There are so many untapped opportunities that entrepreneurs can leverage to make money and build a reputable brand, especially in the UK. But to do so, you will need to register a company before you start rendering services. The common pathway for entrepreneurs in the UK, who have long-term projections for their business, is registering their own limited liability company.
In this article, with help from YourCompanyFormations, we will be writing about the steps you need to follow to register a UK limited liability company.
Benefits of Owning a Limited Liability Company in the UK
You can access grants, loans, and other types of public funding to grow your business. Also, personal assets are protected in the event of any financial issues that may warrant liquidation. It is also possible to sell shares to raise the funds you need to expand the business in future. Regardless of the size of your business at inception, it is advisable to register a limited liability company. Here are the steps to follow to register your company…
1) Choose a Name for Your Company
To get this done, you will need to do a search to ensure that no other company is known by the name you have selected. Here’s a tip, the name you choose for your company should be short, easy to remember, and related to your business industry.
2) Indicate the Company Information
At this stage, you should indicate information such as the address of your company, branch addresses (if any), contact information, and any other details that may be specified on the application form.
Please note that the company address you enter must be valid, and a place where the mentioned directors in your company can be visited should be included also.
3) Create a Corporate Structure
After choosing a unique name for your company, the next stage is to create a defined structure. It should feature the positions to be occupied, names (chairman, director, managers, etc.), and hierarchy.
Identify the shareholders and directors of the company. You can then move on to write the articles of association, which defines the operational methods that will be used to manage the business.
4) Allocation of Shares
The shareholders and the shares they own in the company must be identified. You can issue one share to each shareholder at the price of £1, and this value can be reviewed in future when you have more time to think about it.
5) Register with a Companies House
The Companies House will be responsible for assessing your application to register a limited liability company. This may take a few hours if you submit your documents in the morning. After evaluating your filed documents, you will be notified by email or telephone if the application was successful or not.
Please note that there may be delays for reasons such as…
- Entering the wrong information in your application
- Difficulty in confirming the information stated in your application document.
- Issues with your payment.
These problems are usually sorted out quickly so you shouldn’t have any worries. We would recommend however that you use the services of an agent such as yourcompanyformations.co.uk to help you set up your company, as they have experience in making the process proceed as smoothly as possible.