Tag: economy

How to Start a Company in the UK: Legal Side of the Business

So you’re thinking about starting a business. Well done! Starting a business is the best way to escape the nine-to-five rat race and live the entrepreneurial dream. But it’s not as easy as it looks. There are a lot of legal hoops to jump through, and it’s easy to get overwhelmed.

So we’ve come up with a checklist to help you with the process – you might find some of these steps familiar, but we hope they can help you start your company with some extra guidance. So keep reading and have all your questions answered — be it about opening a UK bank account for non resident running a small business or obtaining a licence.

1. Research What You Want to Do

What kind of business is this going to be? Do you have the resources to back it up? If not, can you get them? If you’re starting a new business, have you spoken to a few other companies who’ve done something similar? It’s not enough to just say: “I want to run a business, let’s do it!” You need to know what you’re doing and why. You need to think about your business strategy, financials, marketing, and how it will work – all these things, plus the nuts and bolts of getting it all running. 

2. Make a Plan

Once you’ve done your research, it’s time to put everything into a plan. Before you start working out how you’re going to start your business, it’s a good idea to do the following:

 

  • Draft a business plan — Whether you’re a web designer, a doctor, a mechanic or just starting your own business, this is going to be the backbone of your company. A business plan will tell your story. What will it be about? How much will you charge? Who will you work with? Will it be a home-based business, a franchise, or a business registered with a third-party provider? 
  • Determine the legal structure of your business — This is a way of dividing ownership of your business between you and the company — whether it’s a sole trader, limited company, or partnership. Different rules apply to each type of company, but each has its benefits;
  • Draft a company constitution — Some people will want their company to operate on a different basis to their personal life, so it’s worth having a look at the legal implications of how you want your business to run. There are certain things you won’t be able to do as an individual – like buying or selling property, or trading on a particular market – that are fine if you operate as a limited company;

3. Register Your Business

Some businesses have to register with the local authority to get started. This could be to check whether there’s anyone on the electoral roll, or it could be to make sure you’re registered with HMRC or VAT number to file any tax returns.

4. Check the Health of the Local Economy

A healthy local economy means there’s a good number of potential customers in the area, and local businesses are likely to give you support. You’ll want to find out what other companies are operating in your area. Think about local industries. Are there any that are in decline? Has the same industry been making a profit for years and years, or have things been changing? How healthy is the surrounding area’s public transport system? Is the road network, shops, schools, and recreational facilities still operating? These are all things to look out for.

5. Find out More About Local Licencing

Are there any local licencing requirements? There might be. A local business licence will be required, for example, for a bar, nightclub, restaurant, or shop selling alcohol. If you’re setting up a business to provide accommodation, such as a bed and breakfast or guest house, you may need to apply for planning permission from the local council. And if you’re planning to sell drugs, for example, you need to apply for a Class C drug licence from the local police. Check all the local licencing requirements before starting your business.

6. Know the Law and Tax Systems

Before starting your business, you need to understand the law. Most government departments, whether they’re local councils, the police, or HM Revenue & Customs, keep a register of who is who. They include all the important people who should know who they are and what they need to do. They’ll also tell you what you’ll need to do to set up your business and comply with the law.

Plan Your Effort Accordingly

Starting a company is a time-consuming process. But you can do things right by creating a plan and sticking to it closely.

 

New research highlights growing potential of Irish Immersive Technology industry

A new research report “The Irish Immersive Economy” launching today shows that the Irish immersive technology sector is currently worth over €43 million, with significant potential for future growth as 63% of businesses in the sector expect to grow in the coming 12 months.

Commissioned by Immersive Technologies Skillnet, Animation Skillnet and Screen Skillnet, all promoted by Dublin Business lnnovation Centre (DBIC), the report outlines Ireland’s current immersive technology capacity and capabilities. It also makes recommendations that support business growth across a range of sectors and supports the attraction of foreign-direct investment within the sector.

The research finds that there is significant opportunity for Irish immersive tech businesses to excel on a global scale, with 80% of Irish immersive businesses are exporting to Europe and internationally. Investment in the sector is also robust with a majority of organisations surveyed certain they will either make a major investment (22.2%) or exploring new applications (40.5%), with a further 18.5% seeing a possibility of investing in the next 12 months.

The report also explores the most critical barriers to growth in the sector, and signalling that significant strategic support is required to capitalise on these new opportunities. Five main barriers to growth of the sector include shortages in talent (44.9%), funding (44.1%), knowledge (31.5%) and time (31.5%), as well as a lack of an ecosystem (29.9%).

Speaking in advance of the launch, Tracey Donnery, Executive Director, Skillnet Ireland said: “Immersive technologies have evolved rapidly in recent years. For Ireland to be a global leader in this space, we need to ensure the immersive technologies talent base reflects not just current business demands but the challenges of future growth in existing and new markets. Central to achieving our potential in this space will be developing a robust skills and talent pipeline, a world class research and development framework, and relevant business supports to start-ups and scaling up existing businesses.”

 Susan Talbot, Network Manager, Immersive Technologies Skillnet, said: “This much needed body of work not only gives us a baseline for future research around the Irish immersive ecosystem, but will help align thinking and aid key decision makers moving forward. From a Network perspective, the recommendations will ensure a continued industry-led approach in building Ireland’s immersive talent pool.”

 Camille Donegan, Director of Eirmersive and Creative Director of Solas VR, said: “This important report was commissioned to gain a better understanding of Ireland’s emerging immersive technology ecosystem and talent needs. It responds to a growing demand from industry itself to articulate Ireland’s unique voice and contribution to the national and global immersive technology marketplace. The report will also help inform how key government stakeholders can go further in supporting the needs of this emerging sector.”

 The report also reveals sectors where immersive technologies are finding the widest application including education and research, software development, and training and skills. It also shows the real-life impact of immersive technologies and the benefits it can offer Irish businesses and people including:

  • BioPharmaChem Skillnet recently collaborated with TU Dublin to develop a VR programme called ‘Powder Handling for Pharma Manufacturing’. Using VR, it allows participants to learn powder handling essentials – a critical process in pharmaceutical manufacturing – in a low-risk environment – significantly reducing training costs as workers virtually perform activities in a simulated environment.
  • Immersive tech is also helping many organisations who are unlikely to go back to a full “office only” model. MeetingRoom has built a secure and scalable end to end VR enterprise solution to encourage collaboration where people cannot be in the same room together, proving especially useful for sessions that do not work well on standard video calls, such as workshops, brainstorming, site tours and audits.