New limited company
Congratulations on setting up a new limited company! Here's a step-by-step guide to help you get started:
Step 1: Choose a Company Name
- Check if the name is available by searching the Companies House website.
- Ensure the name is unique and not too similar to an existing company.
- Choose a name that reflects your business activities and is easy to remember.
Step 2: Register with Companies House
- Fill out the application form (IN01) and submit it online or by post.
- Pay the registration fee (£12 for online or £40 for postal application).
- Provide the required information, including:
- Company name
- Registered office address
- Nature of business
- Share capital (minimum £1)
Step 3: Appoint Directors and Shareholders
- Appoint at least one director and one shareholder.
- Ensure the directors and shareholders are over 16 years old and have a UK address.
- Fill out the director and shareholder details on the application form.
Step 4: Open a Business Bank Account
- Open a business bank account to separate personal and business finances.
- Choose a bank that offers services suitable for your business needs.
- Provide the required documents, such as proof of identity and address.
Step 5: Obtain an Employer Identification Number (EIN)
- Apply for an EIN from HMRC if you plan to employ staff or pay VAT.
- Use the EIN to register for VAT, PAYE, and other taxes.
Step 6: Register for VAT (if applicable)
- Check if your business is VAT-registered (turnover above £85,000).
- Register for VAT online or by post.
- Provide the required information, including your business details and VAT rate.
Step 7: Obtain Insurance
- Consider obtaining insurance to protect your business and personal assets.
- Choose insurance policies that suit your business needs, such as public liability, professional indemnity, and employer's liability.
Step 8: Comply with Company Law
- Keep accurate financial records and maintain a company register.
- Hold annual general meetings (AGMs) and file annual accounts with Companies House.
- Comply with other company law requirements, such as filing changes to company details.
Additional Tips
- Consult with an accountant or business advisor to ensure you're meeting all the necessary requirements.
- Keep your company records and documents organized and up-to-date.
- Consider registering for other business licenses or permits, such as food safety or environmental permits.
Remember, setting up a limited company requires careful planning and attention to detail. Take your time, and don't hesitate to seek professional advice if you're unsure about any aspect of the process.