If you are planning to start your own company in the UK, there are many legal formalities that you have to undertake. One of the many legal procedures that are required in the formation of a company is the company registration.
Now, registration is the first and integral aspect in the formation of a company in the UK. Registration gives the company a legal existence through which it can carry its trade or business.
When a company is registered it becomes a legal entity, distinct from its owners and it can carry business in its name. It can enter a valid legal contract with a third party, sue and be sued and have rights quite similar to an individual.
So here is a list of five things that you must know about company formation in the UK:
1. Types of the company: When you are about to start a company you have to categorise it. It means you have to determine the nature of your company based on the business you wish to carry. Broadly speaking there are eight categories in which you can get your company registered, these are :
- Limited company,
- Company limited by Guarantee,
- Charity company,
- Property company,
- Multiple share company,
- Limited liability company,
- Right To manage company and
- Public limited company.
2. Name of the company: First of all, the name of your company is critical, and it must be something that customers can understand and relate to the kind of business you do. Secondly, you have to check the availability of the name you want. If there is no other company already registered in that name, you can have it, else you have to change, modify or even think of another name for your company. A company name is also important because it will be your brand name through which you will be recognised and develop goodwill.
3. Documentation: A lot of legal formalities and documentation are required to be done when you are trying to form a company in the UK. All such documents have to be thoroughly verified before presenting them for company formation.
4. Filling of application form: You have to fill an application form before submitting it with all the required documents. The application form contains all information like company name, the address of its (to be) registered office, type of company, partners in the company, capital investment, share of each partner and summary of the statement of accounts. You must fill in all the information carefully otherwise, you can lose your registration.
5. Fees for Registration: There is a registration fee that has to be paid while applying for registration. Such fee depends on nature of company you wish to register. You can make the payment by cheque or bank note or cash/ card which every mode is convenient.
Well, by now you know the kind of formalities that are required to register a company. Registration is just one step in company formation. Various legal formalities and documentation are needed to be done for company formation in the UK.
But to relieve you from all these botheration you can take the help of quality company formations; they provide quality service in registration and company formation in the UK.