The United Kingdom is a hub for many expatriates looking to set up Businesses. The good economic background and highly developed technology make it a great place for investors to start businesses. If you have a great idea then consider the UK.
Starting up a brand is no walk in the park. It requires careful planning. In addition anyone who sets up a business needs to register it with the appropriate authorities. Otherwise, it will be considered illegal. So what steps should you take to achieve this? Here is a guide on how to register a company in the UK according to Hoxton virtual office. We’ll also Provide some useful tips at each Step!
Find a business model
The first thing you need to do when Registering a business is to pick the Model. There are several options including:
- Public limited
- Sole trader
- Partnership
- Private Limited
The choice will depend on what you Need. All of these models have pros and cons. For instance you can use a Sole trader as it is easy to set up. It doesn’t require a lot of fund to set up and has the cheapest Fee.
It is easier to overcome Financial difficulties and reduce the risk of making significant losses by following the rules Here most people choose a limited enterprise due to several advantages and these include:
- Effective tax management
- Improved risk management
- Additional revenue from stakeholders
Pick a name
Once you have decided the type of business to use, the next step is coming up with a name. This is just as important as the model. A name should represent your identity. Customers should be able to relate to your brand simply by the name that you pick. Some important things to consider when choosing a name include:
- Be consistent with brand identity
- Follow local guidelines
- Make it unique
- Be creative
The name should also be catchy. Make sure you search for any similarities with other competitors. Any name that already exists will be canceled meaning you can’t continue with the process. When coming up with a name they should pick something unique, short, and catchy. Look at brands in your niche for inspiration. Things to avoid include:
- Popular names
- Something difficult to pronounce
- Similarities with competitors
Find a location
One requirement that all Companies should meet is having a registered Address. This is for correspondence purposes For instance other businesses or Stakeholders can Send mail to this specific location.
While there is a growing number of people choosing to work from home having a professional Business location is important. Unfortunately renting an office may be Expensive. According to Statista prices of offices in London have increased in the last 2 years. If your budget is tight then a virtual address will do. Anyone looking to register a firm in the UK Should consider this cheaper Alternative. It allows one to remain professional and maintain privacy instead of using a home Address.
Submit documents
Now that you know your name and which address to use, ensure that all the documents are readily available. You have to upload these when listing a business online. Another thing to remember when figuring out how to register an agency in the UK is putting the details. This includes all company details such as:
- Address
- Contact details
- Shareholder
- Secretary
- Director
- Bank account
Opening a business bank account is a must. This should be how your company manages money. For limited enterprises, the bank account should be in the name of a UK resident. So it may be a challenge when starting. This may not always apply to sole traders and partnerships. To open a bank account you need your address, contact details, and filing number.
Contact authorities
With all the information, you can register with the Companies House. This is an organisation in which everyone operating in the UK should be listed. Sole traders only have to get certification with HMRC.
All businesses that are making profits are considered to be illegal if they are not listed. Failing to get authorisation is a breach of the law. It may result in huge fines and worse case closure. Important documents that you should submit include:
- Memorandum
- Articles of association
- IN01 form
These should be submitted on the website of Companies House. Each of these forms is important and contains different information. For example the article shows action shows all the legal requirements. IN01 form shows the basic business information. The Memorandum shows the liability of a business. This document is generated automatically when you do it online. It should be signed. Once it has been submitted, it is impossible to change it. So verify the details before submitting.
Check payments
So how much will it cost to register your business? It is quite cheap. The cost varies with how quickly you want to apply. It costs between £12-100 depending on the size of your business. For instance, for a small company, a fee of £100 may be enough for listing within 24 hours.
The online process is faster. You still have the option of visiting the offices in person. This tends to take more time, approximately a week or two. If you don’t want to go through the stress of doing everything by yourself then using agencies is an option. They can do the process for you at a fee.
Final thoughts
It is important to list your business Before starting in the UK. The above steps will make it easy for anyone looking to start a Company. Each step is important as it allows you to avoid making common mistakes. Remember to pick a catchy name find an Address and Gather all the necessary Documentation.
Now that you know how to Register a business in the UK nothing should stand in the way of Success. With these tips, you will be able to avoid any fines down the line. If you are still unsure then professionals can be of Assistance. It just takes a few minutes to set up your Company.
