How to setting up a limited company in uk

Downloaded from: justpaste.it/how-to-setting-up-a-limited-comp

How To Setting Up A Limited Company In UK? Interested in setting up a Company, we realize how confusing it could be if you haven’t done this before, or if you aren’t familiar with the procedure. The prolonged paperwork and the legal jargon used can frequently be puzzling. Whether you are taking the step of moving from being truly a sole proprietor or you want to secure a business name, setting up a business can be considered a minefield.

What are the first steps to register a business?

Companies House is the government body in the UK who legally form companies, and all formation paperwork must go through them in order to officially register a limited company.

Creating one does involve a lot of paperwork but, if paperwork is not your thing you can use a company formation agency instead who often make the application process simpler (more on that later).

The Limited Company Formation Process Here’s a list of the information that’s required to open a company: Company Name •The name cannot be the same as any other registered company name in the UK •There are some words and expressions that can’t be used without permission, Queen for example

•The name must end with Limited or Ltd Registered Office — the Company’s Official Address •This can be any UK address that you have permission to use •The company does not need to trade from the address but government mail that’s sent to the address must be forwarded on to the necessary people (so it’s okay to use an accountant’s address for example) •The address is on the public register so publically viewable to anyone, it’s because of this that some people choose not to use a residential address as the registered office Director/s — The People Who Run the Company •A company can be formed with just one director •Whilst corporate appointments are allowed (another company acting as director) at least one person must be appointed as the director •To appoint a director you need the following information: Full name, occupation, date of birth, nationality, service address (the director’s official address that is on the public register — similar to the registered office), residential address (this is not on the public register) Shareholder/s — The People Who Own the Company •A company can be formed with just one shareholder (and this person can also be a director — so a company can be formed with one person) •Corporate appointments are allowed •To appoint a shareholder you need the following information: Full name, service address, town of birth, eye color, phone number, number of shares to be held, currency of shares, value of shares The Memorandum and Articles of Association •These are the documents that outline how the company will be run •You can draw up your own or use a pre-prepared version (often supplied for free by formation agents) So who do you give this information to? All companies are formed at Companies House — the UK’s registrar of companies. You can form online directly through them for £15, alternatively you can use a online company formation agent — such as Company Formation MadeSimple, Your Company Formations, 1st Formations etc — from as little as starting at £13.99 with the £15 Companies House fee included (yes, included).

What information is needed?

You will need to have the details of the Directors, Shareholders (and how many shares they will each have), People with Significant Control in the company, as well as where the company will be registered (a registered office address). In order to register a limited company you are required to

have Memorandum and Articles of Association (which act as the rules and regulations of your company) and a Standard Industry Classification code (SIC), which represents the industry your business most adheres to. Of course you will also need to have a company name in mind and first check to see if it is available to register.

Check Company Name Availability In order to register a business you will need to have a company name that isn’t already incorporated. Note that you can register a company name and trade with another name (known as a business name) but check with Companies House or seek legal advice for full conditions of this.

You can check company name availability online easily. You will also need to decide if you would rather have ‘LTD’ or ‘Limited’ at the end of the company name. Company names appear officially on record in upper-case letters, but you can display it as preferred on your website and stationery.

Things to remember before you register a company: •Who will be the director and shareholders in the company? The same person can be listed as both, so you’ll need to decide if you will be the sole director/shareholder, or if anyone else will be officially involved.

•Where will your company be based? Company and Directors’ addresses appear online, but if you’d rather not have your personal address appear publicly you may want to consider using a Registered Office Address service.

•Do you need to consider any particular clauses or conditions when setting up your company? If so then these can be added to your Memorandum and Articles. You can speak to a business advisor for more information, but most formation agents include standard memorandums and articles that can also be customized to your needs. Doing so can make sure that you are covered, especially if you are going into business with others.

•Have a business plan so you know how you’d like the company to progress, and keep a note of important dates, such as filing dates.

You can register a business and not trade straight away — just remember to let the relevant authorities know (such as HMRC) when you do decide to…. More Info…