MLR stands for Money Laundering Regulations. It is compulsary that you are covered for this as to not comply carries very stiff financial penalties and a potential jail term (under legislation originally intended for anti terrorism!).
Many people compy by having a practicing certificate from their supervisory body. The optain a practicing certificate you will need to have PII insurance in place but this is available cheaper if you are a member of someone such as the ICB or IAB.
If you are not a member of a supervisory body then MLR cover can be purchased directly via HMRC who will act as your supervisory body under trhe regulations.
So, general advice as to the sequence of things would be :
(1) Professional Indemnity Insurance (PII), (2) Practicing Certicate from your supervisory body OR MLR direct from HMRC, (3) Public Liability Insurance (4) Software licences (doesn't have to be SAGE!!!) (5) Your then ready to start finding customers.
The downside of course is that you spend all of the money up front before you know whether you wilol actually find any cutomers!
Good luck with the new venture,
Shaun.
P.S. I can't actually find your profile on the site?
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
