Places such as your Local Enterprise Office (LEO), Skillnet Ireland, Chamber of Commerce have developed courses and programmes to take you from the ideas board to having your product on the shelf, you no longer need to have a background in business to set up your own, you can just learn as you go.
If you are committed to start and maybe created an innovation and feel that you want to put the business wheels into action, Park Chambers have set out a step-by-step strategy taking in the practicalities of getting your business up and running. We want to empower you to make big changes.
First you must decide if you are registering as a sole trader, a partnership or a limited liability company. Registering as a sole trader means the business is completely in your hands, you are the decision-maker and this is often the choice if you intend trading as a small business. The bad news here is that you have no protection from Debts or Banks Lenders.
If your idea has much bigger potential, registering as a partnership or limited company is suggested.
“Legally the structure could be that one could start as a sole trader or later could form a limited company or if they are doing it in partnership it could be that there is a partnership formed and later change into a limited company of which the partners become directors and shareholders. That structure needs to be decided initially at the onset. If you are a sole trader it’s a case of registering that with Revenue and CRO, or if it’s a limited company it’s first forming a limited company and then registering this company with the Revenue Commissioners and having the various Companies Registration Office (CRO) and tax numbers that go with that.
A limited company means protection, your company has the Debts, not you personally.
The company is registered for tax via revenue.ie.
Once the company has been registered, the business name needs to be registered with the CRO within a month of adopting the business name. All forms and information are on cro.ie.
Generally you wouldn’t register for VAT until you are starting to spend money or receive in money, normally you start to spend money first in a business. Once you start to spend, if you’ve got expenses or have VAT you want to reclaim, then you need to start looking at it at that stage.
You can register for VAT yourself through Revenue’s Online Services (ros.ie) or you can enlist the help of a tax agent, someone who is registered to provide tax services to the public.
If you used a tax agent then you are more than likely already availing of the professional services of an accountant but if you did that stage alone then your next port of call is to get one in your sights – call Park Chambers today at 051-877965.
The legal advice is an important side – obviously, around Leases or patents and trademarks, you might need to talk to a specialist firm that looks after intellectual property.
If you have invented something you want to develop into a business, then getting the invention patented is a must. Protecting your intellectual property (IP) involves trademarks and registration of designs, so finding a law firm that will not only help you to protect your IP but also understands your type of business is imperative. Do look for assistance with appropriate Insurance cover/premiums.
Owning or renting office space is not a necessity. If you’re a start-up looking to move from the kitchen table or leave the solitude of a home office, this is possible to do at a relatively low cost.
You can register your business to your home address and avail of the many floating desks or hot desks that have been set up by business communities around the country.
Call Park Chambers to know how best to hire staff, contracts and please note we also provide the full PayRoll service. We also assist with staff issues.
Once you have registered your business and have been given a tax reference number you can register yourself as an employer through ros.ie. Depending on how many staff you are considering employing and how well you can deal with book-keeping, this would be the time to research payroll software, book-keepers and employers’ liability insurance.
The Revenue PayRoll system is called PAYE Modernisation and if you intend to employ somebody, or indeed pay yourself, the moment you pay somebody or yourself, whether it’s weekly or monthly, you need to upload the information immediately to Revenue. We can do this on your behalf.
We can set you up, register a Business Name, Form a new Company, and register for all Taxes.
We can help you on your journey, call Park Chambers today at 051-877965