Starting a business in a day

27/11/2008

Research carried out by a UK insurance company suggests that setting up a business online can take as little as 24 hours.

Insurantz.com focused its research on the time it would take to use the internet to meet the minimum start-up requirements. This would include opening a bank account, setting up a business internet connection, registering with HMRC, registering a limited company with Companies House, employing a solicitor and an accountant, and undertaking trade registrations.

All of these services can be found online and completed within 24 hours. Andrew Selby, the founder of JLT Online, the parent company of Insurantz.com, commented on the contrast between business start up measures now and ten years ago when the internet was in its infancy: "There were sites available for consumers, but from a business perspective, the internet was mainly used for the passing of information," he said.

"Now with Web 2.0 technologies and other advances, pretty much all business services can take place on line."

The Insurantz report was received with scepticism by Jo Schwenke of Business Partners: "Maybe it depends on what kind of a company one is setting up, she said. "But I think that 24 hours will be very extraordinary. Business is not only about registration, it is about getting customers, setting up the infrastructure, and maybe we can talk about delivering the goods or services."