Edinburgh is known for many things. A historic wonder, the Scottish city has many times been voted Europe’s most beautiful city. And it is not only about history. Scotland’s capital also tops the charts in some of the world’s most contemporary professional spheres. Edinburgh is a leading tech hub, with a high number of start-ups and science parks.
Regardless of what type of business you pursue – whether it be in historical tourism or new technologies – you’ll have to familiarize yourself with the legal process of getting established before you start.
Register your company legally
The first thing you’ll need to do to register your company is ensure that your desired legal name is available. If another entity already exists in that name, you may be forced to choose another one.
You must have a legal street address, and register your business with the relevant authority, depending on its type. Many businesses register with Companies House, which provides a list of companies in Scotland.
Determine necessary legal structures
Registered businesses in Scotland must have articles of incorporation. Articles of Incorporation are also processed in Company House in Edinburgh.
Depending on what kind of company you have, you will either register as a private limited company or a UK branch of a foreign company.
After you decide your registration choice, you’ll need to determine your company’s structure. These structures might appear to be independent from registration options, but in fact they are a further step in the process sequentially.
Two of the structures that companies use include the following:
- Sole trader – this category is for people who are essentially self-employed and whose business is very small.
- Partnership – these businesses are usually registered as limited liability companies (LLCs).
Website creation and other social media
Any successful business will have to have a strong website. The first thing you’ll need to do is hire a webmaster to build your site for you. Then you’ll have to buy domain. Many Scottish entities are able to show off their national character by using the suffix .scot.
After you’ve created your site, you can work on building it by building links, creating payment mechanisms, etc. You might also look into email hosting services for your staff.
In addition, you should think about any other relevant social media that you might want to employ.
Find the right types of insurance
You’ll also need to get insurance, and for that you’ll need a National Insurance (NI) number. This is a number that will apply throughout the UK. However, in Scotland there are some additional particularities you should pay attention to.
You should be sure to have employers’ liability insurance in case an employee is injured on the job. If you are utilizing motor vehicles as part of your operation, you should have third-party motor insurance as well.
In addition, you must have business insurance for your physical workspace, and any other insurance that is relevant to your type of business in particular.
There will also be required certifications, etc, again depending on your business. In order to determine your insurance needs, you can look online to research the requirements.
Determine legal staffing requirements
The list of staffing requirements for your business may be unique, but at a minimum there are a few roles that you will have to fill.
You will have to have at least one director and one shareholder, for example. Also, you must have an account that is registered with the Institute of Chartered Accountants of Scotland (ICAS).
Be sure you’ve covered all your bases
Again, every business type is unique and has its own requirements. Therefore it is advisable to thoroughly research everything that applies to your business type, and get the advice of experts. Once you do, you’ll be ready for a successful launch.
