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The Innovative City Business Advice Briefing First Stop Shop Local Enterprise Office Dublin City

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The Innovative City Business Advice Briefing First Stop Shop Local Enterprise Office Dublin City Slide 2 O V E R V I E W 1.Setting up the business 2.Sole Trader, Partnership or Limited Company 3. Business Plan & Funding 4. MFI and other sources finance 5. Dept. of Social Protection 6. Supports for Business 7.Training for owner managers 8.Mentoring 2 Slide 3 3 1. Setting up the business Slide 4 2. Sole trader / Partnership / Limited Company SOLE TRADER Most appropriate route when setting up No audit required Taxed as individual make returns as self employed can deduct expenses from profits Easy to wind up and turn business into limited company at later date But Liable for losses of the business Creditors entitled to personal possessions How ? Register with Companies registration office cro.ie https://www.cro.ie/Registration/Company/Required-Steps https://www.cro.ie/Portals/0/Company%20Forms%20-%20Popular/A1%20v2.3.pdf http://www.allbusiness.com/business-planning-structures/business-structures/2514-1.html http://www.mhc.ie/uploads/Irish_Tax_Review_Gavin_OFlaherty_Muireann_Brick_April_09.pdf SOLE TRADER Most appropriate route when setting up No audit required Taxed as individual make returns as self employed can deduct expenses from profits Easy to wind up and turn business into limited company at later date But Liable for losses of the business Creditors entitled to personal possessions How ? Register with Companies registration office cro.ie https://www.cro.ie/Registration/Company/Required-Steps https://www.cro.ie/Portals/0/Company%20Forms%20-%20Popular/A1%20v2.3.pdf http://www.allbusiness.com/business-planning-structures/business-structures/2514-1.html http://www.mhc.ie/uploads/Irish_Tax_Review_Gavin_OFlaherty_Muireann_Brick_April_09.pdf 4 Slide 5 Obligations of a sole trader Legally obliged to register the name IF trading name is not carried on under his/her own name. Legally obliged to register as a Sole Trader for tax purposes with the Revenue Commissioners www.revenue.ie Obligated to maintain proper bookkeeping and accounts records. Must register for VAT where annual sales turnover exceeds 37,500 in the supply of services and 75,000 in the supply of goods. Must Register as an employer if employees are hired and operate a payroll for such employees. Sole trader operating business with full and total personal liability and responsibility for any an all outstanding debts of the business 5 Slide 6 Partnership Whenever two or more people carry on any form of business together with a view to profit without incorporating as a limited company they form a partnership It can exist as a limited partnership With separate legal entity or general partnership Which is unlimited Partnership is legally obliged to register the business name if it varies from partners names Advised to have a Partnership agreement drafted between the parties to the partnership setting out each partners responsibilities, duties, profit divisions etc. 6 Slide 7 Limited Company Business is seen as separate legal entity from the people who run it Ltd means your liability to pay the companys debts is limited Ltd co. must have more than 2 directors & company secretary Must be registered with Companies registration office www.cro.ie 7 http://www.legalzoom.com/lp-guide/creating-limited-partnership.html Slide 8 Limited companies qualify for 12.5 % corporation tax Need to submit the following along with the registration fee, to the companies registration office:companies registration office Memorandum of Association Articles of Association Form A 1 To set up company download the forms above from the companies registration office website at CRO.ie.CRO.ie Slide 9 3. Funding What will it cost to start a business? Start up costs Overheads Licences Rent/Rates Salaries/Wages What will you charge? Price Fees What will it cost to start a business? Start up costs Overheads Licences Rent/Rates Salaries/Wages What will you charge? Price Fees 9 Slide 10 3. Business Plan 10 Slide 11 3. Business Plan Route Map Template www.localenterprise.ie/DublinCity/Start-or-Grow-your- Business/Knowledge-Centre/General-Business-Issues/Writing- a-Business-Plan/ 1.Executive Summary 2.Introduction 3.Market 4.Market Strategy 5.Organisation & Management 6.Production & Operations 7.Costings & Finance 8.Financial Statements Template www.localenterprise.ie/DublinCity/Start-or-Grow-your- Business/Knowledge-Centre/General-Business-Issues/Writing- a-Business-Plan/ 1.Executive Summary 2.Introduction 3.Market 4.Market Strategy 5.Organisation & Management 6.Production & Operations 7.Costings & Finance 8.Financial Statements 11 Slide 12 3. LEO - Funding supports LEO Dublin City Financial support for microenterprises with: 1 10 employees that are Dublin City Council area based not getting financial support anywhere else Must be Manufacturing or International