There are many stages involved when setting up a new business. Business registration is one of the legal processes you should complete before you can peacefully sit and start your operation. While business registration takes only 24 hours, it may be delayed if you do not have all the essentials.
After deciding your business type, choosing the appropriate location with a registered office address for limited company in uk, getting an excellent name for the company and people to work with, you should submit your registration and wait for approval so that you can run the business with no worries.
These are the five things you will need during the company registration process in the UK.
1. Preferred Business Name
A business name is the primary identity of your company. Upon registration, your business name will be essential for identification in all aspects, including insurance and legal matters. You will want to choose a name that will establish brand trust and is easy to remember.
When picking a name for the company, you will want to be sure if you want it to end in “Limited” or not, depending on the type of company you are forming. You will have to decide on the same with your company’s constituents. Even if you are starting the business as an individual, it would be beneficial to register as a Limited company and incorporate other players later.
2. Business Address
Any operating business needs an address. A physical office is necessary for all operations and consultations that your customers may need. Even if you are running your business purely online, you need an address for convenience.
Having a registered business address also makes it easy for you to receive official communications regarding your business. In the UK, an existing office is a requirement for registering a company. Set up your company office at an easily accessible address for fast verification.
3. Company Constitution
When you come together to agree to form a company, you must set up rules and articles to guide your business toward achieving the intended goals. This document, also known as the memorandum of association, confirms that you reached an agreement to establish a company. It includes the clauses and initial members and the criteria you employ to come up with shares.
You must submit the company constitution when registering your new company formation. It would be in your interest to have a copy because the original document must be filed at Companies House as part of the registration process.
4. Shareholders and Share Particulars
Apart from the company executive, you may have more members who are part of the investment. There is no limit on the number of people you can bring together during company formation. Each one is a key player in the growth of the new establishment. Apart from sharing roles in the business, you will make financial contributions to aid various processes and raise capital to run the business.
The amount of money each member contributes will depend on the capital required, the number of individuals or companies you intend to incorporate, and everyone’s current financial status. It might not be possible to raise the same amount from each member.
Creating unit allocations of the funds you need to set up a company will help each member to chip in according to their abilities. Each individual can deposit a certain amount of money that will determine the number of shares they will hold in the company.
You should come up with a complete list of all shareholders and their contributions toward the project. This will help you make decisions on your company and make it seamless in the long-term interest. You, therefore, need the details ready when registering your company with Companies House.
5. Company Directors
The directors of any company are responsible for running all administrative tasks. They are also the members that can make decisions on behalf of the company, and they are liable for anything that may befall the business. In some regions, the board of directors is also known as the signatories of the company.
When setting up a company, you must choose the people to whom you can entrust the business. Their information and roles in the company must appear in the memorandum. The directors’ list is an essential part of the documents you’ll have to submit to Companies House.
You can, however, run a business as a sole proprietor. In such a case, you wouldn’t need directors at your company. Only your details will validate the registration process.
Once you decide to start a new company, you should also be ready to register it for peace of mind. However, you should ensure that you meet all the requirements and reach a consensus with all the shareholders before you can get the registration done. It would be best to start thinking about insuring the business and trademarking it when you gain traction in the market.