these laws ensures smooth operations and helps avoid penalties. Understanding the key obligations and knowing the right regulatory bodies is essential for maintaining compliance in the UK business environment.

Key Legal Obligations for UK Businesses

Ensuring your business complies with UK laws involves several critical obligations. Non-compliance can lead to severe legal consequences, including fines or even closure of the business.

• Registration:All businesses must be registered with Companies House if they operate as a corporation, while sole traders must register with HM Revenue and Customs (HMRC).
• Employment Laws:Complying with employment laws is mandatory, covering areas like minimum wage, workplace safety, and anti-discrimination policies.
• Data Protection:Businesses must adhere to the General Data Protection Regulation (GDPR) to protect personal data and privacy.
• Taxation:Accurate tax filings and payments are required under UK law, and businesses must register for VAT if their turnover exceeds the threshold.
• Health and Safety:Ensuring the safety and well-being of employees through compliance with health and safety regulations is essential.

Regulatory Bodies and Their Roles

Various regulatory bodies govern different aspects of business compliance in the UK. Understanding their roles can help businesses stay on the right side of the law.

• Companies House:This is the official body for the registration and regulation of companies. It manages company information and ensures compliance with statutory requirements.
• HM Revenue and Customs (HMRC):HMRC is responsible for tax collection, and businesses must adhere to its guidelines for tax compliance.
• Information Commissioner’s Office (ICO):The ICO oversees data protection and privacy regulations, ensuring businesses comply with GDPR.
• Health and Safety Executive (HSE):The HSE regulates workplace safety and health standards, making sure businesses provide a safe working environment.
• Financial Conduct Authority (FCA):The FCA regulates financial services, ensuring market integrity and consumer protection.

Maintaining Compliance with UK Laws

To maintain compliance, businesses must adopt systematic procedures and stay informed about any changes in the legal landscape. This involves regular reviews and updates to ensure all regulatory requirements are met.

• Conduct regular compliance audits to identify any potential areas of non-compliance and rectify them promptly.
• Keep up-to-date with legal changes by subscribing to updates from relevant regulatory bodies and consulting legal experts when necessary.
• Implement comprehensive record-keeping practices to ensure all transactions and business activities are documented and traceable for auditing purposes.
• Train employees regularly on compliance-related issues, ensuring they understand their responsibilities and the impact of non-compliance.
• Develop a compliance program that includes policies and procedures tailored to your specific business operations and industry standards.

Compliance is not just about following the rules—it’s about building trust with your customers and stakeholders.

Employment and Staffing

Navigating the UK’s employment landscape is crucial for foreign entrepreneurs looking to establish their businesses successfully. Understanding the rules and regulations for employment across different business structures, and knowing how to hire and manage staff, are key elements to ensure smooth operations.

Additionally, recognizing employee rights and employer responsibilities can help maintain a healthy and productive workplace.The employment landscape in the UK is regulated by a series of laws and guidelines designed to protect both employees and employers. Each business structure, be it a sole trader, partnership, limited company, or LLP, has unique considerations and requirements when it comes to staffing.

Entrepreneurs must familiarize themselves with these nuances to optimize their workforce management strategies.

Rules and Regulations for Employment

In the UK, employment laws apply to all business structures, but there are specific nuances depending on how your business is set up. Understanding these regulations can help you comply with legal requirements and avoid potential pitfalls.

• Sole traders often have fewer formal requirements but must still ensure compliance with basic workplace regulations, such as paying at least the National Minimum Wage and maintaining a safe work environment.
• Partnerships, while similar to sole traders, may involve shared responsibilities among partners for handling employment-related issues.
• Limited companies and LLPs are generally required to adhere to more stringent regulations, including providing statutory employee benefits and ensuring comprehensive health and safety measures.

Methods for Hiring and Managing Staff

The strategies for hiring and managing employees can greatly affect a business’s success. Different business structures may call for varying approaches.

• Sole traders might opt for casual or part-time staff, often using personal networks and local advertising to find suitable candidates.
• Partnerships may share the task of recruiting and managing employees, sometimes appointing a specific partner to oversee HR functions.
• Limited companies typically engage in formal recruitment processes, often utilizing recruitment agencies and online platforms to attract talent, while LLPs may focus on hiring specialists to strengthen their expertise.

Employee Rights and Employer Responsibilities

Ensuring that employee rights are respected, and employer responsibilities are met is essential for a fair and compliant workplace. Key areas of focus include:

• Employees are entitled to receive at least the National Minimum Wage, statutory sick pay, and holiday pay, regardless of the business structure.
• Employers must provide a written statement of terms and conditions, as well as maintain a safe and harassment-free work environment.
• Anti-discrimination laws must be adhered to, protecting employees from discrimination based on age, gender, race, disability, and other protected characteristics.

“Employers in the UK must maintain a balance between their business needs and the well-being of their employees, ensuring compliance with employment laws and fostering a positive work culture.”

Considerations for Foreign Entrepreneurs

Setting up a business in the UK as a foreign entrepreneur is both an exciting and challenging journey. The UK offers a vibrant business environment with its dynamic economy and strategic global position. However, foreign entrepreneurs often face unique hurdles such as navigating unfamiliar legal systems, cultural adjustments, and language barriers.

Addressing these challenges with effective strategies is crucial for success.Understanding these challenges can pave the way for a smoother transition and business establishment in the UK. Foreign entrepreneurs should be proactive in identifying and tackling these issues head-on, leveraging available resources to turn potential obstacles into opportunities.

