15th March 2019
Getting good advice and suitable supports is essential to every start-up
There has never been a better time to set up as a start-up, thanks to generous Government initiatives and a growing number of start-up communities and entrepreneur networks to provide advice and assistance.
If you have a viable business idea and feel that you want to put the wheels in motion, we’ve set up a step-by-step guide to getting your start-up up and running.
Company registration
First, you need to decide if you want your start-up to be registered as a sole trader, partnership or company. Registering as a sole trader means your start-up is completely in your hands, you are the decision-maker and liable personally for any debts incurred.
If your potential start-up has much bigger potential, registering as a partnership or limited company is the prefered route.
Business name
Assuming that you are registering as a limited company the company name needs to be registered with the Companies Registration Office within a month of adopting the business name. All forms and information can be viewed here.
Register for VAT
The VAT registration should be applied for around the time you register the company. Generally, you wouldn’t register for VAT until you are starting to trade i.e. spend or receive money.
You can register for VAT yourself through Revenue’s Online Services here or you can enlist the help of an accountant who is registered to provide tax services to the public.
Accountants & bank managers
A start-up generally goes to 2 people initially: an accountant for tax and financial advice and to a bank manager because to run a start-up you have to have a business bank account.
It’s important when you are hiring any professional services that they understand your business. Some accountancy firms specialise, so it’s important to find the right accountant that knows your type of business or 1 that specialises with start-ups as they should know what grants are available.
If you are opening a bank account and don’t require any type of finance you can choose any bank of your choice. But if you are seeking finance your accountant should be able to advise which local bank would be best.
Legal advice
If your new venture requires patents, trademarks or intellectual property (IP), you really need to avail of the service of a law firm.
If you have invented something unique and you want to develop it into a business, then getting the invention patented is paramount. Protecting your intellectual property 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 industry is so important.
Your account or local entrepreneurs in your field may be able to offer advice on who to deal with.
Office space
Owning or renting office space initially is not a necessity in this digital age. If you’re a start-up looking to move from the kitchen table or leave the solitude of a home office, it is possible to this inexpensively.
You can register your business to your home address and avail of the many or hot desks or rent a desk in 1 of the many serviced offices that have been set up throughout Ireland. And there are hot desk centres located in many provincial towns around the country.
For example, Bank of Ireland provides a free workspace/hot desk facility in 6 of its main branches – 3 in Dublin, 1 in Cork and 1 in Limerick and 1 in Galway.
If you are looking not to be isolated by working from home all the time, you can work from a co-working office space in the many co-working spaces around the country. This can enable you to travel with work or just get involved with many of the entrepreneur communities built by Irish start-ups. A list of these can be found on www.coworking.ie or on www.growremote.ie.
Local Enterprise Office
Your Local Enterprise Office (LEO) have developed courses and programmes specially designed for start-ups.
Staff
Once you have registered your business you will be given a tax reference number you can register yourself as an employer through the Revenue here. Depending on how many staff you are considering employing you can either buy payroll software and learn how to do it yourself or pay a bookkeeper to do this for you.
Conclusion
There is ample advice online that you can avail from on how to set up your own start-up business, but if you feel that you are still unsure if you are more of an innovator than a business owner, contact your Local Enterprise Office and enrol on their start-your-own-business programmes – you never know where it might lead you.
15th March 2019
Getting good advice and suitable supports is essential to every start-up
There has never been a better time to set up as a start-up, thanks to generous Government initiatives and a growing number of start-up communities and entrepreneur networks to provide advice and assistance.
If you have a viable business idea and feel that you want to put the wheels in motion, we’ve set up a step-by-step guide to getting your start-up up and running.
Company registration
First, you need to decide if you want your start-up to be registered as a sole trader, partnership or company. Registering as a sole trader means your start-up is completely in your hands, you are the decision-maker and liable personally for any debts incurred.
If your potential start-up has much bigger potential, registering as a partnership or limited company is the prefered route.
Business name
Assuming that you are registering as a limited company the company name needs to be registered with the Companies Registration Office within a month of adopting the business name. All forms and information can be viewed here.
Register for VAT
The VAT registration should be applied for around the time you register the company. Generally, you wouldn’t register for VAT until you are starting to trade i.e. spend or receive money.
You can register for VAT yourself through Revenue’s Online Services here or you can enlist the help of an accountant who is registered to provide tax services to the public.
Accountants & bank managers
A start-up generally goes to 2 people initially: an accountant for tax and financial advice and to a bank manager because to run a start-up you have to have a business bank account.
It’s important when you are hiring any professional services that they understand your business. Some accountancy firms specialise, so it’s important to find the right accountant that knows your type of business or 1 that specialises with start-ups as they should know what grants are available.
If you are opening a bank account and don’t require any type of finance you can choose any bank of your choice. But if you are seeking finance your accountant should be able to advise which local bank would be best.
Legal advice
If your new venture requires patents, trademarks or intellectual property (IP), you really need to avail of the service of a law firm.
If you have invented something unique and you want to develop it into a business, then getting the invention patented is paramount. Protecting your intellectual property 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 industry is so important.
Your account or local entrepreneurs in your field may be able to offer advice on who to deal with.
Office space
Owning or renting office space initially is not a necessity in this digital age. If you’re a start-up looking to move from the kitchen table or leave the solitude of a home office, it is possible to this inexpensively.
You can register your business to your home address and avail of the many or hot desks or rent a desk in 1 of the many serviced offices that have been set up throughout Ireland. And there are hot desk centres located in many provincial towns around the country.
For example, Bank of Ireland provides a free workspace/hot desk facility in 6 of its main branches – 3 in Dublin, 1 in Cork and 1 in Limerick and 1 in Galway.
If you are looking not to be isolated by working from home all the time, you can work from a co-working office space in the many co-working spaces around the country. This can enable you to travel with work or just get involved with many of the entrepreneur communities built by Irish start-ups. A list of these can be found on www.coworking.ie or on www.growremote.ie.
Local Enterprise Office
Your Local Enterprise Office (LEO) have developed courses and programmes specially designed for start-ups.
Staff
Once you have registered your business you will be given a tax reference number you can register yourself as an employer through the Revenue here. Depending on how many staff you are considering employing you can either buy payroll software and learn how to do it yourself or pay a bookkeeper to do this for you.
Conclusion
There is ample advice online that you can avail from on how to set up your own start-up business, but if you feel that you are still unsure if you are more of an innovator than a business owner, contact your Local Enterprise Office and enrol on their start-your-own-business programmes – you never know where it might lead you.
