After an entrepreneur is done with the elaborate procedure of company formation, there are many other things that he or she must do to get the business finally running. From opening a business bank account to applying for corporate insurance, a businessperson has to look into a lot of things.
For entrepreneurs who have gotten their company incorporated already and is wondering what to do next, here are five things that they must do for their limited company in the first few weeks before finally setting up.
1. Open a business bank account
A limited company has a separate entity and therefore makes it mandatory that it has a bank account that will be used solely for its operations. A businessperson should consequently open a business bank account to record all the incomings fetched and all the outgoings incurred separately. This will make sure that the business finances do not interfere with the personal expenses of the businesspersons. While opening a business account in the bank, an entrepreneur is required to fill out an application and provide the valid ID proofs. They are also expected to submit evidence of the office address along with the company incorporation documents.
2. Applying for the UTR number
Unique Tax Reference or more commonly known as the UTR number is a 10-digit number that is provided to every newly incorporated company. The number is important as it will be needed while filing for Self Assessment tax return. After applying for the UTR number, the authorities will send a letter to the address of the registered office of the business. The mail/letter contains the UTR number and should be delivered within three weeks of application. In the case of offshore company formation in Dubai, the procedure may be a little different.
3. Getting Insurance for the Business
After the process of company formation is done with, a businessperson must get the company insured. Insurance is essential as it protects the company from unexpected accidents that one may not be ready for. There are various types of insurance to choose from, and therefore an entrepreneur must do some research before investing in an insurance scheme.
4. Marketing strategy plan for the business
Once the company formation is completed, a business must decide and formulate a marketing strategy that will be followed to promote the company. With every business having an online presence, it has become mandatory that a company have an active website through which it can reach its audience. An entrepreneur also should create social media handles for the company to promote the products and services it has on offer. They must even get business cards printed with the valid contact details so that the potential customers and suppliers know how to reach out to them.
5. Get familiar with your company's annual requirements
Before a company starts operating in a fully-fledged way, an entrepreneur must have a clear understanding of all the different documents and forms that need to be filed. To ensure that all the required official papers have been submitted, a businessperson should devote enough time to get an idea about the company's annual requirements.
Once a businessperson complies with all the steps for company formation, he or she must get professional advice and follow the steps as mentioned above to make sure that the company runs smoothly thereafter.