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Company Formation – Steps to Form a New Company

April 16th, 2012 · No Comments

If you have a great business idea and are ready to start a company but are unsure of where to start, it’s important to start looking at the legal process required in the UK for company formation. This involves the incorporation of a business using formal paperwork, also called company registration. While this is a fairly straightforward process, it is necessary to follow all relevant UK company legal procedures to ensure that your company is up to date in terms of taxation and other factors. Under UK company law, a company is considered to be a separate entity to the business owners. In most cases, you can register a UK company electronically.

There are numerous entities that can form a company. This includes specialized agents, accountants, solicitors, and individuals, for examples. There are company formation agents that make the process run more smoothly for business owners, with reasonably priced packages. On the other hand, if you wish to file your paperwork with the Companies House directly, you will need to still pay a registration fee. It’s best to look at all of these various options before you start filling out your paperwork. Be aware that you will need to also pay extra to have documents notarised and certain documents will need to be prepared by a solicitor or accountant.

If you plan on going through your company formation via the paper method, you can expect the process to take up to four weeks, whereas a company can be formed and registered on the same day if it is done electronically through an agent. To get started, it’s a good idea to look at the specific documents that you need to file. One is the Articles of Association, which is a document stating the rules for the running of all internal affairs within the company.

Another form that you need for company formation is the Form IN01, which contains personal details of the directors and secretaries of your company. The Memorandum of Association is a further document necessary for formation, which contains the names and signatures of all subscribers wishing to help form the party. When filing these forms online, you can use software compatible with the Companies House eFiling service. By using an agent, you can utilize this software and have direct links into the Companies House to make the transmission run more smoothly. These are just a few things to think about when deciding whether to file with the paper method or electronically.

 

 

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