From an array of tax benefits to documentation ease, the United Kingdom, unarguably an ideal destination to start your first company.
Over, the last one decade or so, the governments are aggressively working in the direction to attract entrepreneurs, and this has truly shown great results with the figure of startups soaring at a rapid pace. Several industry experts worldwide believe the barriers of setting up a startup are falling in Britain, right from the ease of business registration to simplified online tax filling procedure. Additionally, the tax authorities of the country today better understand with the problems of starting a company and its market survival, with tax exemptions. Today, in the United Kingdom, there is a plethora of helpful financial funding schemes for young entrepreneurs to follow their dreams. And, to mention, the rise of the incubator programs and the government support, is further fueling the startup ecosystem in the country.
How To Register A Limited Company?
In the present situation, the procedure to register a limited business in the United Kingdom is not a complicating process; a little help from your financial advisor can get your business registered without any sort of difficulty.
You can easily register a limited company with any employee size. Here, you as the owner of the business is also considered as an employee of the organisation, therefore, your personal and business income, both are two different things, and there is no direct relation while filling the taxes return of your organisation. Here, it is best to look for a qualified accountancy expert to keep track of your personal and business accounts; otherwise, you might run the risk of bankruptcy.
Now, coming to the steps required for business registration:
First of all, to register a company in any part of the world, you are required to select a name for your company. It is a big decision, ideally, the name of your business should be such it easily melts in the mouth, your potential customers don’t have to learn, and it should come naturally. It is often recommended that your business name should portray the nature of your product or service. You can seek the advice of your friends or relatives in the corporate world, but the name has to be unique as per the UK norms. Now, after selecting the name, your needs a physical address, since it can operate its business operations.
- In the United Kingdom, there is a requirement for setting up a limited company that it should at least have one director.
- To get your business registered as a limited company in Britain, you are required to bring one shareholder for your startup company.
- You should posse the articles of association.
- You need to set up your company for corporation taxes.
Though in the recent times, the government of the United Kingdom has taken measurable steps for business registration, but there are still many miles to go. As a piece of advice look for a business expert or a trustworthy financial adviser for legal assistance.