Guide to UK Company Registration
Get your start-up up and running with 3E Accounting’s guide to UK company registration.
While the UK is world-renowned as a global commercial hub, establishing a business can be a perplexing process. There are many steps from inception to UK company incorporation to licensing to consider. This guide to UK company registration provides a road map towards successful UK company formation. As with all journeys, engaging a ‘guide to company registration in the United Kingdom’ is the best way to get to where you are headed with the least delays.
Starting Your Journey
Anyone who is above 16 and is not a disqualified director or undischarged bankrupt can register a UK company at the Companies House. However, a discerning entrepreneur will find it more prudent to engage some help. A simple way of avoiding all the confusion and frustration is to hire United Kingdom company formation specialists such as 3E Accounting. Our business solutions are flexible, customizable, cost-effective, and ultimately built around your business needs.
If you are looking to register your company in the UK, the first step is to ensure all pertinent documents are collated. You will want to have a healthy business plan with forecast financials. A plan will lay out your objectives and aims and will be helpful in loan applications at a later stage.
Consider the type of UK company you wish to register, which can be a private or public limited company, a sole tradership, etc. Getting your UK company name can an ordeal as there many rules to abide by. UK private limited companies, for example, are limited by shares and must have ‘Limited’ or ‘Ltd’ as part of its name. UK Companies in Wales can have special Gaelic characters or ‘CCC’ instead. On the other hand, picking a name similar to an existing one can get you in trouble for opportunistic registration of another’s goodwill. It’s best to let experts like 3E Accounting walk you through the process, highlighting the pros and cons of each type of entity and its requirements.
Once you’ve made your choice, its time to decide on the directors and shareholders of the company. All UK companies have different classes of shares which need to be registered appropriately. You will also need to write up the Articles of Association (AA) and the Memorandum of Association (MA). The AA and the MA form the constitution of the company. They lay out its scope, business activity, directors’ and shareholding information, etc. The AA also acts as a company handbook, and it is legally binding on the company. 3E Accounting will be able to assist in drafting these documents and ensuring all relevant information is included.
All companies in the UK need to register with the Companies House by filling out Form IN01, either electronically or in person at the establishment. This is followed by registering for Corporation Tax with HMRC (Her Majesty’s Revenue and Customs), the UK’s tax and customs authority. The Companies House will also need you to identify your company’s Standard Industrial Classification of Economic Activities Code or SIC Code. This lays out the nature and scope of your business in the UK.
Providing all your documents are in order, and requisite fees are paid, you can register your company in the UK within a day. Upon successful company registration, your company will be legally incorporated, and the Companies House will issue a Certificate of Incorporation (CRN). The CRN contains your business or company registration number, which will be needed for you to conduct your business activity, etc.
You will need to set up a corporate bank account and consider hiring accountants to help will annual filings and taxation matters. Check if your business falls under a sector that needs permits to operate, such as the food or health industry. Licensing and permits will need to be applied for before you can start your business activity.
Your Guide Towards Successful Incorporation
While that covers the legalities of registration, there are other considerations to finish up your company incorporation process. Your business will need proper premises to operate from, i.e., the registered business office. The trend now is for rental premises where facilities such as internet, administration, legal and accounting services can be shared.
Staffing also needs to be seen too, and all employees in the UK are entitled to minimum wage, social security and pension contributions. By extension, some of your company directors or employees may be foreigners who will need special work and residence visas. There are also impending changes on the horizon with post-Brexit England set to fine-tune its rules and regulations.
A guide to UK company registration can only provide a bird’s eye view of the regulatory framework and processes in play. 3E Accounting’s business solution covers all these necessities and can be tailor-made to your needs. Our team also handles website design and development as well as software customization for your business.