If you're starting a business, forming a Limited Liability Company (Limited company) can be a great option to protect your personal assets and establish credibility. Here's a step-by-step guide on how to get a Limited company for your business in the UK:
1. Choose a name for your Limited company: Your Limited company name must be unique and not already used by another business. You can check the availability of your desired name on the Companies House website.
2. Choose a registered office address: You'll need to provide a registered office address for your Limited company. This must be a physical address in the UK where official correspondence can be sent. This does not have to be your home address. We can provide one for you.
3. Appoint at least one director: A Limited company must have at least one director who is responsible for the day-to-day management of the company. This must be an individual. A corporate body cannot be a sole director. Directors must be at least 16 years old and not be disqualified from being a director. Directors do not need to live in the UK, but companies must have a UK-registered office address. You will need to declare personal information such as date of birth, nationality, country of residence, address and more.
4. Decide who the shareholders are: You will need at least one shareholder (This can be a corporate body), but there are no maximum numbers of shareholders. When registering a company, you will need to include the number and type of shares and their total value.
5. Declare people with significant control (PSC) over your company: This is usually the director. This may include anyone with a large percentage of shares, voting rights in the company, or the right to appoint or remove the majority of the board of directors. You will need to declare personal information such as date of birth, nationality, country of residence, address and more.
6. Register your Limited company with Companies House: You'll need to submit your memorandum of association, articles of association, and other required information to Companies House. This is provided within our services.
7. Obtain necessary licenses and permits: Depending on the nature of your business, you may need to obtain licenses or permits from local or national authorities. Check with your local government or the relevant regulatory body to see what licenses and permits are required for your business.
8. Register for taxes: You'll need to register your Limited company for taxes with HM Revenue & Customs (HMRC). This includes registering for VAT if your Limited company's turnover exceeds a certain threshold. This is a service that we can provide.
9. Comply with ongoing requirements: Once your Limited company is formed, you will need to comply with ongoing requirements, such as filing annual accounts (If the company is dormant then dormant accounts will need to be filed), submitting an annual confirmation statement, and maintaining accurate records. Forming a Limited company in the UK can be a long and complicated process, so seeking professional advice and support when needed can make the whole thing much easier for you. Using a formation agent will make the process quicker and easier for you. By forming a Limited company, you will enjoy the benefits of personal asset protection and increased credibility for your business.
Contact us to find out how we can make this simple for you.