If you have been holding on to this killer idea and ready to take it to the market, you should start by gathering information. Start by looking for information on how to register a company in the UK with Companies House. It’s now easy to register a company in the UK as you no longer have to file paper forms and wait for weeks like before. You can now register a company on your own, decreasing the number of people in charge.
In this guide, we are going to focus on a step by step guide one can follow to register their company. Read on to understand how easy it can be.
Step 1: Decide whether you want a limited company
This may seem obvious, but one should treat the matter with a little bit of concern. You need to be sure that you want a limited company. There are many reasons why people choose to form private limited companies, and one should look at whether they favor your operations or not. If you choose to go with a limited company, shareholders will be protected from the liability of the company. Additionally, you will have to maintain all company records and documents with Companies House.
Step 2: Choose a favourable company name
The name you choose for your company can be a real asset to your day to day operations. Despite this being the case, many people organize over the matter or rush to choose a company something they later regret. Before choosing a company name, make sure you familiarize yourself with rules put in place to do it right the first time. One of these rules requires any limited company to get approval from Companies House on the name they choose. To be sure you the name you propose is acceptable, one can ahead to use the handy company name checker available online.
Step 3: Assemble information required to register the company
There are pieces of information one requires before registering a new company. To be sure you have everything in order, check the latest company registration checklist. From the checklist, you will note the details required mainly involve;
- The company name
- A UK registered office address- the address that will be publically available about your company
- What your company intends to do- make sure you have a SIC code describing activities you intend to undertake.
- Information on how to share capital will be created
- Company’s director
- Initial shareholders details
- Details of people with significant control of the company
Step 4: Come up with Memorandum and Article of Association
The memorandum and article of the association are a must before registering a company in the UK. These two documents act as the constitution of the company indicating the number of standard clauses, the initial share subscribers, among other crucial information. For your company to be registered, the memorandum of association has to be filled with the Companies House.
The article of association is a “rule book,” which shows how the company will be run by directors on behalf of shareholders.
Step 5: Filling the incorporation with Companies House
Once you have collected the information together, you need to send it to the Companies House for approval. You can do so in 3 different ways with varying charges;
- Online filing- You require dedicated software, and the standard fee is £10.
- Web incorporation using Companies House online Website- The standard fee is £12.
- Paper filling the IN01- the fee is £40.
After filling incorporation, one should wait for the company formation to be approved.
Step 6: Hold the company’s first board meeting
Once your company formation is approved, you should hold a meeting with the directors to cover important formalities. Various things need to be covered during this meeting, and you should handle every one of them. This meeting needs to be held within a few weeks of registration.
Step 7: Set up company registers
According to UK laws, each new company should set up and maintain company books. Every company needs to have the following:
- Register of directors
- Register of people with significant control
- Register of members
- Register of Share transfer
- Register of mortgage and charges
- Register of allotments of shares
- Register of secretaries
- Register of Director’s Residential Address
Step 8: Produce share certificates for first shareholders
Share certificates should be issued to shareholders in the company during the first board meeting. Despite the register of members indicating the shareholders, a company should also create these certificates.
Step 9: Other tasks to do upon registration
Once your company has been fully registered, one should make sure they carry out the following tasks;
- Register with HMRC
- Registering and setting a PAYE for your employees
- Set up a bank account
- Establish a business website
- Registering a trademark
If you are looking to register a new company, the mentioned steps should help you get started. Make sure you read online guide from Companies House to avoid future liabilities.