Principles of Setting a Company

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United Kingdom is the ideal place to start a business. The political condition is highly stable and even during the recession, the economy of the country too continue to thrive  and above all, the law of the land also considers the company and the individual to be a separate entity and this enable the personal assets to remain safe in case something happens to the business. Setting up a business in the country is relatively easy, one just need to know the proper way of doing it.

In order to start a company in the United Kingdom, one need to register a company with the Companies House. One should prefer to do the process through online site. The best thing about the online business startup is that it also provide constant support from professionals and you can be immediately assisted in case something goes wrong. The most important of all, these professionals can help an individual to go through even the minute details of the process.

Before the process of company set up starts, there are two momentous decisions that need to be made. The first decision is whether one want to avail of the corporate status to the company or simply want to register the company under UK Companies Act. Then, one must consider the name for the company. The name must be unique and the same name can not be used for the two companies. So it is better if one take out the list of already existing names from the Internet.

In order to make the registration process easier and faster, one should take the online option at the time of the company set up. Depending upon how busy the company employees are, the process can take as much as 4 to 5 days to as less as 45 minutes. Many ready made companies are also available for sale. Buying such a company can save one from a lot of trouble.

Then, one need to go to Companies House and fill out the Memoranda and Article of Association. The registration process requires one director and one secretary in the company. One person can act as both secretary and the director but then, the company need to have more than one director. It should also be decided whether you are going to be the sole owner of the company or going into partnership. In case, one is going to start a new business, the best thing is to start it as a sole owner.  

Then, one has to register with the Inland Revenue as self employed and will have to pay income and company tax at the end of year. Other taxes such as income and corporate taxes also need to be set up to start a company. However, one does not need to register for Value Added Tax until the business reaches a turnover in 12 months.
At the companies house, one has to fill Memoranda of Association and Article of Incorporation. A Memorandum of the company includes name, situation and liabilities of the company one is planning to form at the time of the company set up. You have to fill the basic information regarding a company's officers including secretary and director. The form is available on the Internet and can be purchased from the office through mail.

In case, one is not sure about the process of the registration, do not forget to take the help of professional agents. The basic services that every company provide are VAT Registration, Company Formation, Accounting Services and Forwarding Services.

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JasmineDesuja has 28 articles online

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Principles of Setting a Company

This article was published on 2011/10/15