Day: September 30, 2021

You will be expected to supply your employees with a variety of needs and wants when it comes to operating as a new business.

All businesses will have this requirement, but it will be more relevant to you as you will have no employees to begin with. Consider providing incoming employees with everything they need and more before they first start.

Supporting Mental Health

Something that many businesses have neglected for a long time is the mental well-being of their employees. With times changing, it means that as a new business, you will be expected to support employees through mental health challenges, and not discriminate based on any mental health issues that they may have. You should consider researching mental health in the workplace to find out more.

Providing Adequate Training

When you’re a new business, you will likely need to hire a bunch of employees who have no idea about your business. This means you will need to provide them with adequate training so that they are fully prepared to do the job. You could be on the ground floor working with them, or you could hire managers to do that whilst you manage the paperwork.

Either way, it will be important for you to have a workforce that is fully committed and trained to do the job, to satisfy as many customers as possible, whilst also avoiding mistakes. Mistakes could be costly and impact the business in several different ways.

Educating Staff

As well as providing an adequate amount of training for your new staff, it may also benefit you and your organisation to educate them along their career path. This could be through online college courses, or it could be on site with a member of staff who is higher up.

Education can help to guide employees in their career with you, with specific lessons that they could take with them along the way. As a new business, offering education to new employees in some small way is also a great way to attract talented applicants for roles you’re trying to fill.

Providing Suitable Equipment

Depending on your line of work, you will need to ensure that your employees have suitable equipment to get the work done. Not only is this a legal requirement that they must meet, but it will also make them feel more comfortable in the role.

For example, if you have employed someone as a builder, and they don’t have the tools to build, then they aren’t exactly going to be able to do much. Some employers may require staff to already have their equipment, which you should make clear before offering them a contract of offer of employment of any kind.

You should always have basic equipment on hand, in case any employee can’t bring anything in for any reason. However, you should still be looking to upgrade equipment as you go to help keep standards high. It will also look more professional for your customer base, as they will see how much effort you put in for satisfaction.

In some lines of work, you may need to provide suitable clothing for employees to get work done. This could be goggles for factories to protect eyes, or masks to prevent excess sawdust from getting into the lungs.

Many industries will require safety boots to get work done. These boots help protect an employee’s feet from either something hot or something hard. There will be a few different suppliers you could consider purchasing from, or at least recommending your employees to go to for a certain brand.

One such brand known as Safety Boots UK offers a range of safety boots, work boots, and safety shoes for all types of industrial work. Working with a reputable supplier such as this will help organise your new business, and create a partnership.

Partnerships are important for businesses of any size and shape so that they can operate to their full potential. Even the biggest brands will have suppliers and partners they work with every day in some way, from stock management to computer systems. Consider attending industry events to find what operations could work for you and your business.

Creating Rules And Responsibilities

As an employee, you will need to make it clear to your employees that there are rules and responsibilities in place. This could be known as a code of conduct, which you may need to develop along with the government guidelines and industry-specific demands.

You will need to ensure that your staff are always aware of these rules, which is why you should inform them when they first come in. It will also benefit you to remind them over time, either through training schemes, or meetings. In some cases, your code of conduct may change, which will require you to reintroduce the staff to it, including all the changes.

These rules also help create guidelines for employers and managers to follow. Employment is a two-way street, where you will need to work with employees to create a safe space for them to work so that they are capable of following the rules without hassle or worry.

Abiding By Health And Safety Rules

On a similar scale, you as a new business will need to ensure the workplace meets certain demands for health and safety. These demands are backed by government law, where you need to provide basic needs. For example, you need to ensure that you are not putting an employee in knowing the risk, where they are suitably prepared for any potential issues.

When it comes to the actual workplace, you may need to provide sufficient lighting, such as natural lighting and provide fresh air. You should speak to HR professionals, or consider hiring some so that they can explain the basics of these rules and help work with employees to ensure they are getting everything that they could need.

Perks And Benefits

In some cases, you may need to provide your employees with the means of job benefits, to help convince them to stay working with you. The modern employee doesn’t simply want to work to survive, they want to work to enjoy life. That’s why many businesses partner up with discount and benefits companies to offer their employees something unique.

