How do I set up a limited company?
Are you ready to take the next step in your business journey? Setting up a limited company is a straightforward process in theory, but we’re here to help you figure out how to make it as smooth as possible.
Before working through the legal steps, take some time to consider whether a limited company is right for you. Discuss your plans with your accountant who can give you some advice, talk through the advantages and disadvantages, and even process the application for you. Following a discussion to go through what you need, we can do all the form filling while you relax in the knowledge that everything’s being taken care of.
If you don’t have an accountant and you’re not sure if you need one for your small business, read our blog to find out some of the benefits of having an accountant for your business.
So how do you set up a limited company? You can begin the process directly with Companies House, where the online system will lead you through the steps.
Setting up a limited company
First things first – choose a name. There are rules you need to follow when choosing your company name, so make sure the one you choose is suitable.
There also may already be a company with the name you have in mind, so check the register and find out if it is already taken.
Next, decide who will be the Directors of the company, if you would like a company secretary, and who the shareholders will be. It’s important to seek out more advice here to ensure you’re following a process that will make things more straightforward in the future. Get in touch with us if you would like some professional advice on how to set up a limited company.
Companies House
The model articles at Companies House only allow a single class of shares, so any additional classes would require a different set of articles. It’s much more beneficial to do this at the start of your journey than it is to do it later, so make sure you get the correct advice to ensure you are set up in the most tax efficient way. Make sure you identify anyone who has significant control to detail this at Companies House.
Companies House can also provide some essential paperwork. If you do not require any special documents, a memorandum and articles of association can be easily requested. You will also need to consider keeping registers related to your company up to date. Details of directors and secretaries, meetings and resolutions, shareholders, and people with significant control are some of the most important registers to keep track of, and keeping these up to date is essential.
Finally, when registering your office address, you can add a degree of privacy by using your accountants’ address instead of your residential address.
Now you’re ready to set up your company! If you’d like more information on the next steps in the process, we’ve put together some tips and advice on some of the most important things to consider after setting up your company.
If you want peace of mind to ensure you’ve not missed any steps in the process, or want to talk through your future plans, leave a message with our expert team. Or let us take care of the whole process for you – we’ll fill in all the forms so you don’t have to!