Scotland is a great choice for businessmen who are looking forward to either starting a new business or expanding an existing one. The process of setting up a company is simple, but depending on your goal, the steps of doing so will vary.
If the process seems overwhelming, it is best to involve a reputed Scottish businessman like Calum Melville. Before he found The Edison Group, he worked in a variety of sectors and thus know all the ins and outs of setting up a business in Scotland. He is extremely passionate about developing businesses and entrepreneurship and is always happy to share his experience.
Start by Registering Your Company
The first thing to do for setting up a business in Scotland is to register your company. You can either register your company as a private limited company or as a Scottish branch of your existing business. The procedure for registering your company as a Scottish branch might take longer as you will have to submit extra documents.
Choose an Appropriate Structure
Depending on how you intend to do your business, you can pick one structure out of many different ones. Your business structure will define how you run it, the control you have over it, and your legal obligations. Some of the commonly accepted corporate structures are:
- Sole trader
- Limited company
Taking Business Insurances
Neglecting business insurance can result in severe fines and penalties. As a businessman in Scotland, you will at least have to take the:
- Employers’ liability insurance: This covers any legal costs in case any employee suffers from a work injury
- Third-party insurance: This is needed if you have any vehicles in your business.
Laws and Regulations Concerning Cusinesses in Scotland
As a Scottish businessman, you will have to follow certain laws and regulations. Some of these laws are:
Laws Concerning Health and Safety
- You will be responsible for the safety of your employees. Ensure providing them with a safe environment complying with the health and safety regulations of the UK.
- Educate your employees concerning all the risks involved and how they can deal with the same in the workplace.
Advertising and Marketing Laws
- You cannot mislead or harass consumers by advertising false messages.
- You cannot make deceptive comparisons with competitors. For instance, your logo in your advertisement.
Rules Concerning Data Collection
If your business needs to collect any personal data from employees or customers, you will have to comply with the data collection rules of the General Data Protection Regulation (GDPR) and the Data Protection Act 2018.
Also, when you are collecting personal information, inform them about:
- Your reasons for collecting the data.
- The legal basis for processing the data.
- The time duration for which you will retain this data and who you will share it with
Laws Concerning Bribery
Under the Bribery Act 2010, it is a criminal offense for a business to give or receive a bribe in any form, money, or gift. Also, you will be held accountable if any bribe is given on your behalf. All the employees, contractors, and agents associated with your business will have to follow the bribery laws.
If bribery laws are broken, penalties may include:
- Unlimited fines for both, businesses and their officers
- Being banned from entering bids for any EU contracts
- Prison time for up to 10 years
Well, now you know plenty about setting up a business in Scotland. So, what are you waiting for? Start realizing your dream of having a business in Scotland today…