Are you thinking of setting up and registering a limited company in the UK? The process can seem daunting for some, especially if you’re hoping to set up a business in the UK from abroad. The good news is we’ll talk you through the details, and the better news is we can sort it all out for you too.
Steps To Setting Up And Registering A UK Limited Company
In order to set up a limited company you need to complete the following tasks:
1. Have a name and address for the company
2. Register with Companies House
3. Have at least one director
4. Have at least one shareholder
5. Have articles of association
6. Set up your company for Corporation Tax
The first step might sound easy, but there are guidelines on what your company name can and can’t include. These comprise of fairly straight-forward rules such as being careful not to use ‘sensitive’ words in the company name, as well as not using a name that’s previously registered.
Registering Your Company With Companies House
Your next step involves registering with Companies House and to do this you need both a director and shareholder. The director is legally responsible for running the company, whereas the shareholders are owners of the company and therefore have certain rights within the company.
When registering the company, you need to make a ‘statement of capital’ which will issue your initial shares and list the number of shareholders. It’s worth noting that the director of the company can also be a shareholder.
You’ll then need all of the shareholders to sign the following to register:
• “memorandum of association” – a legal statement agreeing to form the company
• “articles of association” – written rules about running the company
Registering Your Company For Corporation Tax
The final step is to register for Corporation Tax. You must register for corporation tax within 3 months of commencement of business. This includes buying, selling, employing someone, advertising and renting a properly – as well as certain other activities. To do this you’ll need your company’s 10 digit UTR (Unique Taxpayer Reference) which is sent out to you after you have registered with Companies House. You will also need to provide the following:
• Your company’s registration number
• The date you started to do business
• The date your annual accounts are made up to
Next steps would then include whether or not to register for VAT.
How To Make Setting Up A UK Limited Company Easy
Setting up a UK limited company consists of a number of steps, that on paper look both straight forward and logical. Whilst this is true, it’s imperative that these steps are done correctly, accurately and in the right order. The time frame at which to register for Corporation Tax, for example, is non-negotiable and therefore is just one of many steps in the process which require a time sensitive approach.
Here at Paramount Company Formations, we understand that setting up a limited company is not just the steps listed above. It’s more than likely that you will have the added pressure of researching various commercial properties to run your business from, as well as organising potential staff training, and perhaps even liaising initial meetings with potential clients. Add to this the ‘simple’ task of everyday life and you will undoubtedly have a lot on your plate.
This is where we know we can lend a helping hand. We offer a hassle-free solution to both setting up and registering a limited company in the UK. With years and years of experience, we endeavour to provide an exceptional service to make starting up your business simple and painless. We can take care of each and every step listed above, leaving you to worry about the nutty gritty tasks specific to your chosen trade. We hope this helps to set you up for success!
For more information, view our Company Formations Packages and get in touch today.