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If you are interested in setting up your own UK business, this article will provide some useful tips to get started. Starting a new company is not easy, and there are m-any things to consider before getting underway. We want to make the process as simple as possible for you so that you can start making money from your idea right away.
Get to Know the Requirements
The first step is to learn about the requirements of setting up a UK company. There are many different regulations and rules that you must comply with, so it is important to have a good understanding of what is involved. You can find out how to start a UK business by contacting a professional business service provider, browsing the government website or by speaking to an accountant. There are a few key things that you must do to set up a company, including registering with Companies House and appointing directors. You will also need to decide on the company structure and choose a registered office address. It is important to remember that there are different rules for limited companies and sole traders, so be sure to research these thoroughly before making a decision.
Once you feel confident with the requirements, you can choose how to register your company. There are a few different ways in which this can be done, depending on what type of business structure and personal circumstances apply to you. You may also need to consider whether or not there is any advantage in operating through another country instead of starting directly as a UK company.
Register Your Company
Once you have chosen your company name, it is time to register your business with the UK government. You can do this online through the Companies House website. There is a small registration fee of £12, and you will need to provide some basic information about your company including the company name, registered office address, director’s names, and their residential addresses, a telephone number for the company, your business name, and details of each shareholder. You will also need to indicate whether you want to file accounts with Companies House on an annual basis or if they are not required. You will also need to create a memorandum and articles of association for your company. This document sets out the rules and regulations that govern how your company operates. It is advisable to seek legal advice when creating this document, as it can be quite complex.
Once your company is registered, you will need to open a business bank account and register for VAT (if your company turnover exceeds £81,000). You will also need to complete a self-assessment tax return each year.
Appoint Directors
Appointing directors is a very easy process and can be done online. To do this, you will need to go onto the Companies House website, where you will find the appropriate forms which you must fill out to appoint your new director(s). This includes their details such as name, address, etc. Once filled out, these forms then have to be completed with certain documents that are required by law before they can submit them for filing purposes. As well as filling out the form itself there may also be costs involved depending on how many people you wish to add, so it’s wise to check beforehand if possible or get advice from someone who does know what all of the requirements are ahead of time.
Choose Your Company Structure
Once you have decided to set up your own company, you must choose the right structure for your business. For instance, if you are a sole-trader then this means that all of the legal responsibility falls on one person’s shoulders, which can be very difficult in some cases. This could lead to you having problems when someone sues your firm overcompensation or other related matters. If something were to happen and there was no protection from liability, then any assets belonging solely to the owner would need to be used as payment for court fees or fines resulting from lawsuits against yourself. While working with an established consultancy will help protect clients who use their services, they cannot offer much support beyond offering advice on how best to proceed.
A different option that is often chosen by start-ups and small businesses is to become a limited company. This gives you some level of personal protection, as the directors and shareholders are not held liable for any debts or damages the company may incur. However, it is important to remember that this does come with additional costs such as registration fees, annual returns, and director’s fees. In addition, you will also need to appoint a secretary, who can be either an employee or another director. If you decide against becoming a limited company there are other structures that offer similar benefits but without some of the extra cost, like the Community Interest Company (CIC) or Social Enterprise Company (SEC).
If you are having difficulties setting up your business, there are other routes you can take such as working with an established business such as Your Company Formation Limited which is specially trained and focused on helping individuals or groups of people set up their business. This, again, does come at a cost. There are multiple options depending on the level of help you need to set your business up ranging from (in this case) ‘digital’ through to ‘fully inclusive’.
Choose a Registered Office Address
If your business address happens to be located in a busy area, where you can see lots of people walking around, then it’s likely that the same will happen with potential customers or clients, once they get there. When choosing your registered office address, therefore, make sure that it is easily accessible by car and on foot for all visitors, no matter what time of day it may be at any given moment.
In addition, it’s always best to choose a registered office address that is close to other businesses and amenities, as this will only make your company look more credible in the long run. Lastly, remember that your chosen registered office address should be one that you are happy with and feel comfortable working out of for an extended period of time. It may not seem like a big deal now, but down the road, it could definitely become one.
Choose a Company Name
When you set up your company, you will need to choose a name. The name must be unique and cannot be the same as an existing company. You can check if a name is available using the Company Name Availability Checker on the Companies House website.
You should also make sure that the domain name for your website is available. You can use the Whois lookup tool to check this. Once you have chosen a name, you will need to register it with Companies House. There is a £12 registration fee. For more information, see our guide on How to Register Your Business Name in the UK.
The best way to get advice on setting up a business in the UK is through your local Business Enterprise Centre. They can provide you with lots of useful information that will help you start up and grow your own business successfully. Some businesses may need an accountant or lawyer, but there are some tips that new businesses should follow before they do so.
