Running your own business is not an easy task. Company registration process is even harder for someone new starting out in this field. Even though the process is much easier these days, you still may need professional guidance. You can register your business as a sole trader, limited company or partnership firm.
Requirement of Permits and Insurance
Starting a business comes with a lot of responsibilities. There are some permits and licenses, which you require for the registration of your business. These are following:
- You need to have special licenses or permits, if needed, depending on your business. For example, a license to open a restaurant or a retail store. You can contact your local authorities to get information regarding licenses and registration, according to local laws
- It is also essential to get insurance for your company to secure your business from unforeseen losses
Ways to Register Your Company
Registration of a company depends on the local laws governing your area. However, we have mentioned some widely followed ways to register a business concern. These are:
- Registering your company online
- Registering your company by post
- Registering your company through an agent
Deciding if Your Company Should be Limited
It is the most obvious and the most important thing. Deciding what would be best for you before making any permanent decision is essential. If you can’t decide, you can hire an agent or take professional guidance. The agent will suggest you what is best for you.
Choosing a Good Company Name
A good company name can be a bonus to the business. People choose the name of the company in a rush and then, later on, regret their choice. To avoid it, you can take help from professionals in this field. The most important thing to keep in mind when naming a company is that the name should be different from other companies.
Assembling the details to register a company
There are many pieces of information that help in the company registration process. You can assemble important information like:
- The company name
- What the company plans to do
- Shareholder details
Company House Approval
After assembling everything needed, you need the Companies House approval. You cannot register a company without the approval of the Companies House.
Company’s First Board meeting
Once you are done with choosing the name of your company and have the approval of Companies House you’ll need to hold a board meeting of directors. The meeting will be helpful to cover the necessary formalities. It is best to do in the beginning days of your business. This will help in the company registration process.
Registering a company can be difficult for someone who has just started a business. If you need to save time and energy it is better to hire an agent. An agent knows better and can help you out. He can tell you what is best for your company, which will result in the most convenient company registration process.