- Let’s deal with setting up a new Limited Company
- Step by Step Process
This is a very straight forward process covered by the steps below:
- Select a company formations provider from a wide range available online or offline, based on the services and requirements you are looking for.
- Choose a company name – Typically have 3 possible choices in mind in case one (1) or more of your choice options is already a taken name.
- Decide who you want to appoint as a Director and Company Secretary – There are no limits to the number of Directors you can appoint but you can only appoint one (1) Company Secretary. However you also have the option to be a sole Director and also hold the position of Company Secretary as well if you have no business partners, or do not require any additional Company officers.
- Detail who your shareholders will be – These do not necessarily have to be limited to the listed Directors. These can be anyone with a direct interest in the form of investment in cash or kind or influence.
- State the number of shares that the company will have – Most startups start with 100 shares and the value of shares is valued according to the amount of capital the company will start with (Directors investment) e.g. Starting capital of £1,000 will give a single share the value of £10 (Nominal Share Value).
- Prepare Memorundum and Articles of Association – This details the activities of business that the new company will undertake and how the business will operate. These would be prepared by the Formations provider on behalf of the client. The client will simply need to detail the business activities they wish the company to be able to cover.
- Register your Company
- Register for Corporation Tax with HMRC once your company is formally registered.
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