A quick guide for setting up your own Business
Registering a business can be challenging at the best of times. It can be even more challenging when trying to do so in a foreign country. Administrative hassles and red tape abound, with many not always apparent from the off. To cut out the headache, we’ve examined the basics required when setting up a company in the UK.
Choosing your company name
Before you do anything else (aside from work out what it is your business does), you need to establish a company name. Your business’s name is your calling card and where the residual goodwill generated by your (hopefully) sterling reputation is going to be stored as you set yourself apart from all other businesses in your industry. However, your company name is also important legally. Picking your name is regulated by the Companies Act in the UK, which dictates that your name cannot be similar to an existing company name or trademark registration.
Getting your documents in order
The basic requirements when setting up a company in the UK are as follows:
- a company name,
- a business outline
- a registered office (with a UK address)
- a brief summation of the business your company will be involved with
- a breakdown of how the share capital will be distributed
- names and ID numbers of the company director(s), secretary and initial shareholders.
- Memorandum of incorporation and articles of association
If you do not intend preparing all the necessary documentation yourself or if you do not possess a UK business address, Your Company Formation will be able to assist you in preparing the necessary documentation for filing with the Companies House. Your Companies Formation is an approved company formation agent, with over 12 years of experience in the UK. They have helped 1000+ other satisfied customers wade through the tricky waters of company legislation in the UK and will be able to assist you too. Their packages are competitively priced and range from a basic option with digital records after your incorporation, to the fully inclusive international package, including a worldwide FedEx Delivery and international post forwarding option, on top of a registered UK office address and email forwarding. It even includes discounted rates when opening your UK business banking account.
First board meeting with new directors and set up companies register
Regardless of how you end up filing your documentation, be it online/in person or through an agent like Your Company Formation, the turn-around time is remarkably fast. In fact, you could have a registered company that is ready to trade in under six minutes. Remember that, once your new company has been set up, you need to set up your first board meeting as soon as possible. The minutes of this meeting, in conjunction with your company registers, must be filed.