Are You a Student?
Universities are the perfect starting place to find young talented individuals who have great ideas for businesses.
However, many students have a fear of starting something new and feel like they are taking their first risks in life. Many feel that they lack the knowledge, finance and support. Ultimately believing that this will hold them back and lead them to failure.
Due to having spent their whole life in education, many students believe that they are on their own, and will not be taken seriously by other people in business.
Here in the UK, there are a growing number of resources around, directly aimed at supporting students getting into business, and here at AT accountancy Ltd, we are one of them. All you have to do, is make the most of them.
If, like the majority of other students, you are reading this and you are not 100% sure you want to set up a business, that’s OK.
Just remember where you read this article and keep our details for when you want FREE advice as to how to best set up your business structure in order to allow you to grow your sales, increase profits and ultimately pay less tax.
We specialise in helping students get involved in the entrepreneurial world and take what you are learning in the classroom and implement it in the workplace. To do this, the most important thing is to be proactive and take responsibility for your contribution to the world.
Access people rather than pounds
Rather than access to millions of pounds, what you really need to start or develop a business, is access to people. You need to build relationships and access strategic networks.
By meeting, speaking and listening to those who have ‘been there and done it’, you can gain the knowledge and support to take that first step in setting up your own business.
Remember how important your studies are, you can start a part time business, or start to build the infrastructure required to build on when you successfully leave University, with a company already formed to best suit your circumstances when you finish studying.
Funding is available
There are a number of schemes and organisations that you can turn to for funding.
The Prince’s Trust - When we worked alongside students previously who were looking for an initial start up loan to get their idea off the ground – and had been rejected by the bank – we helped write the business plans which enabled them to pitch their idea, and receive a low interest loan.
We actively promote students forming their own business as early as possible. There are many tax advantages for both the business and the entrepreneur in starting out early.
As an incentive to start your entrepreneurial direction as early as possible, we are offering 10% off to all students when looking to form a Limited Company.
Just read the eligibility criteria as laid out below:
Generally speaking, any individual can hold the position of Director, subject to the exceptions set out below:
Subject to any provision in the company's articles, any person can be a director unless they have been disqualified from so acting under the Company Directors Disqualification Act 1986 or by being an undischarged bankrupt.
There is no maximum age limit, however sec157 CA2006 imposes a minimum age of 16 years. Sec159 CA 2006 states that the directorship ceases where a company has an under-age director on the implementation date (1st October 2008) and the necessary changes must be made.
There are no statutory limitations as to nationality or residence, etc. It would be possible to include these in a company's articles, but this is very unusual.
The articles may impose a share qualification, but this is unusual in modern companies' articles. If a company has such aprovision in its articles, the shares must be acquired within two months of appointment.