To create a company isn't just completing a form for Companies House. Of course in simple terms, one can just fill out a form and register a company. However, there is much more to setting up a company and adhering to the legal requirements, to remain safe and "properly" managed.
What more is there to do to create a company.
Once you have registered your company, to a certain extent the clock has started ticking.
Certainly you have made Companies House aware of your business. However, they will also have automatically alerted His Majesty's Customs and Excise Service of your company's existence. This establishes a legal requirement for your company's directors to submit company tax returns, register for Value Added Tax (if necessary), etc, all at an appropriate time. You will also be required to submit your annual accounts to Companies House every year.
Once you have registered your company, to a certain extent the clock has started ticking.
Certainly you have made Companies House aware of your business. However, they will also have automatically alerted His Majesty's Customs and Excise Service of your company's existence. This establishes a legal requirement for your company's directors to submit company tax returns, register for Value Added Tax (if necessary), etc, all at an appropriate time. You will also be required to submit your annual accounts to Companies House every year.
In addition, you will have a myriad of other legislative requirements that need attending to including but limited to, making sure your business has a responsible attitude in respect of looking after your employees welfare and health together with that of the public and any other people associated with your business.
All this does not need to be done on day one but you do need to make sure you are attending to these important issues in a timely manner.
Before all the forgoing, you need to be aware of a number of very important requirements.
You will need to have a well drafted and accurate Business Plan, fully describing how you intend to set up your business and where your customer base lies. You will need to demonstrate that you are the owner of your business idea and at least thought about registering any necessary Patents.
All this needs to be fully supported by all the necessary financial considerations e.g. cost of going into your particular business, cost of any development and/or design work, together with cost analysis of going into production and taking your goods and/or services to the market. There will be a cost associated with all of this and you and /or your financial backers should know how much and when you will need funds to achieve your plan. Therefore a well prepared and detailed Cash Flow analysis will need to be prepared. An sales forecast backed by reliable research will be needed to further support your plan.
The good news is none of this is insurmountable and, in any event you will not sleep at night without having done this work. The bad news but nonetheless factual is, you will not stand a chance of attracting funding from anywhere without these detailed, well thoughtout plans and supporting evidence.
If you aleadty have the funds you would be very unwise to go ahead without these plans being very much in the foreground. You cannot wing it, just because you think it is a great idea, Many businesses have failed because the initial planning was non existent or incomplete and nothing to do with a poor product or service.
Let Questmoney help you prepare and set up your business on sound foundations, so that your investment stands the best chance of succeeding.
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