How to start a business in the UK
Even after the worst global downturn, the UK is still one of the best places in the world to start a business. Before making any inward investment into the UK market, it is advised that the entrepreneur must get the appropriate advice at an early stage of the planning process to avoid future problems and challenges.
Registering a business in the UK
The first step is to make an application for registration of the company conveying the proposed name, whether public or private and other relevant information. The name of your business should be unique from any other in the index database on the web.
Secondly, you are expected to prepare memorandum and articles of association, fill out and sign Form INO1. The third step involves filling the incorporation documents with the Registrar of Companies House. There are some charges involved at this stage. While the standard fee is placed at GBP 14, the chargers vary for software and paper incorporations. The company should then contact the Inland Revenue to facilitate the establishment of a contribution scheme for national insurance and PAYE tax. At this level, the company is issued with activation PIN which expires after 28 days, upon which the person is expected to request for a new one. The final step will involve complying with the Employers Liability Act 1969 by signing up for employer’s liability. This Act requires all employers in the UK to maintain employee liability insurance with an approved insurance company.
Bank account set up
All new businesses are required to have a bank account in order to conduct their business in the United Kingdom. This is done as a key requirement of the Money Laundering Regulations initiated in 2007. Business accounts are important because they help to verify the identity of the customer, their sources of funds as well as providing other relevant information to the stakeholders involved.
Your business idea may be good; it may in fact be great. However such an idea is two a penny. The manner you plan, prepare and implement your business plan determines the difference between success and failure of your business in the new environment. The entrepreneur must draw up a realistic business plan that outlines the aim, objective, mission, values, strategies and organizational culture. There are also a number of employment considerations such as workforce relations, employment contracts and payment administration.
The main function of a marketing strategy is to help you get noticed. The selection of an appropriate marketing strategy and advertising depends on the type of business in operation. For example, if you are running a local bookshop, delivering leaflets in your area can be an effective approach. Whether it is a small, medium or big enterprise, the company can also utilize online marketing through the use of social media, Google Ad Words to advertise their products and services cost-effectively by targeting a specific target market.
- You can access over 800 fact sheets, covering start-up ideas, business regulations, marketing and sales topics.
- There is a section with informative tax guides and you can buy our essential business start-up guide ‘Going Self Employed’
- Visit the FAQ page for a free sample of the ‘Going Self Employed Book’
- There is a collection of business books on a range of business topics and a section about start-up ideas.
- The On-Line Directory has links to resources or sites to help you start and progress your business idea. While in funding you may find a route to your start-up finance.
- Self-employment, starting and running a business should be fun (yes, it can be – honestly!) and we hope this viewpoint comes over in our site.
- Our aim is to encourage and to “inspire, inform and guide.”
- Want to start your own business? Time to sack the boss?
- Then welcome … at Start Business we aim to be a stimulating site for those new to, or contemplating starting their own business.