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Starting a Business

A practical path to starting a small business in most countries: test the idea, choose a legal structure and name, register with the authorities, get tax numbers, licences and insurance, and open a business bank account. Requirements depend on your country and sector.

Curated by Raaya · Last reviewed Oct 2026

Steps

  1. Test the idea and write a short plan

    5 days

    Before spending on registration, test whether people will pay: talk to potential customers, check competitors' prices and, if you can, make a few real sales. Then write a short plan covering what you sell, to whom, at what price, what it costs to deliver, and how much cash you need until the business pays for itself.

    A plan does not need to be long, but banks, investors and some licensing bodies will ask for one.

    Tip: Work out how many months of personal costs you can cover before the business makes money.

    • Describe your product or service and target customer
    • Check competitors and set a price
    • Estimate start-up and monthly running costs
    • Forecast sales and cash flow for 12 months
    • Decide how you will find your first customers
    • Note the licences or qualifications your sector may need
    Remind me

  2. Choose a legal structure

    2 days

    Common structures are sole trader or sole proprietor, partnership, limited liability company and cooperative. They differ in personal liability for debts, how profits are taxed, set-up costs, ongoing filing and who can own the business.

    A sole trader set-up is usually quickest and cheapest but leaves you personally liable. A company separates your personal assets from business debts in many cases but involves more administration and annual filings.

    Tip: Ask an accountant to compare tax at your expected profit level under each structure before you choose.

    • Compare personal liability under each structure
    • Compare how profits and salaries are taxed
    • Compare set-up and annual filing costs
    • Agree ownership shares and roles with any partners
    • Choose the structure and note its registration steps

  3. Check the business name is available

    2 days

    Check the name is not already registered with your national company or business registry, and that it does not infringe an existing trademark. The WIPO Global Brand Database searches trademark records from many national and regional offices.

    Also check the domain name and social media handles. Avoid names that are misleading or use restricted words such as bank or insurance, which some countries regulate.

    Tip: Registering a company name does not usually give you trademark rights; consider applying for a trademark if the brand matters.

  4. Meet an accountant or business adviser

    1 day

    A short meeting can save costly mistakes. Ask about the structure, tax registration, bookkeeping, payroll if you will hire, and which deadlines apply in your first year.

    Many governments fund free start-up advice: the EU has Points of Single Contact to help with registration and permits, and the US SBA supports a network of free counselling. Check the adviser's professional registration and agree fees in advance.

    Tip: Ask the adviser for a list of every filing deadline in your first 18 months.

    Where
    Accountant or official business advice service · Bring your business plan, expected revenue and costs, and questions about structure, tax registration, bookkeeping and first-year deadlines.
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  5. Prepare registration documents

    3 days

    Typical documents are proof of identity for each owner and director, proof of address, the business name and activity description, a registered business address, and for companies the articles of association or constitution and details of shareholders. Partnerships benefit from a written partnership agreement even where it is not required.

    Some activities also need proof of qualifications or a clean criminal record.

    Tip: Agree in writing what happens if a partner leaves before you register; it is much harder to agree later.

    Passport or National IDProof of Address
    Attach my documents

  6. Register the business and get tax numbers

    3 days

    Register with the official business or company registry; in many countries this can be done online. The EU encourages member states to allow company registration within 3 working days for under EUR 100, though actual times and costs vary.

    Register for the taxes that apply: a business tax number, VAT, GST or sales tax when your turnover or activity requires it, and employer registration before hiring. Some registries pass your details to the tax authority automatically; confirm which steps remain.

    Tip: Use only the official registry website; private services charge extra and some send fake invoices.

  7. Pay registration and licence fees

    1 day

    Pay official registration, licensing and any publication fees using the methods on the official site. Costs range from free or very low in some countries to substantial in others, depending on structure and sector.

    Be wary of letters or emails after registration that look official and ask for payment to list your company in a directory; these are a common scam targeting new businesses.

    Tip: Keep every receipt; many registration costs are deductible business expenses.

  8. Get licences, permits and insurance

    3 days

    Check what your activity and location require: sector licences such as food, childcare, finance or construction, local trading or premises permits, zoning approval, signage permits, and health and safety rules. Collecting personal data may bring data protection duties.

    Insurance: liability insurance protects against claims from customers, and employer's or workers' compensation insurance is legally required in many places once you hire.

    Tip: Ask your local authority what applies to your exact address before signing a lease for premises.

    • Sector-specific licences
    • Local trading or premises permits
    • Zoning or planning approval for premises
    • Health, safety and fire requirements
    • Data protection registration if required
    • Public or product liability insurance
    • Employer's or workers' compensation insurance before hiring

  9. Open a business bank account

    1 day

    A separate account keeps business and personal money apart, simplifies bookkeeping and is legally required for companies in many countries. Compare monthly fees, transaction charges, card payments and integration with accounting software.

    Banks run identity checks on owners and directors, which can take a few days to a few weeks.

    Tip: Set up simple bookkeeping from the first transaction; reconstructing records at year end is slow and costly.

    Where
    Bank business account team · Bring the registration certificate, ID and proof of address for owners and directors, articles of association if a company, and your tax number.
    Passport or National IDProof of Address
    Attach my documents

  10. Set up your tax and filing calendar

    1 day

    Add every deadline to your calendar: tax returns, advance or instalment tax payments, VAT or sales tax returns, payroll filings, annual registry filings and licence renewals.

    Missing filings often brings automatic penalties even when no tax is owed, and in some countries a company can be removed from the register.

    Tip: Set reminders two weeks before each deadline, not on the day.

Documents you'll need

Passport or National IDProof of identity for every owner and director, needed for registration and for the bank account.
Proof of AddressRegistries and banks usually ask for a recent document showing your address, often issued within the last 3 months.

Official sources

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General guidance, not legal, tax or immigration advice. Rules change; confirm with the official source before you act.

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