Setting up a New Company – Easy or Complex?

Most people who set up a new company are first time entrepreneurs and vulnerable to mistakes. Though the process of setting up a company in the UK is simple, easy mistakes are a frequent occurrence in many cases. Some register a limited company with shares when they actually intended to incorporate a limited company by guarantee. Some others issue the complete authorized share capital on starting a new company instead of the wiser option of issuing just a few shares. While committing such mistakes is easy, the process of reversing them can be costly and tedious, calling for professional help from a company formation services agency. Companyformations24.7 offers knowledge and resources to people wishing to set up new companies, for making informed decision and preventing mistakes as well as saving money and time required to rectify them. Its online services are offered 24 hours a day, 7 days a week at companyformations247.co.uk.

One can acquire professional guidance and information on many aspects critical to setting up a new company – different types of companies; appointment of a company director, secretary and subscribers through nomination; role of Companies House and duties of formation agents; banking formalities and VAT and corporation tax registration. Resources and guidance on running the company such as maintaining statutory books and records and setting up a virtual office are also available.

Traditionally, paper forms were used to set up a company; however, modern online electronic format to set up new companies is much simpler and faster. Forms 10 and 12 are used to appoint directors, secretaries and subscribers. The form 12 is then signed and the registration application is sent to Companies House for approval. The official time to set up a new company in the UK electronically is 5 business days, but in most cases the process is completed within 3 hours of application submission. Most company formation agents guarantee same day company registration for an additional fee.

Some of the key aspects to be considered and to be set right from a legal perspective to set up a new company are:

• Putting together an application with all necessary forms and documents, duly signed, to the Registrar of Companies.
• Obtaining the certificate of incorporation indicating registration of the business.
• Setting up a proper registered office for the company and displaying its address and registration number on all official business communications, which is mandatory.
• Displaying the company name on the outside of all offices and on all business stationery such as letters, invoices, cheques and receipts.
• Contacting HM Revenue and Customs (HMRC) to inform them about the company’s existence and to obtain information on company tax.
• Paying corporation tax, personal income tax and national insurance contributions for employees on time.

If the company has an official website, it should display the company name, registered office address, location, company registration number, VAT registration number, place of registration and email address for contact.

The process of setting up a new company and running it properly involves several more complex registration, documentation and operational issues. Contacting Companyformations24.7 for online professional guidance would be a wise decision.