Technology Blog

Technology Blog

Business

5 Steps To Get Your Company Registered in the UK

5 Steps To Get Your Company Registered in the UK

Starting a company in the UK is not that difficult, and you shouldn’t worry too much when taking the first steps toward self-employment.

Maybe you don’t realize it yet, but becoming a director of your self-made company is not only a dream but also a plausible reality that could make all your fantasies come true.

If you came to our article, you probably have high hopes of becoming a business owner, and you’re looking for advice on how to set things in motion. You’ve made the right move because you’ll now learn how to register a new company right here on the islands without an issue.

Start making notes, and listen to the words of our experts. 

1. Creating a name

Everyone would think that the most important thing when starting a business in the UK is filing tons of paperwork. Some might even ask how to find a company registration number? Is that the first thing to do?

Forget about that stuff for a moment and focus on what’s the most crucial first step toward creating a business to sustain your lifestyle.

Figuring out a company’s name is, by far, the most crucial first step you should make when starting your journey. 

Remember, your company’s name should be something original and never used before. With a catchy name, people will remember you on every step. However, you should also check the availability of the name you came up with, as you can’t register an already used name.

2. Choosing an address

When you get your future company’s name ready to shine, you should now figure out on which address you’ll register it when planning to file paperwork to government officials.

That shouldn’t cause an issue because you can easily register any address you feel suits you. 

If you plan to base your offices somewhere downtown or somewhere with more privacy, declaring your correct address is essential, as you’ll get all your important mail, notices, or anything else related to that specific place.

To avoid unnecessary costs at the start, you can primarily register your company to your home address until you find something more suitable. If you’re a one-person team, choosing your home address will make everything much faster and easier.

3. Issuing shares

When you’re starting a private company, you will have to issue at least one share valued at £1 for each one. The easiest way to make yourself the only owner of the company is by issuing only one share for you to hold.

By holding one share, you’re the only one who can decide on the faith of the company and its future goals. The one share you issued is not tradable, and there’s no need to worry if someone might buy it off. 

You can additionally issue more shares as soon as your company starts growing and involve more investors.

4. Paperwork

Now, let’s talk about the boring but essential part of any business registration in the UK. Paperwork can, most of the time, cause many difficulties. However, luckily, registering a new company is not that big of a deal if you know what you need to prepare when filing paperwork.

Here are the details you need to present and the costs:

  • Standard Industrial Classification (SIC) declaring the primary purpose of your company and the business you’ll do.
  • Details of all of your shareholders, no matter if it’s only you or more investors.
  • Details of the company’s director and secretary.
  • £12 for the registration fee.
  • Proof of your fund’s credibility.

Preparing all these should not raise any alarms, and you can feel confident getting everything on time.

5. Choosing a bank

No business could ever survive without proper support from the banking system that will always be there whether things go for the worst or the best.

Luckily, cooperate with every promising company, and it won’t take you a lot to find one that will decide to work with you.

In most cases, you will get the chance to choose between different banks and their offers if you have a business idea that will interest them and make them believe in your goals.

Take your time choosing the best one to back you up every step of your way because, at one point, you’ll have to reach for their support.

Also check out, how to take a loan against a property

Conclusion

If you have a great idea for starting a new business, and you feel confident enough you’ll create something successful from the ashes, nothing could ever stop you from reaching your goals.

Before going down to the offices and filing an official request for registering your new company, take these pieces of advice, as they’ll make your effort much easier.

In the end, we wish you a successful start and a long-lasting company that we’ll all have the pleasure to work with in the future.

Categories:
Business
Tags:
You Might Also Like

Leave A Reply