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In this episode of IMD Corporate’s Business Insights Series, Olexandr Kyrychenko, Partner at IMD Corporate, outlines general requirements that most businesses will need to consider, while emphasising the importance of tailored advice to meet specific business needs.

Listen and stay informed!

General Regulatory Requirements for Businesses

1. Tax Registration
   • Upon registering a company with Companies House, businesses will receive a Unique Taxpayer Reference for HMRC compliance, including the submission of annual tax returns.
   • VAT Registration is required once turnover exceeds £85,000 in the previous 12 months. If registration is delayed, businesses may face retrospective VAT liabilities without recovering costs from customers.
2. GDPR Compliance
   • Businesses processing personal data, whether from customers or employees, must register with the Information Commissioner’s Office (ICO). Compliance includes adhering to principles such as data minimisation, lawfulness, transparency, and security.
   • In the event of a data breach, businesses must report the incident to the ICO within 72 hours and inform affected individuals. Non-compliance may lead to penalties.
3. Health and Safety Regulations
   • Businesses must carry out risk assessments and implement health and safety policies, including accident reporting procedures. This applies to all workplaces, including small premises and remote work environments.
   • Failure to meet requirements may lead to enforcement action by the Health and Safety Executive (HSE) and issues with insurance cover in case of incidents.
4. Insurance Requirements
   • Businesses employing staff must have Employer’s Liability Insurance with a minimum cover of £5 million. Failure to meet this requirement may result in fines of £2,500 per day.
   • While not mandatory, businesses should consider Public Liability Insurance and Professional Indemnity Insurance to manage risks related to injury, property damage, or professional services.

Industry-Specific Compliance Requirements

1. Technology Start-ups
   • Businesses must ensure compliance with GDPR and cybersecurity measures.
   • Intellectual Property (IP) protections should be in place to prevent infringement and secure company assets, such as trademarks, patents, and copyrights.
   • Depending on the sector, additional licences may be necessary, particularly in healthcare or finance.
2. Healthcare Start-ups
   • Start-ups handling sensitive personal data must comply with GDPR and cybersecurity regulations.
   • Companies developing medical devices, including software, may require registration with the MHRA.
   • Registration with regulatory bodies, such as the CQC or GMC, may also be required, depending on business activities.
3. Financial Start-ups
   • Compliance with KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations is essential.
   • Some businesses may need to meet minimum capital requirements, particularly if trading as an investment company.
   • Additional FCA (Financial Conduct Authority) authorisations or registrations may be necessary, depending on the nature of operations.

This podcast is for general information only and does not constitute legal or professional advice. Please note that the law may have changed since this podcast was published.

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