Aside from benefits and discounts, some employers utilise a bonus scheme to incentivise employees to work hard during the month, so that they can enjoy a monetary bonus for whatever they choose going forward. These bonuses could come for targets that employees hit, or just loyalty bonuses for staying with the company for a set amount of time.

Job Enrichment And Security

Finally, employees within a new business will feel better about working in a new organisation if they have job enrichment as soon as possible. This means they need to enjoy their working conditions and don’t burn out whilst doing so.

In terms of job security, many job seekers may view a new business as a risk, whereas others may see the business as an opportunity to grow with it from the ground up. Either way, you will need to work with these employees to help promote job security and make them feel safe with their job and financial future.

Read more:
What You May Need To Provide Your Employees With As A New Business

Generally, business owners set up an offshore company in a different jurisdiction to enjoy the tax benefits and higher level of privacy offered.

Other popular reasons for setting up an offshore company include penetration into a new market, strong economic growth of the country, a skilled labour force and a conducive business environment. While the specific steps to setup offshore company will differ based on the jurisdiction you are registering your business in, the general steps to set up an offshore company are largely similar:

1. Check the requirements for offshore company setup

Typically, most offshore companies will be in the form of a limited liability company (LLC), but some countries may specifically differentiate between onshore and offshore companies. Depending on the jurisdiction in which you incorporate your offshore company, the requirements can be very different. Generally, you would want to check whether the offshore company setup requires a local resident director or a company secretary. Most countries that do not need a resident director for offshore company setup will usually require a local registered agent. In addition, there may be a minimum capital requirement and number of shareholders needed to set up an offshore company in the country, so do make sure that your company is able to meet the requirements before you proceed to register your offshore company.

Besides checking the requirements for your offshore company, it is also important to check the list of business activities allowed in the country. Some countries do not allow offshore companies to conduct business activities within the country. These offshore companies are only restricted to conducting cross-border commercial activities and are not allowed to sell goods and services to local residents. There may also be a list of prohibited activities for offshore or foreign-owned companies. It is important that you check what business activities are prohibited in the country for offshore companies so that you do not run into trouble during the incorporation process.

2. Decide on a company name

The next step is to decide on your company name. Most countries do not allow names that contain any offensive or sensitive words. Names that may suggest that your company is linked to a government agency are also usually strictly prohibited. After you have decided on  your company name, you should proceed to search for the availability of your company name through the company register. It is also highly recommended that you search through the list of trademarks in the country to make sure that your company name does not bear any similarity to existing trademarks. Once the availability of your company name has been verified, you can proceed to reserve your company name with the relevant authority.

3. Prepare incorporation documents

Now that your company name has been registered, you can start to prepare the documents required for incorporation. Most countries will require the offshore company to have a set of rules and regulations, also known as the Memorandum and Articles of Association. The Memorandum will contain vital information about your company such as the company name, the date of incorporation, the scope of business and the capital contribution of each shareholder while the Articles of Association will set out the rules that govern your company. Other documents required typically include a business plan, qualifications of directors, notarized copies of the passports of directors and beneficial owners and the address of your registered office.

4. Register your company

Once you have prepared the relevant documents, you can proceed to register your company with the relevant government agency. Upon successful incorporation of your company, you will receive the Certificate of Incorporation and certified copies of the company’s Memorandum and Articles of Association.

5. Apply for a business license

Some countries may require you to apply for a business license to conduct business activities within the country. However, this does not apply to all countries so do check whether you need to apply for a business license to trade with local residents. Most countries will also require you to apply for a license if your company falls in a specific industry such as the construction, food and beverage or pharmaceutical industry, so do make sure that you apply for the relevant license if applicable.

6. Complete tax registration

Since most countries have a corporate income tax and a value-added tax (VAT), you will have to register for tax with the country’s tax authority. In the case for VAT, most countries will only require you to submit a tax return for VAT if your annual revenue exceeds a certain threshold.

