UK Company Formation - How To Get Started
Forming a company can be a tricky business. After all, it's a big commitment so it's important to get it right. This is why we've put together this guide on how to get started with UK company formation. Obviously, the first thing you need is an idea for a company and the certainty that you would be able to get it off the ground. Then you need to search the Companies House database to make sure your chosen name hasn't already been taken.
You also need to investigate the different types of company available as there are a few to choose from. If you're setting up a non-profit group then you will need to have a company limited by guarantee. However, most companies incorporated in the UK are profit-making companies limited by shares. If you've got a large investment, you could also have a public limited company. There is also such a thing as an unlimited company, but this is not typically recommended.
Once you've got everything in place, it's a good idea to enlist some help. Go to your local library and research the company registration process, as it can be complicated, especially if you choose to do it by yourself. In order to make sure you do everything correctly, it can be a good idea to hire a solicitor or enlist the help of a specialist firm who can assist you in the process of registering your company with Companies House.
When forming your UK company, it's also really important that you have your team in place. If you are forming a company limited by shares, then you will need to have shareholders ready for when you create the company. Also, all companies can benefit from having a reliable board of directors and you will probably have to give their names to Companies House, so make sure you have a chairperson, treasurer, company secretary and lay members before you create the company.
Finally, you need to make sure your admin processes are in order as you'll have to submit company reports to Companies House every year. You should develop a constitution or articles of association for your business so it's clear what all the roles are, what they do and who's liable for the business. You also need to have a business plan that lays out your intentions for the company and accounts that are checked and verified by a professional accountant and your board secretary.
You also need to investigate the different types of company available as there are a few to choose from. If you're setting up a non-profit group then you will need to have a company limited by guarantee. However, most companies incorporated in the UK are profit-making companies limited by shares. If you've got a large investment, you could also have a public limited company. There is also such a thing as an unlimited company, but this is not typically recommended.
Once you've got everything in place, it's a good idea to enlist some help. Go to your local library and research the company registration process, as it can be complicated, especially if you choose to do it by yourself. In order to make sure you do everything correctly, it can be a good idea to hire a solicitor or enlist the help of a specialist firm who can assist you in the process of registering your company with Companies House.
When forming your UK company, it's also really important that you have your team in place. If you are forming a company limited by shares, then you will need to have shareholders ready for when you create the company. Also, all companies can benefit from having a reliable board of directors and you will probably have to give their names to Companies House, so make sure you have a chairperson, treasurer, company secretary and lay members before you create the company.
Finally, you need to make sure your admin processes are in order as you'll have to submit company reports to Companies House every year. You should develop a constitution or articles of association for your business so it's clear what all the roles are, what they do and who's liable for the business. You also need to have a business plan that lays out your intentions for the company and accounts that are checked and verified by a professional accountant and your board secretary.