A Sweet Insight Into The Process of Company Formation in UK

 Do you have a killer business idea?

Yes.

Now, do you wish to take it to the market?

Yes, but feel reluctant and unsure on how to get about the whole thing.

Don't worry. If you have a business idea and have the skills and potential to take it to success, the other part can be easily taken care of. Though not so easy, there is little formality you need to complete. You have to form your company and register it as well in the UK. Want to learn more about Company Formation in UK?

Yes.

Then, keep reading.

For starting your company, the first thing you need to do is to choose a business structure and formalize it into a company.

Choosing the company structure: Most of the businesses starting in the UK will first begin with the private limited company format. This structure presents an excellent way to manage your taxes. The second benefit you get with this structure is that your personal belongings and assets like your house or your vehicle are not at risk with the private limited company structure. That’s why this structure is associated with limited liability.

The second step is registering the company name

Registering company name: Now, you have to choose a name for your company that should be unique. In other words, no other company, previously present in the UK should already be known by the name.

What you can do to choose an attractive and unique name

Explore your niche and check what consumers will be most interested in. It is best to name your company with the most coveted identification a consumer will have for your services or products. Use your competitor's name as an inspiration. This also means that you will leverage the benefit of targeting their audience that already recognizes their brand name.

Always choose a meaningful name that people can remember. Additionally, keep it short so that it fits into the consumer’s memory. It should be easy to spell and speak. Not to sound like a tongue twister but just roll out of it.

Formation package: The next step is to choose a company formation package

●       E-Formation (£9.99)

●       Essential (£19.99)

●       Entrepreneur (£59.99)

●       Super (£89.99)

You need to fill all the company information in Companies House

It includes:

●       Registered office 

●       Company directors

●       Shareholders

The next step is to allocate company shares. The easiest and simplest way to do it is to put every share at £1.

Now, you need to fill and sign a complete memorandum alongside the articles of association.

Lastly, you have to submit all the completed documents, duly signed by the directors and the other officials of your company to Companies House and HMRC.

To learn more about Company Formation in UK, or to get official or legal help for the same, reach out to the experts at S&S Accounting and Business Services.