United Kingdom Company Registration Process – the Overview
Start your start-up with 3E Accounting’s quick read on United Kingdom company registration process.
Transitioning brilliant business ideas into working concepts that have stellar annual turnovers does not have to be a pipe dream. Cast aside any uncertainties you may have about the United Kingdom company registration process. As company incorporation specialists with years of global industry experience, 3E Accounting offers seamless solutions for every business need.
All businesses need to be registered with the Companies House UK, and one of the first things to do is to collate necessary documents. These have to be submitted during the registration process and will be publicly available.
Documentation should ideally include:
- An informative business plan with forecast financials
- Proof of valid identification such as passport or ID
- Proof of registered address or business address
- Directors, shareholder information where applicable
- Share allocation where applicable
- Articles of Association and Memorandum of Association
If you have trouble figuring out the framework of these documents, get in touch with 3E Accounting. Our team of professionals are ready to assist with the nitty-gritty details of paperwork.
Sorting Out Names & Structures
Your United Kingdom company’s name is its identity and choosing a suitable one is essential. While the aesthetic appeal of a name might be a stroke of brilliance, the legal side of it may be troublesome. You will need to check the availability of the name, any conflicts with trademarks, or the possibility of impinging on someone else’s goodwill.
There are also rules on symbols, signs, etc., while some will need to add an Ltd or Plc tag. Businesses with a registered address in Wales are considered Welsh companies and have different naming rules.
There are numerous United Kingdom company structures to choose from, and 3E Accounting can assist in narrowing down the choices to the best fit. Some structures require only registration while others incorporate the company. Incorporation creates a separate legal identity which confers legal status to a company and limits the liability of shareholders and owners. This is not the case for registered businesses without incorporation, where liability is unlimited.
The more popular legal structures available include, amongst others:
- Sole Trader: does not require incorporation. Ideal for those who are self-employed and freelancers.
- Partnership: unincorporated and can be General (partners invest, run daily operations and have unlimited liability) or Limited (partners only invest and are liable to the extent of their investment).
- Limited Liability Partnership or LLP: similar to Partnerships but with the added protection of limited liability due to incorporation.
- Private Limited Company or Ltd: incorporated and allows private share ownership.
- Public Limited Company or PLC: incorporated and can be listed in the Stock Exchange to sell shares to the public to raise more capital.
- Overseas Company: establishes a Branch Office of Subsidiary.
Signing on the Dotted Line
Once you’re ready, head on down to the Companies House or submit online by filling out Form IN01. If everything is in order, pay the relevant fees, and your company should be registered within a day. You can also register for Corporation Tax at the same time. Upon successful registration, the Companies House will issue your company registration number (CRN).
Next steps include getting a corporate bank account, business insurance, license and permits, and annual filings. Consider renting shared office space and getting website design and development done for your business. 3E Accounting offers customizable solutions for every stage and every need of your business. Contact 3E Accounting today to get the best deals and packages.