1. Start Up Cornwall 2014 Ivan Burnard- Partner

2. www.francisclark.co.uk Administration Admin Timetable Format Presenters 3. www.francisclark.co.uk Presenters and other participants and more 4. www.francisclark.co.uk Twitter Follow us on twitter @francisclarkllp Tweet about this event using #StartUpCornwall 5. SWIG Start Ups Lisa Moore 6. Operating across the South West 300 entrepreneurs with over 1.2 million 7. Government-backed low interest loan (6%) Free business support and advice 12 months free mentoring Complete Start Ups or trading less than 12 months Must be over 18 8. www.swigstartups.co.uk 01872 223 883 info@swigfinance.co.uk 9. Lucy Roberson 10. Funding and support round up Start Ups Nicky Cornish Corporate/ Corporate Finance 11. www.francisclark.co.uk Previously known as Grant for R&D Science, Engineering and Technology: New Products and Services Grant support for SMEs: Proof of market (9 months, 25k, 60%) Proof on concept (18 months, 100k, 60%) Development of prototype (2 years, 250k, 35% / 45%) Competitive / Batch Applications Smart v R&D Tax Credits - cannot have both for same project Grants, Debt, Equity and Support SMART 12. www.francisclark.co.uk Grants, Debt and Equity - Funds Cornwall Development Company administered Business Investment in Growth (BIG) Voucher Scheme Grants of 1,000 up to 50k Match funding step change expenditure High growth businesses (can be Start Up) Average 9k / job created Convergence http://www.francisclark.co.uk/blog/general/business-investment- for-growth-voucher-scheme 13. www.francisclark.co.uk Grants, Debt, Equity and Support Superfast Cornwall Fund - RGF funded - 1,000 to 50,000 grant towards 50% of project costs - SME looking to invest in innovative technologies or activities that require the use of superfast broadband Micro Business Incentive Scheme (MBI) - Manufacturing sector - Cornwall - Employing < 10 persons, T/O and BS < Euro 2m - 5,000: to create a new job or increase hours for existing employee - First call for applications closes 30 May 2014 14. www.francisclark.co.uk Grants, Debt, Equity and Support Assisted Asset Purchase Scheme Grant contribution to deposit on Asset Purchase Parameters depend on bank e.g., Lloyds Grants < 500k 20% for Small Co and 10% for Medium Co 1 job created or safeguarded for 15k grant No minimum deposit from own funds (?) Balance of funds (min 100k) from Lloyds TSB Lloyds TSB open. Nat West/ RBS is open. http://www.francisclark.co.uk/news-views/blog/lombard- and-natwest-assisted-asset-finance-scheme/ RGF Funded 15. www.francisclark.co.uk Grants, Debt, Equity and Support Cornwall Development Company administered (ERDF) Business Innovation Fund Grants from 1,000 to 50,000 for 50% of project cost Projects at any stage of development process for new and existing products and services Project has to involve buying in specialist services from CUC universities, colleges and other Higher Education Institutions (HEIs), Intellectual Property solicitors, Market Research agencies, Process, Manufacturing or Product Design specialists ERDF European Funding eligibility applies. http://www.francisclark.co.uk/news-views/blog/bif-bang-innovation-fund-for-smes-live-in- cornwall/ 16. www.francisclark.co.uk Grants, Debt, Equity and Support Rural Business Investment Scheme phase 2 Agricultural, horticultural and forestry and food & drink businesses Value Add Horticultural and agricultural Temperature controlled facility, packing facility, grading equipment. PLEASE NOTE general storage is not (generally) looked upon favourably; Forestry Cutting facilities (post felling); and Livestock Meat cutting facilities (e.g. butchery elements), temperature controlled storage Grant: up to 25k @ 40% intervention but Job creation: some (30k per job in Phase 1) Committed by June and spent by December 2014 17. www.francisclark.co.uk MAS Grants, Debt, Equity and Support 18. www.francisclark.co.uk UKTI Support to........ Develop an export strategy Passport to Export (3,000), Gateway to Global Growth (3000) Undertake market research (including identifying potential partners) EMRS (50% match), OMIS (subsidised) Visit & develop new export markets MVS (200-850) Improve international communications: website, email, languages & culture ECR (subsidised), ECR EV (3000) Exhibit overseas TAP & TAP SOLO (1,000 to 2,500) Carry other marketing and sales development activities - European funding (ERDF) (1,000 to 30,000) Grants, Debt, Equity and Support 19. 23 A free investment readiness service for ambitious businesses in Cornwall and the Isles of Scilly looking to access money and markets to start, sustain or grow #getsetforgrowth Gregg Harding 20. 24 Who can we support? New Businesses Start-ups & early stage Existing SME Businesses Up to 40 million annual revenue Up to 250 full time employees Charities & Social Enterprise 21. 25 First-hand business experience Integrated specialist assistance Tailored & flexible service Post funding support The GetSet Service 22. 26 Financial Diagnostic Cashflow Forecast Profit & Loss Forecast Business Plans Identify appropriate funding sources Funding application assistance Investor presentation/pitches Financial Support 23. 27 Sales & Marketing Diagnostic Route to Market Customer Needs Value Proposition Marketing Strategy Sales Pipeline Sales & Marketing Support 24. The GetSet Support Sales & Marketing Create, develop and strengthen marketing and sales strategy Finance Help you get the money you need to take your company forward Skills & Knowledge Develop world-class skills and knowledge 25. 29 Already supporting: 79 clients Already funded: 15 businesses Already raised: 393,000 Anticipated job creation: 31 new jobs Success so far. 26. 30 Thank you and get in touch! 27. Dan Sampson Business Manager 01872 223681 07990 506372 daniel.sampson@rbs.co.uk 28. START UP CORNWALL 2014 LEGALS, CONTRACTS AND BUSINESS STRUCTURES 13th May 2014 29. START UPS: LEGALS, BUSINESS STRUCTURES AND CONTRACTS Why legals at all? What business structures are available to start ups? Of course! 30. LEGALS: COMPLIANCE 31. LEGALS: DISPUTE RESOLUTION 32. LEGALS: PENALTIES 33. LEGALS: CLARITY 34. BUSINESS STRUCTURES 35. BUSINESS STRUCTURES: TRADING ENTITIES 36. BUSINESS STRUCTURES: COMFORT 37. BUSINESS STRUCTURES: INCENTIVES 38. BUSINESS STRUCTURES: EXIT 39. CONTRACTS 40. CONTRACTS: IP 41. CONTRACTS: EMPLOYEES 42. CONTRACTS: BANK 43. CONTRACTS: PROPERTY 44. Summary: key legal issues for start ups Legals Constitution Shareholder agreements Partnership deeds Terms and conditions Business structures Types of trading entity Exit Contracts Monetising intellectual property Employment contracts Funding arrangements Property commitments 45. THANK YOU Gavin Poole 07791 260251 46. Tax "The only things certain in life are death and taxes." Benjamin Franklin 13 May 2014 Seb Beard - Manager 47. www.francisclark.co.uk Overview Taxation of sole trader / partnership Taxation of Ltd / CIC Capital allowances VAT Tax schemes and reliefs for start-ups 48. www.francisclark.co.uk Taxation of profits sole trade/partner Taxed on profits in accounting period Income tax (20%/40%/45%) Class 2/4 National Insurance 49. www.francisclark.co.uk Taxation of profits Ltd/CIC Company profits taxed at corporation tax rates (20%/21%) Profits locked in company Profit extraction planning salary vs dividend Ivan Ltd/CIC 50. www.francisclark.co.uk Capital allowances Annual Investment Allowance (100% up to 500k) Writing Down Allowance 18% Integral Features 8% Enhanced Capital Allowances 100% 51. www.francisclark.co.uk Capital allowances - cars Writing Down Allowance based on CO2 emissions Less than 96 g/km 100% WDA (until 05/04/2015) 96 g/km 130 g/km 18% Over 130 g/km 8% 52. www.francisclark.co.uk VAT Standard rated goods 20% Registration limit 81,000 taxable turnover Voluntary registration? 53. www.francisclark.co.uk Tax Schemes and Reliefs Seed Enterprise Investment Scheme Social Investment Tax Relief Research and Development Tax Relief Patent Box 54. www.francisclark.co.uk Get in touch Sebastian Beard Business Services Manager sebastian.beard@francisclark.co.uk 01872 276477 55. 