Planning to form a new company? You must have this question in your mind: How do I form a UK company? The answer to this question is provided in the following information. Company formation is a process in which a business is registered as a limited company in the UK. As a result, the business will be able to become a separate and legal entity. The process of company formation is also known as company registration or company incorporation. Whenever a company is registered, it becomes separate from their owner in terms of liabilities, finances, ownerships and contractual agreements.
Steps to form a company in the UK:
The answer to the question How do I form a UK company? Include the details of the following steps.
Step 1: Selection of a name:
The first and the most important step in the formation of a company is to select a name. However, this name must be unique in its nature. No similarity will be accepted. In some situations, the former company can file a complaint against a newly formed company if the names are similar.
Step 2: Specification of the company address:
Whenever a company is formed, it must have a specified address in the UK on which all of the communication either legal or personal, will be done. The address must be physically present in the UK. However, a PO Box can also be utilised to complete all the work. A home address of one of the directors of the company can also be provided.
Step 3: Appointment of directors and company secretary:
For the formation of a new company, it is a compulsion that it must have at least one director. That director will be responsible for all the workings. They will also make sure that the company has proper accounts and preparation of reports are done frequently. There is a specified criterion for appointing a director that includes they must be 16 or above and has the qualification of a director.
Step 4: The registration process:
After completing all the important requirements, there is a need to register the company. The required information needs to be provided for the completion of the process. The registration of a newly formed company can be done in various ways. The first option is to complete the process online by filling up an online application.
The second option is to post all the required documents to the Office of HMRC. Different time periods are required for the completion of the registration process with different options. Moreover, the registration fee will also vary. Apart from the above two options, you can also hire an agent or a third party software that will help you in the completion of the process.
The above information has clearly shown the answer to the question how do I form a UK company? The process will end up with the registration of a company.