Navigating Cultural and Language Differences

Cultural and language differences can significantly impact the integration and operation of businesses in a foreign country. Entrepreneurs must be prepared to understand and adapt to local customs and business etiquette to build strong relationships with partners, employees, and customers.

• Engage in local networking events and business forums to immerse in the UK business culture.
• Consider hiring local staff or consultants who can bridge cultural and language gaps.
• Invest in language courses for key staff to enhance communication across the business.

Overcoming Legal and Regulatory Barriers

Understanding the UK’s legal landscape is crucial for any foreign entrepreneur. The UK has specific regulatory requirements that need to be adhered to, which can be complex for newcomers.

• Consult with legal experts who specialize in UK business laws to ensure compliance.
• Attend workshops and seminars on UK regulatory requirements to stay updated.
• Utilize government resources such as the UK Department for International Trade for guidance on legal matters.

Utilizing Available Resources and Support

There are numerous resources and support systems available for foreign entrepreneurs setting up businesses in the UK. Leveraging these resources can significantly ease the process and provide vital insights into the local market.

• Tap into government programs designed for foreign businesses, like startup visas and innovation grants.
• Join international entrepreneur networks and organizations for support and collaboration opportunities.
• Utilize online resources, such as the British Chambers of Commerce, for market data and business advice.

The UK is not just about doing business but also about understanding people and building meaningful relationships.

Case Studies and Examples

Dive into stories of foreign entrepreneurs who have found success in the UK business landscape. These examples highlight how various business structures have been strategically leveraged to thrive in a competitive market. Through the lens of these entrepreneurs, we gain insights into effective practices and strategies.The UK offers a diverse business environment that can suit different entrepreneurial needs.

Let’s explore the real-life journeys of those who have successfully navigated this space. These stories illustrate the practical application of choosing the right business structure to match specific goals and operations.

Success Story: The Rise of Lila’s Bakery

Lila’s Bakery, founded by a French entrepreneur in London, is a testament to the power of the sole trader model. Starting with a small stall at local markets, Lila’s focus on authentic French pastries quickly gained traction. By operating as a sole trader, she enjoyed full control over her business decisions and retained more profits in the early stages.

• Lila benefited from simplified accounting and tax responsibilities, allowing her to concentrate on expanding her customer base.
• Her ability to directly respond to customer feedback boosted her reputation and helped her refine her product offerings.

“Being a sole trader gave me the freedom to adapt and grow at my own pace. It was essential in establishing my brand identity in a new market.”

Lila, Founder of Lila’s Bakery

Partnership Success: Tech Innovators Duo

Tech Innovators, a pioneering tech startup based in Manchester, was formed by an American and a Canadian entrepreneur under a partnership model. Their complementary skills in technology and marketing proved instrumental in their rapid growth.

• The partnership allowed them to pool resources and share financial risks, which was crucial in the early development stages of their business.
• With defined roles, they optimized their operations—one focusing on product development while the other managed business operations and customer relationship.

“Our partnership brought together unique talents and perspectives, enabling us to innovate and adapt quickly to market demands.”

Tech Innovators Co-founder

Limited Company Triumph: Green Energy Solutions

Green Energy Solutions was established by a German entrepreneur as a limited company, reflecting a strategic choice for scalability and credibility. This structure provided a solid foundation to attract investment and manage liabilities effectively.

• The limited company status enhanced their ability to enter into extensive contracts and establish trust with large-scale clients.
• It enabled the founder to secure investment through shares, fueling their rapid expansion in the renewable energy sector.

“Choosing a limited company from the start positioned us as a serious contender in the green energy industry, opening doors to partnerships and funding opportunities.”

Founder of Green Energy Solutions

LLP Advantage: Global Consulting Group

Global Consulting Group, started by an Australian and an Indian entrepreneur, opted for a Limited Liability Partnership (LLP) in their UK operations. This structure ensured flexibility and limited liability while maintaining efficient management dynamics.

• The LLP model allowed them to establish a strong presence in the UK with the benefit of shared decision-making and responsibility.
• They optimized their tax obligations and operational agility, vital for expanding their consultancy services across different sectors.

“An LLP was perfect for our consultancy. It balanced our need for flexibility with the legal protection of limited liability, giving us confidence in our business’s sustainable growth.”

Partner at Global Consulting Group

Last Word

As we wrap up this guide on Business Structures in the UK, keep in mind that each choice you make shapes your business destiny. From navigating legal paths to embracing cultural nuances, this isn’t just about business; it’s about crafting your own success story.

So, get ready to rock the UK biz scene with confidence and style. The world is yours for the taking—what’s your next move?

Quick FAQs

What is the most popular business structure for foreign entrepreneurs in the UK?

The limited company is a popular choice due to its liability protection and credibility.

Do I need a visa to start a business in the UK?

Yes, foreign entrepreneurs typically need a specific visa, such as the Innovator Visa, to start a business in the UK.

Can I change my business structure later?

Yes, you can change your business structure, but it may involve legal processes and financial implications.

How do taxes differ between business structures?

Tax rates and obligations vary; for example, sole traders pay income tax, while limited companies pay corporation tax.

Where can I find support for foreign entrepreneurs in the UK?

Organizations like the Department for International Trade offer resources and support for foreign entrepreneurs.