How to Start a Business in London

London is one of the most profitable cities in the world. It is the world’s financial centre and also attracts millions of tourists every year, creating huge economic activities. This is why most of the businesses running in London are successful and they are earning good money.  This also means that they have to face competition in order to make their mark in the society. Opening a company or businesses is not difficult, but opening and running it in a proper way is what matters.  For example if you want to open a restaurant, then first of all you should do some research and look for a prime location where you do not have many competitors. Following step by step guide will tell you the proper process of opening a business in London in an effective manner.

Instructions

  • 1

    Business Plan


    First thing is to make a proper business plan. Decide on how you will advertise your business and about the best location based on your target market. Decide how much investment you will need for your business and how many employees you will need for the smooth running of your business.

  • 2

    Name Your Business


    Pick up a unique name for your business. Remember the name should be unique and it should not be used by any other business or company.

  • 3

    Filling Forms 10 and 12


    You need to get forms 10 and 12; the price of the forms is around £245. Then you need to fill in these forms in the presence of Peace of Justice or the Notary. One of the important things that you will require is to write on these forms the name of your company, type of your company, location of the business and is the company self-employed or you have partners.

  • 4

    Register Your Company


    You need to register your company or business with the registrar of the companies situated in Company House London. You will need to pay about 30 pounds in order to get your business registered with the registrar.

  • 5

    Registration With Inland Revenues


    Now you need to register yourself with Inland Revenue department. They will register your company for VAT, excise and customs. Whenever you have a new PAYE, you will need to register the PAYE with Inland Revenues for the tax deductions.

  • 6

    Get Insurance


    Now the last step is getting insurance for your business as it is must for all the businesses to have insurance. You cannot open your business without getting the insurance for it.

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