The United Kingdom has one of the strongest economies in the world. This is not something new – for many years the UK was among the most developed countries on our planet. According to many experts, it is expected that the United Kingdom will keep this status in the foreseeable future too. So, it is no wonder why there are so many people interested in UK company registration. They want to know how this process works.
UK Company Registration Process: An Introduction
If we have three words to describe the company registration process in the United Kingdom we would use these three words – transparent, friendly and accessible. This process is designed to encourage people to form new companies because after all, the new (and old) companies are driving the UK economy forward. It’s worth mentioning that in the United Kingdom, people don’t need special permission to start a business, but they might face some limitations when selecting company names. Additionally, specific types of businesses may need authorization or license issued by the authorities.
It is the Companies Act that sets the regulations and rules that one should follow when launching a brand new company, applying for registration or managing it.
The Benefits of UK Company Registration
As we have mentioned before, the UK company registration process is not difficult. What’s even better is that this type of registration can be conducted even over the Internet. Keep in mind that limited companies are probably the most common types of companies in the UK. There are a few reasons for that and the most important one is that in companies like this, company owners have limited liability. In other words, every personal asset they have is a property that is unrelated to the company’s property.
A Few Other Things You Should Know About The Registration Process
This specific process is associated with submission of basically four main documents. These documents must be presented to the Registrar of Companies. In addition, future company owners must pay the mandatory fees to cover the incorporation. The aforementioned documents include Form 10, Form 12, the Articles of Association and the Memorandum of Association.
Form 10 includes the basic information about the first director, the registered office and the secretary of the company. On the other hand, Form 12 is actually a statutory declaration that every requirement found in the Companies Act is met.
The Articles of Association include the information about the internal management as well as the structure of the company. Company owners can submit this document for printing it and signing it. This document comes with a date.
Finally, the Memorandum of Association comes with the name of the company, its object, info about the registered office, the capital of the company and the liability. Every company has a unique name. In addition, if you want to use specific words, you should ask for permission.
Once all these documents are gathered and submitted to the Registrar of Companies, you will receive a certificate which means that the UK company registration process is finished successfully.