Thinking of starting a business in the UK? There are various things to consider and plan for when you decide to pursue your own venture. However, sometimes the most basic aspects can be confusing. This is especially true if it’s your first time starting a business in the UK. In this article, I will highlight 3 basic steps that you need to take if you wish to start up in the UK. 

In contrast to many other countries, starting a business in the UK is relatively straightforward. Although, it is advisable to seek professional advice if you are uncertain about any of the points covered in this article.

Determine your business structure 

There are various ways in which you can start a business in the UK. 

The most common forms are either:

  • Registering as self-employed; 
  • Company incorporation; Common forms of UK companies are:

Each of the abovestated have their own procedures, advantages and disadvantages. 

Choose a business name

This is an obvious, yet somehow overlooked one. And believe me: it can be notoriously difficult to choose the right business name in today’s world. Additionally, your business name can often make or break your business. 

There are two key sources that you should check to see if your proposed business name is available. These are:

Companies House

Use the company register by Companies House to check whether there are any existing UK companies with your proposed business name.

UK Intellectual Property Office (UKIPO)

Once you have ensured that there are no companies with a name similar or identical to yours, then you must check for Trade Marks. 

Legally, trade marks have much more weight. The key factor to consider here is trade mark classes, and identifying those that apply to your business in the UK. 

This guide, prepared by the UK Government, provides a useful guide to UK trade marks.

Choose a business bank account 

It is important to do your research and identify the best banking solution for your business. 

Starting a business in the UK does give you several options in terms of banks. This is especially true with the emergence of the new “challenger” banks such as Monzo. 

Choosing the best bank for your UK business is dependent on the particular circumstances concerning your business. Some relevant factors to consider are:

  • Payment streams & frequency: How will your customers pay you?
  • International payments: Are you likely to receive or make international payments with your UK business?  

If you need help with starting a business in the UK, get in touch with me today. My service is cost-efficient, tailored and friendly. 

About My name is Sohrab Vazir. I’m a UK-based entrepreneur and business consultant. At the age of 22, and while I was an international student (graduate), I started my own Property Technology (PropTech) business, StudyFlats.I did so by obtaining an endorsement from Newcastle University under the Tier 1 Graduate Entrepreneur Scheme (similar to the current Start-Up Visa). Subsequently, I obtained a further 3-year Tier 1 Entrepreneur Visa (which was replaced by the Innovator Visa). I grew my business to over 30 UK cities, and a team of four, and also obtained my Indefinite Leave to Remain (Settlement) in the UK. I now help other migrant entrepreneurs, such as myself, with their businesses, and mainly with obtaining endorsements from the endorsing bodies.