Register a Company in UK
The process of company formation can seem overwhelming, but the truth is that it’s surprisingly easy. With the help of an accountant, you can legally run two separate businesses under one name. Companies House has different types of companies, so if you have an idea for a business, company formation by CoreAdviz accountants can help you get started.
Company limited by shares
There are mainly two types of limited company registration in UK. A company ‘limited by shares’ or ‘limited by guarantee’. This structure where registering a limited company by shares, is the standard form for a business in the UK. It allows for profits to be divided between shareholders and has the added benefit of limited financial liability. Shareholders can only be held liable for the value of their shares, protecting their personal assets. A company limited by shares is simple to set up, and most companies use this structure.
FAQ
Looking for an Accountant to Incorporate Company in UK?
In the UK, you can create a new company in many ways. CoreAdviz Accountants is the London based accountant company, can help you set up your business and assist in opening a UK corporate business bank account.
Depending on the type of company services you’re starting, the accountant can provide you with optional services of mail forwarding and legal registered address. It’s easy, affordable, and fast! Whether you’re planning a start-up business or a long-term expansion of an existing one, company formation by an accountant in London can help you get off to a great start and keep your books organised.
The process of registering a company is called “company formation”. A private limited company is a legal entity that is created after the submitted application for incorporation. It becomes separate from its owners and is responsible for its finances, assets, liabilities, and other matters.
Although there is no legal requirement that limited companies should be registered by using an accountant, there are many benefits to using one. These include the completion of your company tax return and annual accounts in included package. They can also help with tax registration for new businesses and appropriate agency authorisation.
Limited companies are more tax efficient. This allows for greater profitability. Limited companies pay 19% corporation taxes (as the current prevailing rate at writing), which is a significant advantage over sole traders, who typically pay between 20% to 45% income tax. They are also eligible for more tax-deductible expenses and allowances.
One shareholder can set up a limited company. Other shareholders may also be allowed to join. A limited company has the following advantage: The company is liable for any legal action or debts limited to the companies’ assets.
A company formation fee at Official Gov website in the UK costs typically between £12 and £40. We offer Free Company Incorporation services if you choose to use our accounting services included with optional registered address service provided by the partnered London office.
The registration process for a new limited company registration can usually take 3 to 6 hours depending on the workload at Companies House. We cannot guarantee that it will take less than a day, and in our experience, it has taken the next working day. If you decide to trade immediately, your company will be considered ‘active’ in one-two days’ time. You must register with HMRC within three months for corporation tax.
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Our Guidance on the “To do list”
As accounting consultants for the Company Formation business, we would suggest you the following steps for registration of the company by yourself.
Choosing a company name
In addition to an accountant, you’ll need to choose a name for your new corporation. Choose a name that’s not already in use by another business entity. It should be something that’s exclusive and distinguishable from others in the business world. If you don’t want to hire an accountant, you can also use the internet to check available names. Using an online service to register your company is a great option – and one that’s affordable, too!
Decide Official person and Shareholders of the Company
Limited companies are the most common type of company. They have a share capital and a set of directors. Shareholders are generally limited to the value of their shares, while a company limited by a guarantee does not have a share capital and no shareholders. Depending on the type of company you have, registering it at Companies House via post can take anywhere from eight to 10 days. By contrast, applications submitted online can be processed on the same day.
Share Capital and Articles of Association
Once you’ve incorporated, you must also prepare a Statement of Capital and Articles of Association. These documents detail the structure and value of the company’s shares. Then, you’ll need to file an IN01 application form with Companies House, the registrar of companies. Then, you’ll receive a certificate confirming your incorporation. And if all goes well, your new company will receive the license to trade in the UK.
