1. Introduction:

The purpose of this guide is to assist in the initial stages of opening a new business, and to concentrate on the main issues that should be considered during the opening stages of establishing the business.

2. Basic Topics to Consider Before Starting a New Business:

In preparation for the opening of a new business, attention must be paid to the following issues, among others:

  • The existence of this business opportunity, and the business feasibility of the venture (i.e., whether the business can succeed).
  • Formulating a business plan – and critically examining it.
  • How to finance the business in its early stages.

3. Opening a Business Independently or as a Company:

An important decision when setting up a new business is whether you want to be incorporated, and to act through a limited company, or as a self-employed business. For more information and comparison, you can read our guide on comparing independent business to a limited company.

Then, if you decide that you want to start a company – you can read our step-by-step guide to starting a company.

On the other hand, if you want to be self-employed, it is now up to you to decide whether to register for VAT as an exempt dealer or as an authorized dealer (you can read more about this in the directory in the link).

In addition, you may be interested in working in partnership (if the business is established by several factors together).

4. Opning of files in local authorities:

  • First stage – value added tax:

As it is compulsory to complete the VAT registration before starting the business activity, the first step in opening the files is to contact the VAT offices, together with the required documents (for the self-employed: identity card, rental contract, Certificate of professional training, copy of check, agreements with 3rd parties) (for the company: see link: documents required to open files to the company VAT, income tax and national insurance). In addition, you must fill out for opening a file.

  • Second stage – income tax:

The regional tax assessor must be notified of the opening of the business no later than the date of commencement of the business. Therefore, we will contact you with the necessary documents that you will forward to us and inform the tax assessor about opening a business.

  • Third stage – income tax deductions and National Insurance Institute:

If you decide to open the business as a self-employed person, you should also open a file at the National Insurance Institute.

In addition, if the business or company employs people, a deductions file must be opened in the income tax and in National Insurance. There is no need to go to the National Insurance offices for the purpose of opening the deductions file since the opening of the income tax file also constitutes the opening of a deductions file at the National Insurance Institute.

After opening the file, the National Insurance Institute will send a form for you to update details for the sake of the employer to be filled out and sent back to the National Insurance Institute

Since we linked to the computers of tax authority, VAT and National Insurance Institute, we can shorten the process and help you from our experience when setting up a business.

5. Other Important Issues When Starting a New Business:

  • Printing of ledgers (invoice book, receipts book, book of receipts and payments, order book, etc.), in accordance with the nature of the business and the requirements of the law. Alternatively, you can use the software for generating invoices and documents. We will guide you to what ledgers you need, and how to use them.
  • Open a bank account for your business.

Our firm is well experienced in handling new business openings – we will be happy to assist and accompany you through the process.

6. Additional Information:

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