Do you have a great business idea? Have you carefully thought everything through and are determined to start your own business? We'll guide you through five easy steps on how to establish a company.
Do you have a great business idea? Have you carefully thought everything through and are determined to start your own business? We'll guide you through five easy steps on how to establish a company.
1. STEP: Company Name
Coming up with a name for a new company can be a really challenging process. When choosing a business name, you need to take several factors into consideration. One of them is legal restrictions, which stipulate that your company's name must not be similar or interchangeable with the business name of another company in the Czech Republic.You can check if there is a company with a similar or identical name in the commercial register.
In the current digital age, you also need to consider that you'll need an available domain for your website or e-shop. Ideally, the domain should be the same as the name of your company.
What should be the name of your company?
- memorable
- concise
- original
- different from the competition
- easy to pronounce
Think about the trademark of the name. This will ensure that no one in the same industry can use a similar name, avoiding the complications of confusion.
2. STEP: Company Establishment – Try Turnkey Formation
If founding a company seems too time-consuming for you and you want to start a business immediately, you can purchase a ready-made company. It is a company for sale and you can start monetizing your idea immediately. You can also use the services of companies that will set up the company for you for a fee. After all, time is money
3. STEP: Company Headquarters – Try a Virtual Office
When establishing a company, you must also provide its headquarters. While your company needs an address, does your business require a physical presence? If you don't need office space, you can address your company's location by renting a virtual office. This way, you can save money that you can invest in the development of the business itself.
You can rent a virtual office in the center of Prague for as little as 90 CZK per month. With this amount, renting a virtual office can save you a significant amount of money. Moreover, a central Prague address will enhance the credibility and prestige of your company.
4. STEP: Setting up a Bank Account
After establishing the company, the next step is setting up a bank account. We recommend creating a separate bank account exclusively for your business activities. This will ensure that your company finances don't get mixed up with your personal ones. A business bank account is almost no different from a regular one.
5. STEP: Registration with Authorities
The final step in establishing a company is registration with all relevant authorities, primarily entry into the Commercial Register. If you meet all the requirements, have a registered office, a bank account, a registered name and all the other requirements, by registering in the Commercial Register your company is officially established and you can start your business proudly.
Business Loan
When you start a business, you need finances. There are several ways to obtain money, and one of them is a business loan. However, the bank will grant you a loan only if you have a meticulously detailed business plan and meet all the required conditions. So the question is: Do you have your business plan?"