What You Need to Know About Company Formation in UK?
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United Kingdom is the best place to start a new business. There is always scope for a bigger market and success here. The regulation process is simpler and entrepreneurship is encouraged by the government and the banks. But to start any business venture you must give sufficient time in doing the perfect homework and preparing for the project. Learn a much as you possibly can about the issues that might be important you for the business set up. The first thin that you require to do business in this country is to possess a valid address in the country. Address proof is essential before registration. The registration process itself is the second most important thing that is to be done for your business. Registration can be done in the Companies House or online. But the registration process will not be complete if you do not fill the Memorandum of Association and Articles of Association forms. The Form 10 is important because it will specify the details of the organization like names of the secretaries, officers, directors, investors etc. of the company.
Law here specifies that the incumbent company must have at least one secretary and director. One person can look into both the aspects but you will require a second director then. You must also mention the liabilities of the company and the type of the company that you have planned to form. It can be a sole owner company or partnership firm or a limited company. The agreements have to be signed by each and every person of the company. A solicitor should be present when the form is signed. The next step is to register with the Inland Revenue and you will be liable to Class 2 NI Contribution of 2.05 pounds per week. No company will have to pay VAT unless they complete one year in business.
Often people do not understand the details of the laws and the regulation. They might take help of the authorized registration agents. Most offer complete online services so that you can complete the whole process from the start to the end with utmost urgency and comfort. They also take care of all the documentation and the legal angle of the matter. For example, at the time of the registration a person receives various documents like Certificate of Incorporation, Articles of Association, Memorandum, First minutes, Share certificate and Combined Register. The agents will make sure that you do not miss out on any particular detail or document that might cause problem later.
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Source by Michael Novik