It’s important to know the process when you set up a limited company. This article will explain the steps you need to take to set up a limited company.
Step 1 – Make sure a limited company is right for you
The legal structure of your business is important and you need to make sure you choose the right one. It will determine tax rates, liability protection, paperwork requirements and more. A limited company is a separate legal entity from yourself and will protect your personal assets due to limited liability, could be more tax-efficient but does require more admin work compared to sole trader.
Check out this article for more information on a limited company vs sole trader.
Step 2 – Choose a name
Once a business is registered as a limited company with Companies House, that name or anything deemed similar can’t be registered as another company name. This protects a company’s Identity.
With that being said the first thing you need to do is check to see if your desired company name is available to register. You can do this using our free company name checker here.
Step 3 – Choose a company formation bundle and any extras
Once you have your company name that’s available to register, you need to pick a formation bundle that suits your business. You can go through Companies House which offers you a standard company formation that costs £12.
However, if you want more than just a company formation, such as a business bank account, contract creator, accountant, or registered office address service, you’re probably better off using a formation agent.
We have different company formation bundles suitable for all types of businesses. Starting from just £9.99, t you can pick and choose from, or choose a more robust bundle that has everything you could need. Click here to see for yourself.
Step 4 – Complete your application form
Once you’ve picked your formation bundle and any extras you might need, you’ll need to complete your application form. This includes the details for your company such as shareholders, PSC’s and company secretaries, as well as the registered office address and any AML checks needed.
We’ve simplified our application form to make the process as quick and easy as possible, plus our expert customer support team are on hand to answer any questions you might have.
Step 5 – Start doing business as a limited company
Once your application has been completed and submitted, your company could be registered and ready to trade in as little as 24 hours depending on Companies House’s workload. Once registered you can actively trade under your company name.
So now you know the 5 simple steps on how to set up your own limited company, remember that our customer support team are on hand to help at any point either via telephone on 0207 129 8651 or by email at firstname.lastname@example.org. Click here to go straight to our company name checker to see if your company name is available to register.