According to the Companies House statistics, available at CompleteFormations.co.uk, May 2010 saw 27,375 companies being registered in England and Wales, and 1,525 being set up in Scotland. The company registration process in the UK is very simple. However, it requires meticulous attention to details; the lack of which might result in the rejection of forms. Therefore, a potential entrepreneur would have to follow specific steps to register a company.
Register a Company: Requisite Steps
Follow these crucial steps to register a company in the UK:
* Decide on the business structure
* Select a unique and relevant name for the company
* Check the name availability on the Companies House name index
* Decide on an official address to be mentioned in the documents
* Formulate the company objectives
* Choose a director and secretary (if required by the law)
* Fill the Memorandum and Articles of Association
* Fill forms 10 and 12 (only form 12 in the electronic process)
* Submit all documents along with the required registration fee
Register a Company: Key considerations
There are certain must-dos when one has to register a company. Some of the key points to remember are:
Type of company: A company can be incorporated as a public limited company (PLC), private limited company (Ltd, Limited), limited liability partnership (LLP), limited partnership (LP), European economic interest grouping (EEIG) or unlimited company. This needs to be decided before filling up the forms.
Choice of words: The company name must be selected with great care. The name must be unique and must not resemble any other company name mentioned in the index at Companies House. An entrepreneur must be careful not to include words such as bank, building society, British, national, international, groups, holdings, Chambers of Commerce.
Method of submission: An entrepreneur can choose to submit the forms by mailing them to the authority or by via electronic method. Paper filing would require payment of £20, while software filing can be completed within £15.
Some of the other considerations for company benefits should be:
Formulation of a business plan: Companies House requires a synopsis of one's business plan. Additionally, drawing out a detailed business plan is crucial in terms of acquiring a bank loan to start a business. A comprehensive business plan also improves chances of success and reduces the probability of negative surprises.
Promotion: To ensure long-term achievements, advertising the company's product is imperative. This is an effective tool of launching a product in the market and also a good technique of heightening the excitement levels for the newly-launched or repackaged item.
Take the aid of www.companyformations247.co.uk to register your company quickly and cost-effectively. The skilled agents at Company Formations 247 have wide experience in helping businesses from all segments of the economy register their company in the UK.
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