traded services or Services with overseas customers (not retail, trade or professional service) Types of grants: All grants cover 50 % of 3 rd party costs excluding Vat based on 100% proof of payment Feasibility for product development or market research Goes to 50 % 3 rd party costs of patent, prototype or Consultancy, market research Innovation Voucher from Enterprise Ireland for Ltd companies might be an alternative http://www.enterprise-ireland.com/en/Research-Innovation/Companies/Collaborate-with-companies-research- institutes/Innovation-Voucher.shortcut.html Business Expansion LEO Dublin City Financial support for microenterprises with: 1 10 employees that are Dublin City Council area based not getting financial support anywhere else Must be Manufacturing or International traded services or Services with overseas customers (not retail, trade or professional service) Types of grants: All grants cover 50 % of 3 rd party costs excluding Vat based on 100% proof of payment Feasibility for product development or market research Goes to 50 % 3 rd party costs of patent, prototype or Consultancy, market research Innovation Voucher from Enterprise Ireland for Ltd companies might be an alternative http://www.enterprise-ireland.com/en/Research-Innovation/Companies/Collaborate-with-companies-research- institutes/Innovation-Voucher.shortcut.html Business Expansion 12 Slide 13 LEO FINANCIAL SUPPORTS Priming Grant for businesses < 18 months Must include 1 new F.T. job Eligible costs Salary 10k 3 rd party consultancy Capital Items Business Expansion Grant > 18 months Must include 1new F.T. job Eligible Costs Salary Capital Consultancy Need 3 quotes for each item Export Grant For exhibiting overseas trade fairs, travel, accommodation & for marketing material Max. 3,500 50% costs Online trading voucher For est. businesses trading over 12 months To promote online sales Max 2,500 50% costs 13 Slide 14 Application Process Identify what type of grant & eligible business expenses you are applying for and get 3 quotes for each item, identify possible candidates for the new job(s) You will need to have the finance to pay for the items above since the grant covers 50 % excluding VAT based on the proof of the 100% payment. No retrospective payments Submit; Application Form, C.V., Feasibility proposal and quotes Submit; Application Form, C.V., Business Plans (LEO Framework) and quotes for Priming & Business Development Grant 12 month projected cash flow, 3 year projected Profit & Loss A/c, plus most recent Management Accounts (Audited A/cs for larger loans) Identify what type of grant & eligible business expenses you are applying for and get 3 quotes for each item, identify possible candidates for the new job(s) You will need to have the finance to pay for the items above since the grant covers 50 % excluding VAT based on the proof of the 100% payment. No retrospective payments Submit; Application Form, C.V., Feasibility proposal and quotes Submit; Application Form, C.V., Business Plans (LEO Framework) and quotes for Priming & Business Development Grant 12 month projected cash flow, 3 year projected Profit & Loss A/c, plus most recent Management Accounts (Audited A/cs for larger loans) 14 Slide 15 4. Microfinance Ireland Set up by the Government to provide loans up to 25k to newly established or growing microenterprises, with commercially viable proposals that do not meet the conventional risk criteria applied by commercial banks MFI is additional lending which would not otherwise be provided by banks. Co funded loans with banks also available Loans to top up bank credit may be available where it is clear that the business would not go ahead without MFI EligibilitySlide 16 MFI Loan Assessment based on Adverse credit history / absence of credit history will not preclude a loan provided there if full disclosure and evidence that debts have been dealt with honourably A realistic business plan including cash flow projections Proven business models with prospect of near term cash flow The number of new jobs and social impact taken into account An interview (may be by phone) to assess skills, character, viability of the plan and commitment to the business 16 Slide 17 How to apply for a Microfinance Loan Send completed applications with supporting documentation direct by post to Microfinance Ireland Jefferson House Eglinton Road Donnybrook Dublin 4. www.microfinanceireland.ie http://microfinanceireland.ie/faq/ 17 To avail of the 1% discount on interest rate or to get assistance with the application process Drop in to Dublin City LOCAL ENTERPRISE OFFICE www.localenterprise.ie LEOs (Local Enterprise Offices) Slide 18 Other Sources of Finance Working Capital, Long term finance Sources of Funds Yourself Family & Friends Grants/Loans Banks/Credit Unions/VCs Investment Crowdfunding Grid Finance, Linked Finance, Fund It Business Angels https://www.localenterprise.ie/DublinCity/Financial-Assistance/Funding- Your-Business-Development-Presentations/ Workin

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