Starting up a company
Have you come up with an extraordinary startup idea but need help figuring out where to start? Do you have a rock-solid business plan but need to know how to proceed? A great majority of people start with a formation of a limited company. To help you understand the process and provide guidelines on starting a company from scratch, interface accountant has got you covered. In this company formation guide, we will describe how a company should be formed, the process of going over the rules and procedures for creating a UK company, how to pick a great company name, and the reporting requirements you must meet after setting up a limited company. The procedure is quick and easy, providing you and your company with many advantages and protections. By the end of this thorough tutorial, you ought to have a firm understanding of the fundamentals of company formation and whether it is appropriate for your business.
What do you need to know for a company formation?
To a company formation UK, you must register your business as a limited company from an authorized entity in the UK official government company registrar. Generally, companies house is the only entity authorized to incorporate a company in the UK formally. Incorporation of a company refers to legally empowering your firm or company as a separate entity. That implies that your business has an individual identity in terms of the law. It is crucial since it will give you the security you need if your business doesn’t succeed.
Incorporation of a company means shared funds, liabilities, contractual obligations, and ownership of any property or assets, which in turn means having a constant chase between you and your company’s legal assets.
It is not essential to register your company as a separate entity as it is not a requirement in UK law. However, it is crucial to save you up in case the odds didn’t line up in your favor.
The greatest approach to protect your assets is through limited liability, which is the generic term. By incorporating a company as a limited company you will only be held accountable for the nominal value of the shares you have issued in your business. Beyond the value of those shares, any further personal funds you possess will be safeguarded.
The category of company we’re concentrating on here is a private company, which is governed by shares and was formed to generate profit for its stockholders.
Limited company formation in the UK:
After formation, the registration process or incorporation of a business as a limited company in the UK is held under the companies act 2006 under the three jurisdictions of the companies’ house registrar. The incorporation is held under one of these jurisdictions based on the registered company address. A company is only permitted to incorporate under only one of these jurisdictions and it does not change over time. However, the company is free to trade in any part of the world.
Steps in the limited company formation in UK:
Incorporating a company is a quick and easy and hiring a reliable service like interface charred accountant.
Here’s a quick guide on a limited company formation in the UK:
Deciding on a company name
Firstly, you need to decide on a compelling company name. once you’ve decided on the name, check for its availability through the online company name check tool. If the name is unavailable, you need to change it according to availability. Check the GOV.UK full guidance on choosing a company name in case the name includes any sensitive words.
A registered office address:
To register your company as a legal and separate entity you need to have a registered company office address, registered in the companies house Uk.
Shareholders and directors:
Your company must have a managing head as a director and an owner of the company- a shareholder.
There is no limit to the number of directors and shareholders. You can hire as many as you please.
A Standard Industrial Classification (SIC) code
According to your industry, the government uses this code to identify your company. To characterize the acts or operations of your business, you may use up to four SIC codes.
Submitting an online application form:
Once you’ve completed all these steps, you need to submit an online application in a trusted online forum such as interface accountants where you will get 100% assistance to register your company as a limited company in the UK.
The information required are as follows:
- Company name
- Register company address
- Description of business activities
- Directors and shareholders detail
- Full information about people in control
- Statement of assets or capitals
- Supporting document if required
Limited company formation packages:
According to the interface accountant, our company formation accountant services depend on the packages.
The services included in the limited company formation packages are:
- You get a dedicated limited company accountant to assist you with your limited company accounts.
- Cloud-based accounting software assistance
- Managing and submission of your vat returns
- Preparing and managing your corporation tax return
- Unlimited support from the client’s accountant
- Reminders for important deadlines