Registering your company may sound like complicated task, especially when you are new to business. But you should not fear. More and more people around the UK have been taking opportunities to start their own businesses, and you can be one of them.
By following the 10 simple steps within this guide you will be able to begin registering your new company today.
1. You need to choose a name.
Choosing the right name is essential, it can prove very influential in the success of your business. You want something which is going to stand out from the crowd. Checking the trademarks and domain names you may require needs to be considered even at this early stage.
2. Ensure you have all the required details before you register.
Consider investing in someone with secretarial services to help you get this right the first time. The next three points explain in more detail some of the key requirements.
3. The Director’s details is important.
No matter what kind of company you plan on running, there must be at least one director appointed. Bear in mind the director could be the sole shareholder of the company. Therefore you can create a company with a single person.
4. Registered Office Address.
Your company must be registered to an address within the UK. A PO Box address is not suitable and you will be required to provide a physical address which all the official documents will be delivered to. The public record will also display this address.
5. Shareholders Details.
You will be required to include the names and the addresses for all of the company’s shareholders. Details on the value per share, number of shares and share currency will also need to be required.
6. You need someone to register the company on your behalf.
For this person to legally register the company they must be a company formation agent, solicitor or chartered account. For your new venture you will also need to set up a business bank account.
7. You will need to research and choose a business structure.
For example, you could register as a partnership, sole trader or limited company. You will have to decide which structure would best suit your individual needs. Many business owners choose to go the limited company route as they receive many benefits regarding risks and tax.
8. The HMRC will need to be informed that you are commencing trade.
All legal technicalities will be checked by them to ensure everything is as it should be. Those who are self-employed have to pay the National Insurance relating to their income. If your company has employees then National Insurance will need to be taken from each of their wages too. For businesses with a turnover that exceeds £79,000, you will have to become VAT registered.
9. Corporation Tax will need to be paid.
You must check to make sure you are charging the right amount of tax for the services you provide or products you sell. Any appropriate licenses will need to be obtained before you can begin running your business. Consider consulting with a tax advisor for guidance on these matters.
10. Spread the word.
Once you have paid and received all of the necessary official confirmations, it is then time to use every available resource to announce the presence of your new company. Social media has become a very powerful advertising tool lately so don’t forget to use it. However it is also worth considering the more traditional ways of getting your name out there through press releases and word of mouth.
Now that you have read this guide and are familiar with the necessary steps to take, you don’t have any excuse for not taking action now. Follow this guide and get your company up on the marketplace, start trading and make some money!