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What are the requirements for starting a business in the UK?

Starting a business in the UK is not easy. Although the process is fairly simple, there are certain requirements that need to be met before you can start your business. Each of the following seven points will address one of the requirements needed to start a business in the UK.




1. Investment

To start a business in the UK, you will need to invest some money in the business. The initial investment will depend on what you want to do with the business. If you want to run a very basic business that doesn’t require specialized skills, you can start with as little as £500. However, if you want to start a business that will require some specialized skills, you should plan to invest at least £1,000.

The precise amount of investment you need to start a business will depend on what you want to accomplish with the business. Plans for starting a business in the UK should include a strategy for growing the business in the first year. This strategy should include plans for expanding the business internationally, or into new cities.


2. Business Name

The second requirement for starting a business in the UK is that you choose a business name. A business name is the unique name of your company. It should be memorable and expressive so as to identify your business easily.

3. Business Registration

The third requirement is that you register your business with the government. All businesses must therefore file an application form with either the local registry office or the central registry office. The application form will need to describe the company’s name, where it’s registered, and what it does.


4. Privacy

Although everyone wants to start a business to make money, the reality is that most people are reluctant to invest money in a business that doesn’t promise a return on their investment. One of the key promises of a business name is that it will provide a return on investment. This should be clearly articulated in your business name.


5. Intellectual Property

Your company has very little recourse, if any, when another company steals your logo, branding, or business name if you haven’t secured your intellectual property. Before you start your business, you should establish your intellectual property rights. This includes copyright, trademarks, and patents.



6. Taxation

Taxation will remain a big problem for many small businesses. All businesses will therefore want to set up a tax structure as soon as possible. You should consider establishing your tax structure before you start your business rather than tailoring your tax strategies to the small business community.


7. Legal Advice

Finally, you’ll want to make sure that you have good legal advice for your small business. This includes advice on contract law, employment law, and tax law. Legal advice for starting a business is available from lawyers, both inside and outside the small business community.


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