Process of Company Formation and Registration - How to Start a Company Fast in the UK

Coming up with an idea of starting a business by realizing any specific issue in society can be a way to use it for earning profits. Usually the process of starting a business is considered as a difficult task as it requires capital and contains some legal complications. But in the UK, there are several company formation services that can help people to utilize their business ideas give them a practical identity. Here are some steps of company formation and registration in the UK that can help you in doing so with ease.

Determine the Company Nature

The first and important step of company formation process is the determination of the business nature. Determine that either your business will be limited by shares or by guarantee. In simple words, that either you want to start a profitable business or a non-profit organization. As if it is limited by shares it means you are going to utilize it for earning profits and on other hand all the income that your business will generate will be reinvested to company.

Give it a Name

In this step you have to choose a proper name that can make your business different and recognizable in the market. Make sure that your given name is not same to any other business. It should also end with limited or ltd, and only can be same name with a little punctuation change if it is a part of the same group, otherwise it must be different one.

Define Hierarchy

Once you are done with giving your company a unique name, it is the time to appoint at least one director to run it operations. It is a director’s legal responsibility to run the business of company and manage its accounts properly. According to UK laws, the director must be over 16 and eligible for the director’s post. If your company is private limited there is no need of appointing a company secretary otherwise he should also be appointed. A secretary can be a director but can not be an auditor or bankrupt person.

Determine Stakeholders and Shareholders

A private limited company is required to have at least one shareholder. If you are the only one to invest in the company, than you are the beneficiary of 100% profits and revenue that your company will generate. In case your company is a not profit business depending guarantors, it must have at least one guarantor to invest in it. All the guarantors will be the member of company and can be the directors as well.

Complete Documentation and get it Registered

For the registration of your company in the UK you will need to arrange some documents including memorandum and article of association. These are the legal documents that will exhibit the agreement between shareholders or guarantors of the company for its formation and the mode of management and running business. along with these documents, you will also need the personal information about shareholders  and guarantors including their father name birth dates, town of birth, contact numbers and national insurance number to get your business registered with companies house to start your business operations. In this regard company’s address is also important thing that is compulsory for registering and communication with Companies House.

Furthermore, if you are facing issues with company formation process, WeAccountax a well-known Company Address Services provider in the UK, can help you in best possible way.