Are you dreaming of starting your own business ? When you have a business dream, you probably have hopes of bringing it to fruition. One way to bring your business dreams to fruition is by properly registering it. There could be many questions in your mind as to how to go about doing this. This article will guide you through the process and explain why it is best to register your business prior to business activities.
Overview of Business Structures
Before you register your business first think
about how you want to organize the entity. You have to choose a
structure for your new business. In the UK the most common structure
categories are sole trader, UK
limited company, or
partnership. If you are self-employed, you should register as a sole
trader. What this means is that you are working only for yourself and
not for someone else. The UK requires that if you have a business in
the country that you live there as well. However, if you decide to go
through UK company formation, then
there is no requirement to live in the UK. You can live abroad and
still run a UK Limited Company.
How to Form a
Company in the UK
Unlike many other countries where forming a
company is a long and burdensome process, UK has very simplified
company formation process. Most of the companies in UK are formed online. Although the
process of registering a company in the UK is quite simple it’s
still recommended to use company formation agents for cost and time
saving. After you place an order on the website (you can form
your UK company with
Mill For Business you can get your company up and
running in just 3 hours! Amazing, isn’t it?
When to Register Your Business
The best time to register your business is
prior to opening your doors. Register the name of your business with
Companies House. They
will check to see if your business name is a duplicate. This way, you
could ensure that your name is not registered to anyone else.
If you want to check a company name, then you
can lead to Mill For Business again and they have instant
company name search system which is harmonized with Companies House.
Once you find out that company name is available you can go ahead
with your UK company formation.
When you register your business, the reception
will let you know if you should register any other business item such
as a license. Additionally, no matter the business structure, you
will need to register for a self-assessment with the HMRC
What if You Have Already Started Your Business
If you have already started your business, do
not fret. Register your business as soon as is possible. It would not
make any sense to trade under a business name but then have to
relinquish it because another business is doing business under that
name. Moreover, another reason to register the business expeditiously
is to ensure that the correct tax structure is in place. This depends
on how you organize your business. What if your trade requires a
license to practice? It is in your best interest to make sure that
this license is in place before you actually practice.
The preceding tips will help you register your
new business. As a new business owner, you are undoubtedly excited by
all of the prospects of working for yourself. However, you need to
ensure that you register your business at the proper time and follow
all of the proper procedures. You will then have other considerations
such as setting up a bank account for your business and whether or
not you should employ other people.