The year 2009 saw 233,770 business registrations in the UK. The company formation statistics, according to Companies House, shows the establishment of 162,329 companies by May 2010 (as mentioned in CompleteFormations.co.uk). The reasons why entrepreneurs choose the UK for starting a business are essentially two: firstly, the ease with which the law allows business registration; and secondly, the political stability that facilitates tremendous growth.
Business registration is not a difficult task but definitely a time consuming one. Moreover, the electronic registration process, which is quicker and easier than the traditional paper filing procedure, requires the intervention of an authorized agency.
Business Registration: Points to Remember
The following are certain points that an entrepreneur has to religiously remember in order to complete the business registrationprocess:
Documents: The documents that have to be submitted to Companies House, the sole authority that takes care of company formations in the UK, include:
Memorandum of Association
Articles of Association
Forms 10 and 12
Appointment of Officers: The company must choose a director who would be responsible for running the every day matters and taking important decisions for current and future benefits. The director’s name has to be mentioned in the documents. A private business house can appoint one director but a public company has to have two directors. Again, a private firm may or may not have a secretary but a public concern has to have one. In a company limited by shares, one shareholder is a must. This shareholder can double up as the director.
Company name: The company’s name must be selected with great care and must have two essential features:
It must be unique – Companies House is very strict about this. Any resemblance to another name on the company names index would lead to a refutation. Therefore, it is recommended that an entrepreneur check the index before mentioning the proposed business name in the documents. UK Intellectual Property Office Trade Marks Register and the Company and Business Names Regulations 2009 are some of the other suggested checks to ensure that one does not infringe trademarks, characters and punctuations.
It must be relevant to the company’s work scope – The name will define the company’s area of operation and will serve to attract relevant clients.
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