How to legalize your business and start it successfully

From the idea to the legalized business: the key steps to start a business

Starting a business involves more than just a good idea; it requires organization, planning and following the essential steps to structure your business. Therefore, we will tell you some key points to keep in mind: 

• Define your unique proposition:
  It all starts with a clear and focused idea. What are you going to offer and to whom? Study your market, identify your target audience and detect the opportunities that your competitors are not taking advantage of. The key is to highlight what will make your product or service unique and valuable.

• Create a plan with strategic vision:
  A business plan is more than just a document; it is the map that will guide the development of your project. It should clearly outline aspects such as your value proposition, the characteristics of your market, how you will reach your customers, and how you will manage your finances. A solid plan will help you stay focused and attract potential partners or investors.

• Select the appropriate legal structure:
  Choose the legal model that best suits your type of business and your objectives. From limited companies to sole proprietorships, each option has advantages and challenges in terms of taxes, responsibilities and formalities. Take the time to analyze which one suits you best.

• Register your company:
  To officially operate, you will need to register your business with the appropriate registry. This step includes preparing certain documents, such as articles of incorporation, and paying the necessary fees. Once completed, your company will have legal recognition.

• Obtain the necessary permits and licenses:
  Depending on your industry, you may need specific authorizations to start operating. From local permits to more technical certifications, make sure you comply with all applicable regulations. This will save you legal trouble down the road.

• Open a bank account for your business:
  Separating your personal finances from your business finances is not optional – it is essential. Open a bank account exclusively for your business. Not only will this help you better organize your finances, but it will also project a professional image to clients and partners.

• Hire specialized support:
  To keep an efficient control of your accounting and comply with your tax obligations, having a specialized accountant or advisor is a smart investment. This support will allow you to focus on growing your business while leaving the figures in expert hands.

• Launch your business and start operating
  With all the paperwork in place, it's time to enter the market. Implement your strategies, connect with your customers and always stay alert to new opportunities for improvement and innovation. Agility and the ability to adapt will make the difference in your growth.

Questions that may arise when starting a business

How long can this process take?

The times vary depending on the country and the type of company. In some cases it may be a matter of weeks, but in others it may take months. Preparing well from the start will make everything go more smoothly.

What are the associated costs?

The main expenses include administrative fees, notary fees, and possible legal fees. Being clear about these costs is key to organizing your resources before you begin.

What are the advantages of formalizing a business compared to being self-employed?

Setting up a business allows you to limit your personal liability, access tax benefits and project a more professional image. It also facilitates access to financing and prepares you to grow in a structured way.