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Forming a Company in the UK
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Things to Consider When Starting a Business
Everything you need to know and do when forming your new company
Congratulations on making the decision to start a new business. With over 15 years’ experience in online company formation, we at @UKplc Company Registrations are all too aware of how daunting a decision this can be. We want the companies we form to grow and succeed, so we’ve put together a checklist of things you need to consider before registering your new business to make the process go as smoothly as possible.
Check your chosen name is available
Your new company is going to need a name. If you’ve already chosen a name, you can use our free company name check to see whether it’s available. If you’ve yet to decide on a name, we have some tips for choosing a business name.
Choose a company type
Most people will opt to form a private limited company. This means the company is legally separate from the people that run it, has separate finances and can keep any profits it makes after paying tax.
However, there will be times where this won’t be appropriate for you – you might want to form a public limited company (PLC), not for profit or charity organisation. Read our guide to different company types.
Decide how you are going to form your company
You can register your new company directly with Companies House online or via post or use an agent.
@UKplc Company Registrations is a Companies House approved formation agent. We offer a wide range of online company formation packages to suit a variety of requirements and budgets. Our dedicated and consistently highly-rated customer support is always included.
Get the necessary documents and information ready
To form a private limited company, you will need the following:
- A suitable company name
- An address for the company
- At least one director
- Details of the company’s shares – you need at least one shareholder
- To choose the relevant SIC code
- Shareholders to agree to create the company and the written rules (known as the Memorandum and Articles of Association)
- Details of people with significant control over your company, for example anyone with more than 25% shares or voting rights (this is known as a PSC or Person of Significant Control)
There are different requirements for different types of company – if you are forming a charity, not for profit, or PLC, you may need different information to hand.
Tell HMRC
HMRC will need to know that you are self-employed and you will take responsibility for paying your own tax and National Insurance contributions. You must register for Corporation Tax within three months of starting to do business. Your company may also be required to register for tax schemes such as PAYE (Pay As You Earn) and VAT.
For further guidance on your new business, download the @UKplc Company Registrations Company Start-Up Guide.