Planning to open a company in the UK? Well, there is a specified process to open up a new company in the UK. You need to comply with all the laws. Setting up a company in the UK will mean:
The company is legally separated from the people who run it.
The company has separate finances from the personal one.
The company is able to keep all the profits after paying the right amount of tax.
Things you need to know before opening a company:
If you want to open a company, there are certain things that one should focus on in order to make the process effective. To open up a company, you should focus on the following:
1. A name for the company:
There is a need to specify the name of the company you are planning to open. However, you cannot just randomly select a name. The name of the company must be unique, and should not match any other registered company in the UK. If the name is too similar to that of some organization, you should not use it in the case of any complaints. There are two situations that should be avoided during the selection of a name. The first condition is the use of same or identical names. These are the names that have only a slight difference of comma or a word in them. The next condition that should be avoided is the 'too like' names in which the only difference is of spellings.
2. Selection of the company address:
Another thing to consider when you are about to open company is to select the legal address of the company. All the correspondence and communication will be done on that address. The following are the conditions for a company address:
The address must be physical in the UK
The address must be in the same country where the company is being opened up
A P.O Box can also be used with which there would be a need to include a physical address and a postcode. A home address can also be used for this purpose.
3. Specification for the directors and shareholders:
For starting a company, it is a must to have the directors and shareholder. There is a requirement of at least one director who will be responsible for all the workings of a company. Moreover, the directors will make sure that the accounts of the company are properly managed and prepared. The Director must be highly qualified. However, they don’t have to live in the UK; they can complete their responsibilities even if they don’t have an address in the UK.
These are the main requirements if you are planning to open a company in the UK. Make sure you have all the paperwork that will specify the ways in which work will be done in the company ready.