Do you have a great business idea which you have developed? If so, you are probably thinking about marketing your product or service in the near future. You may feel nervous about taking that final step, but registering your business is very much easier than it used to be. So, get the entrepreneurial spirit and register a company for 2014.
To register a new company, you must have the following information to hand:
- Name and address of the company
- Director and Secretary details
- Share capital and Shareholder details
- Method of payment.
You should be aware that officers of your company can be of any nationality, and there is no requirement for them to have a work permit. However, being an officer of the company does not facilitate their right to live or work here. A limited company must have a minimum of one director, one shareholder and an optional company secretary.
Most people register a company in one of three ways – via the Companies House Web Incorporation Service; employing a Formation Agent or by hard copy where you complete the necessary forms and send them to Companies House.
- Companies House Web Incorporation Service
Launched in April 2011, this is an online incorporation service set up in conjunction with the government’s Business Link website. Clients can register a company complete with model articles for a small fee of under £20. Companies House will provide guidance on the forms and methods of incorporation plus help and checks for company names. This is part of the government’s initiative to try and simplify the process of setting up new businesses in the UK and your application will be treated confidentially.
- Formation Agent
Many people choose to employ a company formation agent to guide them through the incorporation process. The formation company usually offer a range of packages – from basic registration to customised services to create more complex corporate, legal and tax-savings structures. The bare minimum package will include the mandatory Certificate of Incorporation, Memorandum and Articles of Association and Company Registration Number. They will offer advice about the whole process of starting up a new business and can provide all the essentials, plus additional features such as a business bank accounts and share certificates. You must think carefully about what your particular business requires and the formation agent will be pleased to assist you to select the relevant package. The best formation companies will provide 24 hour phone and online support. Their aim is to register a company quickly, efficiently and confidentially. Company formation agents tend to provide the quickest service.
- Paper Option
You will need to complete all the necessary forms and mail them to Companies House. This is obviously the slowest option when you register a company and needs the most input from you.
If you have everything in place to launch your new business, now can be the time to act. Use your entrepreneurial spirit – go ahead and register a company for 2014. It can be the start of a brand new adventure for you and your partners.
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