If you are not already trading, you should be aware that as part of the process you must obtain a Business Licence from the Population Office which enables you to trade legally.
Licenses are ordinarily only granted to those who have residential and employment statuses of entitled, entitled for work or licensed.
When starting your own business, you should avoid the Christopher Columbus approach. In fact, research has shown that over 50% of businesses that start without a business plan fail within the first two years.
When he set out on his journey he didn’t know where he was going. And when he got back, he didn’t know where he had been. This strongly indicates that success in modern business requires planning.
A Business Plan is a written document that describes a business, its objectives, strategies, the market it operates in and realistic financial forecasts.
When writing your Business Plan you should seek professional advice from your accountant and/or solicitor.
Your business plan should be continually updated as the business evolves.
You may need to share your business plan with potential investors, grant providers and business partners.
Here is a link to our very useful guide – Employing People: The HR Toolkit for Small Businesses which you can download and save for future reference.
How will the Income Tax be assessed for the business?