• Wednesday , 21 August 2019

Understanding The Many Ways Of Setting Up A Company In The UK

If you have decided that your business would benefit from being registered as a limited company, there are a few things that you will want to keep in mind. First, you need to know that there are different ways of setting up your limited company and knowing these options will help you to make the best choice for your business. However you choose to proceed, you will need to submit an application to Companies House, which is the registrar of companies in the UK.

There are different ways that you can register your business with Companies House. First, you can directly submit your application on the Companies House website. You will need to complete the IN01 form online and then submit it online. You can also print off and complete this form manually, taking it to Companies House yourself or sending it in through the mail. Finally, you can opt to have a company formation agent or your accountant complete this form and file it for you.

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What sets these options apart are the fees associated with using each one of them. If you apply online through Companies House, you will incur a fixed £12 fee. If you choose to manually fill out the form and send it in through post, this fee will be £40. The fee is higher for post mail simply because of the paperwork involved. If you have access and can register your company online, it is much less expensive to do so. If you have an accountant, you may be charged a one off fee or if you use a formation agent, you may incur an additional fee but these options, even though they may cost more, do ensure that your company information and all registration requirements are met properly. If you are unsure of how to fill out the form or you have never registered a company before, choosing to have someone assist you may be the best option. Services from company formation agents will help to ensure that you have filled out the forms correctly and are not submitting incorrect information.

However you choose to register your company, there are certain pieces of information that you will need to provide. You need a unique company name and this name cannot contain any phrases or words that are considered to be sensitive in any way. You also cannot use a trademark in the company name or choose a name that infers that you are providing a service that you are not actually providing. You also need to register your company address, where your official mail will be sent. You can use your personal or residential address, a third party service or your accountant’s address if you do not have an official company location.

In order to register your business as a limited company, you must also have at least one director and you may want to choose and appoint a company secretary. You will need to determine how many shareholders your business will have and provide the full name, address, class of share and just how many shares each shareholder will own. All of this and other information must be included in order for your company to be registered properly. If you are unsure of how to gather or provide all of the required information, it may be in your best interest to choose the assistance of an accountant or an online company formation agent.

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