Covid-19 has left everyone without any choice but to stay home or work from home permanently, looking for new ways to pull in some extra cash. You might be one of those who have been sitting on an idea and who would like to make that idea official, and with the help of a few friends or partners, you would like to register it online.
There are a few simple steps that you can take that are easy and can take as little as 24 hours to be loaded online.
You will need to decide on a name and then check to see if it is available or too similar to any other businesses. You can contact a company name checker to see if you can use your idea and if it is open, you can start the process on the Companies House website. Once you have filled in the forms online and paid the fee, you can submit it to the Company’s House for review. It can take as little as 24 hours for the Company’s House to confirm if its name is registered and then proceed to the next step.
Choose Directors, Shareholders and other significant stakeholders.
You now need to decide on who does what in the company, but take note that even if you have appointed these people, you do not have to select a company secretary. Just ensure you know who the people are that will have more than 25% voting rights before you add them to your company’s paperwork for submission.
You need to prepare an article of association or a memorandum of association.
These two essential documents are a crucial part of setting up a limited company. This step includes filling out a multi-page document outlining the rules and restrictions of how the company will be operated and run by the appointed individuals.
Final Document Check-in Before Submission
Now that you have worked out the essential details, you will need to sort out the final documents to keep a legal record of your decisions regarding the company set up. It will help to keep a clear description of the intent of your set up. Most online registration sites offer free company formation, but you want to go with the most legitimate site to ensure no loopholes. The following information will be submitted as part of your registration process:
- directors, shareholders and anyone with voting power above 25%
- Voting results between shareholders can determine the outcome of important decisions.
- Financial information of private investors and the terms and conditions of loans that the company will repay. This information will include a time frame and the liability clauses if something goes wrong and blame the company.
- Asset finance against the company
Once you are ready to submit all your paperwork, you will need a SIC code and an address to register along with it. The SIC code will let everyone know what it is that your company does. It would also be an excellent opportunity for you to register for corporation tax with either the Company’s house or with the HMRC. Registration can be done online and can take less than 24hrs to reflect as registered if you have submitted all the documents along. Just make sure to keep it all in a safe place once your registration is complete.