How To Set Up A Registered Company In The UK
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In order to form a company within the UK there are four types of company structures to consider. A private company, either limited by shares or limited by guarantee, a private unlimited company, a public limited company (PLC) or the Societas Europaea (SE). Additionally, you may be able to register an existing overseas company if you have a place of business within the UK and will carry out the majority of your business within the UK. All applications for company incorporation are handled by Companies House, a branch of the British government.
Once you have decided on a name for your new UK company, Companies House requires that you check it is available before proceeding. The facility to check for name availability is located on the Companies House website at companieshouse.gov.uk. If the name is already taken, another will need to be chosen. Applications for registration of a company use the IN01 'Registration Application for a Company'. This form is lodged with Companies House and must include details of the registered office within the UK. Further requirements are the listing of company directors and secretaries as well as details of share distribution if the chosen company structure is to be one limited by shares.
Additionally, a Memorandum of Association must accompany the Form IN01 Application as this contains the names and signatures of the 'subscribers' that are forming the company. Articles of Association are also required as these provide the details of the internal working of the company, such as management affairs and liability. This article acts as an internal rulebook for the company to operate under. It is often easier to use the standard model articles that Companies House provides, in which case there is no need to create a unique articles of association for your company.
The current service fee also needs to be included, which ranges from 20 pounds for an 8 to 10 day turn around, to 50 pounds for same day incorporation of your new company providing the document is received at Companies House before 3:00pm each business day. For people who do not wish to go through the setup process themselves, there are a number of companies that process parts of your application via the internet and can facilitate the rest of the process for you for a fee. Advice from an accountant or solicitor will also increase your chances of avoiding any headaches in the future.
There is plenty of great advice on this topic available elsewhere online, and most of it is free, so there is no need to feel overwhelmed or that forming your own company will be too expensive.
Article Source: Articlelogy.com
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