Set Up an Oil and Gas Consultancy Business in the UK
A pocket guide on how to set up an oil and gas consultancy business in the UK from 3E Accounting.
Many professionals consider success in their work as only one part of their overall business goals. Quite a few end up pivoting towards consultancy to build a more fulfilling career. This is especially the case in the oil and gas industry, which provides approximately half of the United Kingdom’s energy needs. If you have the talent for it, here’s how to set up an oil and gas consultancy business in the UK.
The UK’s consulting industry is in the global top tier, and 2020 statistics indicate that it was worth GBP11.3 billion. The oil and gas industry offers many opportunities for consultants, encompassing, amongst others:
- Oil and gas explorations
- Refinery and extraction
- Trading and technology solutions
- Supply chain and logistics
- Corporate Social Responsibility (CSR) and green initiatives
- Quality Control
As frontrunners of their chosen field of expertise, consultants provide specialised advice that drives innovative and unique solutions. As a consultant, you will need to meet with clients, identify issues, propose solutions and offer support. The oil and gas industry is quite specialised; hence, good industry experience and qualifications will stand you in good stead. Registering with the Institute of Consulting, an organisation of the Chartered Management Institute (CMI), may also be advisable.
You should consider registering your consultancy business, and the route this takes depends on the structure you choose. Sole traders, limited companies and partnerships are all established differently. A well-written business plan will help you decide which one works best for your business needs and budget. You will need to find a suitable name for your business and provide a registered business address. It is also mandatory to register your business for tax with HMRC within three months of operations. Depending on your annual turnover, value-added tax (VAT) registration might also be needed.
As buying commercial premises may strain the budget, consider renting serviced office space or starting out as a home-based business. The money you save will be better spent on getting a great website and domain name for your business. Other considerations include outsourcing your human resource department and getting audits done to meet your financial year-end filing.
Generally, consultants do not need a specific licence or permits to carry out their business. However, this depends on the particular type of consultancy you do. If your consultancy is Government-linked, then central approval may be needed. Check out the UK Government website for more information. If your focus area is on operations, then you may need health and safety certificates, etc.
For specific guidance on how to set up an oil and gas consultancy business in the UK, get in touch with 3E Accounting. We are company formation specialists with years of industry expertise in providing seamless enterprise solutions. With partners and affiliates all over the world, we offer comprehensive end-to-end business packages for the discerning entrepreneur. All our services are fully digitalised to ensure your business pivots on transformational innovation and technology. Contact 3E Accounting today to start your entrepreneurial journey with industry professionals.