Doing your Business Registration in UK is very simple and easy with this in-depth guide. I'm a big fan of the UK, but if you're looking to start a business there, you'll want to brush up on your knowledge about the kinds of businesses you can register and what the registration requirements are. I've compiled a list of resources here that should help get you started.
In this article, I will also show you a step-by-step guide on how to do your business registration in the UK with both a pictorial guide and video guide; Feel free to ask me any questions in the comment section if you have any.
Types Of Business In The UK
You will need to decide what type of business entity you want to register. There are four main types:
- Sole trader
- Limited liability partnership
- Limited company
- Joint venture
Registration Requirements In The UK
Business registration requirements in the UK are straightforward, but you must follow the steps listed above. You cannot skip any steps or omit any documents because doing so will cause delays or even denial of your application.
The first step is to choose a business name that complies with the laws of England and Wales (if you want to register in Scotland, it must comply with Scottish law). A good way to ensure this is by checking if there are other companies using similar names before applying for one yourself.
Once they receive your application, they will send out various documents that need signing such as Certificate of Incorporation; Memorandum and Articles of Association; Nominated Officers' List; Director's Declaration Form; Statement of Capital; Notice of Registered Office Address Change Form; Appointment of Secretary Form; Certificate from Proprietorship Authorised Person Form, etc.
They will also inform HMRC about registering your company within 14 days after receiving all these documents back signed by all directors/ shareholders who have agreed to take up directorships positions within this new venture enterprise after incorporation has taken place successfully on their part as well!
Compliance Requirements In The UK
In addition to being registered for VAT and paying income tax, you must also be registered for corporation tax if your business is limited. If you employ staff, then you'll need to register for National Insurance (NI).
A business's registration requirements are determined by its turnover. For example, businesses whose turnovers are less than £85k do not have to pay VAT but they must still be registered with HMRC.
Conducting A Company Search
A company search is a process that will allow you to determine the information about the company or its directors. You can conduct a company search from your home or office, which will take only a few minutes!
The benefits of conducting a company search are many:
- A search gives you information about the current status of your potential business partner, such as whether or not they're bankrupt or if their accounts have been frozen. You will also see what other businesses they own, helping you decide if this person is someone you want to work with.
- If there are multiple people involved in running your new venture, conducting an easy-to-use business name search (also known as a D&B Company Search) will tell you all about them too! This way, when making decisions regarding hiring and firing employees later down the line (and other important things), everyone knows who exactly they're working with.
Read up on Business Registration Requirements in the UK.
You'll need to register your business with the appropriate government agency. This can sometimes be a confusing process, so we've created this guide to help you make sure that you're going about things the right way.
- Read up on Business Registration Requirements in the UK
- Do some research on how to register your business with government agencies in England and Wales
- Look into what kind of business registration agencies exist within Scotland, Northern Ireland, and Ireland (if applicable)
How To Register Your Business in the UK [Step By Step Guide]
Visit: 1stFormations.com and search your business name availability as explained in the video and also on the image below.
Once you have searched your name the system will check the entire business directory in the UK on your behalf and see if the selected name is available for registration.
If the name is available for registration, it will display on the screen and you can proceed. This is an example of what it looks like when your business name is available for registration:
Step 2. Choose A Business Package
Here you are going to select the type of business you want to register in the UK. By default, if you are from the UK, the following packages will be what you should choose from:
Note: If you are not a UK resident, you will need to select the ‘NON-RESIDENT' tab and choose a package from there. See the image below:
Step 3. Review Packages and Extra Services Needed
At this point, you will need to carefully review and add or remove services that are necessary for your business. See the image below:
Once you are done selecting your package, proceed to checkout and make your payment. After payment, an account manager will be assigned to you and he/she will help you finish the remaining registration process.
FAQs About Business Registration in the UK
Do I Get a UK Business Registration Certificate?
How Much Does UK Business Registration Cost?
UK Business registration cost depends on several factors; for instance, If you are a resident, then you will have several registration options to choose from and the cost is dependent on the package you choose.
Meanwhile, non-residents have a default registration price of 124.99 and also, and you can add additional features and services to your business and that will also add to the default price. Visit 1stFormation for more info.
So, to answer the question, ‘It all depends on the type of business package that you decide to go for.
How Long Will It Take For My Business To Be Registered in the UK?
Your Business registration will be completed within the week or month depending on the queue.
There you have it. This is everything you need to know about business registration in the UK and also the 3 simple steps to register business in the UK. If you're looking to register your company in this beautiful country, then you should be fully aware of all the requirements and processes that may take place.
Let me know in the comments if you have any questions about UK business registration and I'll do my best to answer them all.
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