Setting up a new business is not complicated anymore. Due to the presence of a lot of information about the UK laws, you will be able to handle all your confusions in this regard. The business registration process starts with filling the initial papers and then the process continues. If you follow all the steps in a smooth way, you will not have to face any issues in the process. Here are some steps you need to know for business registration:
Step 1: Identify your goals:
Each company is created with certain goals. These goals are created or identified by considering the important concepts that will be executed with that company. Before the process of business registration starts, you identify whether the plans are according to your goals or not.
Step 2: Select a name:
After identifying that it should be a private company or not, the next thing to do is to select an appropriate name. According to the laws of the UK, the name of the company should be select in a way that it does not match with the name of any other registered company.
Step 3: Complete the required documents:
The business registration is completed only when the company has all the required documents. These will include the name of the company, address, details of the shareholders and other company details. This step will also include the preparation of the legal documents.
Step 4: Get approval from the Companies House:
After preparing all the legal documents and gathering all the required information, you have to send these details to the Companies House. The main purpose of sending this is to get the approval that is a compulsion to make the company legal. The fee charges for the business registration process differs in different situations.
Step 4: Board meeting of the company:
The approval from the Companies House is the indication that your company is now being registered. You can now work with the individual identity. After this approval, the first thing you have to do is to arrange a board meeting for your company. All the directors will attend it and cover up some initial issues and concepts that need to be implemented in the company. Further plans related to the working can also be discussed.
Step 5: Setting up company books:
The business registration process is still not completed until and unless the company does not have a proper process of maintaining company books. These will include registers of directors, secretaries, director’s residential address, members, allotments of shares, share transfers and mortgages & charges.
By following the above steps, you will be able to complete a proper business registration process. After the completion of this process, there are a number of important tasks you need to perform. These will include the setting up of bank account, registration with PAYE and HMRC and setting up a website etc.