How to Register a Company in the UK and How Long It Takes

The United Kingdom (UK) is one of the world’s biggest economies and an attractive place for global entrepreneurs. This article will show you how to register a company in the country and conduct business in its huge economy.

UK Company Registration: Why Is It a Good Idea?

• A robust economy. The UK has a gross domestic product (GDP) of over $3 trillion and continues to grow at a healthy rate.
• The UK is ranked 8th for ease of doing business by the latest World Bank.
• You can set up various types of company structures, depending on which one is the easiest to manage and most tax-efficient for you.
• Tax incentives, subsidies, and other perks are available to domestic corporations.
• UK-based firms are respected globally by fellow businesses, customers, and suppliers.

A Variety of Options for UK Company Registration

Sole Trader

A one-person business where the owner has unlimited liability, meaning they are personally responsible for losses or debts accrued by their firm.

Partnership

This is when two or more people agree to start a business and share the responsibility for managing it. The partners are personally liable for debts or other claims against their firm.

Limited Liability Partnership

A type of partnership where the owners are only liable to the extent of capital they invested in the corporation.

Limited Company

The enterprise has a distinct legal identity from its shareholders, meaning they aren’t personally responsible for debts accrued by it.

Private Company

A closely-held corporation controlled by a select group of shareholders.

Public Company

Shares of the corporation can be sold to the public on a stock exchange. These companies must provide regular financial reports and disclose business-related information to the public.

Registering Your UK Business Stress-Free

The steps to register a company in the UK include the following:

Choose a Company Structure

Select how you want your business to be structured from the abovementioned options.

Pick a Name

A name is the first thing that differentiates that sets you apart from the competition. Select a name that hasn’t been taken by another corporation — you can confirm this from the companies’ registry — or isn’t similar to an approved trademark. The name must also not contain vulgar language or suggest a relation to government or local authorities without proper permission.

Choose Shareholders, Directors, and a Secretary

Every UK-based corporate entity must have at least one shareholder and one director. Directors are responsible for managing the firm’s affairs, including filing financial and tax reports, setting strategy, and handling day-to-day operations. A shareholder is a part-owner and may be involved in day-to-day operations.

A company secretary is responsible for administrative affairs like taking meeting notes and advising the directors on how to comply with the law. This isn’t compulsory except for a public company.

Fill Application

You must fill a Form IN01, which is the application to register a corporation. This form demands information including:

• Proposed corporate name.
• Details on all directors, shareholders, and the secretary, including residential addresses and contact information.
• A registered office address.
• Statement of share capital.
• Memorandum of association: A document signed by all shareholders acknowledging their intention to register a firm.
• Articles of association: A document stating the rules that the firm will be governed by.

If you don’t want to go through this process by yourself, you can hire Osome to handle it for you and save you a lot of stress.

What Are the Best Entrepreneur Visas in the UK?

• Start-Up Visa: This Visa is open to people that want to set up an innovative business in the UK. You must show that your business is a new idea and has growth potential.

• Innovator visa: Open to people that want to set up an innovative business in the UK. It requires endorsement from an approved endorsing body.

Conclusion

We have outlined the steps required to register a company in the UK. If you don’t want to go through the stress of following them yourself, you can enlist Osome to handle it for you.