7. Open corporate bank account

After you have registered your company for tax, you should open a corporate bank account to segregate your business finances. It is important to consider the reputability of the bank, the minimum deposit amount and the services provided by the bank before you decide on the bank to open your corporate bank account with.

8. Register with relevant social service agencies

Most countries have a social security fund that employees or employers must contribute to. It is also mandatory for companies to register for an insurance scheme for their employees for most countries, so do make sure that you register for the relevant social services after you have set up your company.

9. Create a company seal

Some countries may require companies to have a company seal to endorse legal documents. The company seal will usually contain the company name and registration number. If the country you are incorporating in requires companies to have a company seal, you will have to register your company seal with the relevant authority.

Conclusion

After you have successfully set up your offshore company, you can commence operation! It is important that you have someone in your team who is knowledgeable about local policies and able to ensure that your company complies with the country’s law. Do also make sure that you keep accounting records for all transactions that take place so that it is easier for you to file a tax return and an annual report if necessary.

Read more:
How to setup offshore company in 2021?

Any company working in the manufacturing industry is likely to know that AI has been making significant improvements with a range of applications.

From using it to determine when machines need servicing, to enforcing quality control on products; there are a wide variety of uses for artificial intelligence across the board.

Using AI in manufacturing industry settings is undoubtedly beneficial, but what exactly does this mean for the future? And how does that apply to your business? Let’s delve a little deeper into the facts.

AI in the manufacturing industry – The past

To gain a better understanding of how things could potentially be moving forward with artificial intelligence in manufacturing, let’s first consider where it all began.

Looking into the history, you’ll find that it wasn’t too long ago that humans began implementing artificial intelligence in business. Innovation in AI grew significantly during the 1960s and the first industrial robot, Unimate, worked on a general assembly line during this decade. Even then, humans had been developing AI as early as 300 years ago.

While the industry and usage of AI has certainly changed and evolved since then, seeing where it began is quite interesting and worth noting when looking to the future.

AI in the manufacturing industry – Where are we now?

Of course, our usage of artificial intelligence in modern-day manufacturing is an important consideration too, if only to understand how it has evolved over the last 60 years and the situation we find ourselves in now.

The manufacturing industry itself has certainly been revolutionised by the progression of AI and how companies can use it. From helping to predict potential issues in a product, to price forecasting, efficiency in managing inventory and much more, the benefits are seemingly endless.

A large portion of the industry already uses AI, with the majority of senior executives in the field believing that it plays a crucial role in their organization’s overall efficiency. When you consider how it has evolved in just the past few years, it’s clear to see why so many businesses are keen to get involved, so it’s worth taking the future potential of AI into account, too. As it continues to change and improve, there’s no doubt that it will become even more of a necessity.

AI in the manufacturing industry – The future

While it’s impossible to predict how artificial intelligence will evolve and how it will impact manufacturing businesses of the future, we can certainly try to look ahead.

There are several things that we can do if we want to learn more about the future of AI and its capabilities in the industry. For example, looking at the Manufacturing MadeSmarter Challenge, we can see that there are already goals to improve productivity in businesses across the UK to deal with common issues that could be solved with AI software.

As technology is developed to combat new challenges, artificial intelligence will continue to improve the manufacturing sector, and many more niches besides, and that’s certainly an attractive notion.

Seeing how much it has impacted manufacturing processes and companies as a whole, especially in more recent years with the significant growth in AI technology, it’s interesting to speculate where things will be in even just a few years.

Make the most of AI now

Regardless of what the future brings, it‘s well worth thinking about how the technology available today could be implemented within your own business.

If you’re not using any artificial technology at all (or at least use it for small purposes), consider the different ways that it could benefit your daily processes. With more than half of businesses in the industry making use of AI in a wide variety of ways, there are likely to be a few things that artificial intelligence could do for you.

From cost-effectiveness, to efficiency; it has the potential to enhance several aspects of a business in this sector – and if you want to take advantage of the future advancements, it might be worthwhile making a start now.

Read more:
The Future of Artificial Intelligence In Manufacturing