Are you planning to start a business in UK? Have you begun looking for advice? If so, we can help. There are numerous things to consider if you are in the process of setting up a business in the UK.
UK based start-ups need practical help to keep pace with the legislation and regulations that govern UK business activity. This article talks about the 8 practicalities when you start your new business in the UK
1. Build out a business plan:
Setting up a business in UK is quick but, having a business plan in place will make it easy to raise finance for your start-up. Breaking this business plan into simpler steps will help you visualize your business growth.
The important part of a start-up’s business plan and preparation is market research. Market research helps you analyze the viability of your business and shapes your sales strategy. This document has to be reviewed and updated regularly to match with your business growth. An effective plan helps you steer your business throughout its existence.
2. Choose the right legal structure:
Whether you form a limited company or sole trader/LLP or partnership, company structure is one of the important decisions you make before you start a business in UK. Choosing the right legal structure is vital as it will impact on your company’s growth in the long run.
3. Choose an apt business name:
Choosing the right business name is foremost as it explains what your business does. The name that you choose for your business should have the ability to impress investors plus it should also be web-friendly. Once you have chosen your name, you can search for its availability with Companies House or on our website.
4. Register your company:
Once the above-said process is completed, we can help you with the next step. You can simply choose a company formation pack based on your business structure and need. Fill in the online application and submit it on the website. We will, in turn, submit your application to Companies House and help you officially register your business in a day or two. You have the advantage of completing the application process online plus we will give you straightforward pre and post-formation support.
5. Get compliant:
Companies House and HMRC have certain regulatory guidelines in terms of licensing, data protection, health and safety. Make sure that your startup satisfies all the regulatory rules as per government guidelines.
6. Set up a business bank account:
It is not mandatory to have a dedicated business bank account for your limited company even though it becomes a legally separate entity. The bank account is also not strictly required for a sole trader. However, it is recommended to have a separate business bank account to make bookkeeping, accounting and tax submissions for your company easy. We also have partnerships with popular high street banks to get your new bank account on a priority basis.
7. Choose the right accountant:
The success of your company depends on the smart accountant that you choose. The right accountant will save you time and money for many successive years. The first thing that you need to consider while going for an accountant is, whether or not they have some level of expertise with your business category. It is advisable to choose an accountant who is familiar with specific legislation to eliminate stress. Mint Formations partners with highly qualified and proactive accounting firms who can help you and are happy to refer them if you choose to register your new company with Mint.
8. Find a good mentor:
In business, there will be both good days and days when things go awry. Hence, it is prudent to have someone you can talk to regularly about your start-up. In addition to company formation, we also specialize in offering entrepreneurs professional guidance that they will need to grow their business.
The bottom line:
Company formation process is at the heart of our business. We offer online company formation services for both first-time formers and serial entrepreneurs. Do not hesitate to reach out to us if you need help with your startup.