60 Ian Williams, Operations Deputy Outset Cornwall 56. 61 57. 62 Phase 1 and Phase 2 Since June 2009 we have:- Assisted over 400 Clients to start their own business Helping create over 500 jobs 58. Sally Heard 59. Global SSE SSE National Schools Cornwall Devon East of England Hampshire Scotland London West Midlands Yorkshire & Humber SSE Global Australia Canada Schools in Development Ireland India 60. Lloyds Bank Social Entrepreneurs Programme START UP PROGRAMME 12 month programme 4,000 grant 20 participants per programme Robust recruitment process Application Interview Assessment Panel 61. Live Programmes Lloyds Bank Social Entrepreneurs Programme Social Enterprise Focus Project (SEF) The Engine Room Business to Business 50/50 Programme 62. Tregonissey House (home of SSE Cornwall) SSE Cornwall Hub Flexible Affordable Office Space Meeting & Conference Space available 63. Any Questions? sally.heard@ssecornwall.org 64. Chris Phillips 65. Unlocking Potential...Whats on offer? 2 1/2 Day Boot Camp Events Networking Future Skills (qualification based) Fast Forward 66. Unlocking Potential...Whats on offer? Graduates within 10 years Up to 12 months support Potential Cash Investment (up to 4800) Potential Skills Development Budget (up to 900) Access to 250+ Industry mentors (Paid for from Skills Budget) 1-1 Support from UP Start Up Specialist 67. Unlocking Potential...Whats on offer? Graduates within 10 years Cont. 6 x 1 day workshops (1 day per month) covering Planning Finance Sales/Marketing/Branding Negotiating Contract/Intellectual Property 68. IGNITE 2014 Presented by: Richard Lawrie Date 13th May 2014 69. Ignite - Eligibility The business start-up competition Prize fund - 120k Pre and early start businesses based in Cornwall and IoS Trading for less than 12 months on 16th September 2014 Oxford Innovation 2014 70. Looking For ? Oxford Innovation 2014 An innovative and justified business proposition. 71. LOOKING FOR? STRONG ENTREPRENEUR TESTED CONCEPT/ MARKET UNIQUENESS (USP) SCALABILITY EMPLOYMENT INTELLECTUAL PROPERTY Oxford Innovation 2014 72. The Ignite Process Oxford Innovation 2014 Attend Ignite experience workshops Submit 3 minute video pitch Judges select finalists Finalists submit written business plan Judges select: Winner of Ignite 2014 Winner of Innovative Product Award 73. Ignite Experience Workshops. Oxford Innovation 2014 Person The entrepreneur Proposition Business idea Plan Lean business process and plan Pitch Sell your idea 74. Section Ignite 2014 Key Dates.. Oct 27th - Submit business plans 13th Nov Winners announced June/July/August - Ignite workshops 1st Oct - Finalist announced Oxford Innovation 2014 16th Sept - Closing date video pitches 75. How? Oxford Innovation 2014 Learn more and register your interest: www.ignitecornwall.com 76. Giel Spiering Managing Director Ignite 2013 winner 77. Supported by Heather Forster Crowdfunder Coach 78. Fund and validate local projects Crowdfunder is the UKs number one crowdfunding platform. We help businesses, community groups and Charities to raise money and bring people together. We have worked with 1000s of projects all over the UK and raised nearly 2m for projects all over the world. We are backed by Nestas Innovation in Giving Fund and here in the South West by Plymouth University. 79. There are three different types of crowdfunding Sell shares in your company giving a % of equity in exchange for money Dragons den Crowdcube Borrow money online from lots of people rather than the bank Funding Circle Folk to Folk What is Crowdfunding? The Market Lending Reward s Equity Only type that builds communit People give money in return for rewards Crowdfunder.co.uk 80. Benefits of Crowdfunder Benefits Funding Advocates Validation Marketing 81. What have we achieved so far History 82. Fabulous example of Start up business Crowdfunding with us 83. 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