So, you’ve decided to form your own limited company… how exciting! Making the decision is the first step… and now we can tell you what you need to do to get started – what details you need to register and how long the process can take.

First things first… choosing your company name.

This is the fun bit… you get to choose the name of your company – anything you like, as long as it’s not a name already registered by somebody else, and obviously nothing offensive!

You will want it to be something unique and have longevity so give it some thought. Some points to consider:

• Punctuation and pronunciation.

Like a childs name, you will no doubt be saying your company name a lot! Consider how easy it will be to say and spell, not only for yourself but for others to pick up.

• Be aware of sensitive words and expressions.

Some words such as ‘London’ or ‘Britain’ are exempt from being used. The companies house name checker can confirm which words or expressions to avoid.

• Does the title reflect what it is you do?

Having the right company name not only makes it nice and clear for clients on exactly what you do but can also filter down to various marketing activities. For example, if you are considering a website, key words used in your company name can help with website SEO.

• Consider longevity of of the name for the future.

Should your company expand or decide to provide additional services consider if the name can reflect this direction.

To see if your preferred name is available visit companies house here: Companies House Name Checker.

Choose how you wish to register your company.

When starting your limited company, you can choose to register the company yourself through HMRC or use an accountancy firm to do this for you. There is not a right way or a wrong way.

If you register yourself online it will cost around £12 and the application normally takes 24 hours to process. There is an option for same day registration online (providing you complete the registration before 3pm) for a fee of £100. You can also register yourself by post at a current cost of £40, and the set up will take place within eight to ten days.

Alternatively, many people choose to register their new company through a third party website or an accountant. Prices vary dependent on the provider. This is because an accountancy firm can offer:

• Tax planning advice: ensuring shares and dividends are allocated correctly for the
• Advice on VAT: guidance on whether you should be VAT and the various schemes available .
• Use of a registered office address: all postage can be filtered through your accountant including communication from HMRC and Companies House.
• Information and advice regarding dividends: how to pay yourself along with the most tax efficient combination.
• Set up of the PAYE Scheme: registering you as an employee so you can successfully pay yourself a salary.

For further details on our company formation package, click here: Ready to set up your limited company?

Ensure you have the correct details to hand.

When you register your limited company, you will need to supply certain personal details including:

• Standard Industrial Classification code (SIC) for your business – Stating what type of business your limited company will be. by You can select the most appropriate code from a list, or if using an accountant, they can advise on this for you. The full list of codes can be found here: SIC Codes.
• Companies registered business address – You will need an UK address in order to set up a limited company. Without proof of an UK home address you will not be able to run an UK limited company and therefore you will not be able to open an UK company bank account. This can be your personal address or if you would rather you can use your accountants.

The registered office address is an official correspondence address that every limited company is legally required to provide and maintain. The benefit of using an accountant’s address is that any correspondence that needs to be acted upon in a timely fashion won’t be missed reducing the likelihood of incurring late fees. In addition, as the registered office address is publicly available on the Companies House list, you may not want to use your own address for privacy reasons.

• Company Director – Every limited company must have at least one. To be a company director you must be over 16 and not be disqualified from being a director previously. Legally, as company director, you are responsible for running the company and filing accounts and reports at the correct times.
• Company Shareholder/s – You will also need to decide how many shareholders you want and how many shares each will have. There must be at least one shareholder.
• Company Secretary (if applicable) – While you no longer have to appoint a company secretary, you will be asked if you want to. The benefit of having one is sharing the workload of the company director, but they can be one and the same person. You can’t appoint a company secretary if they have ‘undischarged bankrupt status’ or are the company’s auditor.
• NI Number – To employ yourself through your limited company you will need a National Insurance number. If you do not have one you will need to apply online: Apply for a National Insurance Number.

Sign your official documentation.

There will be two documents that you need to sign – The Memorandum of Association and The Articles of Association.

The Memorandum of Association is the legal document that all your initial shareholders sign (or just yourself if there is only one) agreeing to form a company.

The Articles of Association are agreed on by all directors and shareholders, and are written rules about running the company. You can use an existing template or create your own.

How long will it take to be fully incorporated?

Once you have registered your company, depending on who you do it whether its online, by post, or through your accountant, you can be fully incorporated within as little as 24 hours.

Once fully incorporated you will then receive your certificate of incorporation. This is the legal document that shows you’ve formed and been registered with Companies House. You’ll need this certificate when opening a business bank account so it’s important that you keep it safe as it demonstrates that your company has been set up correctly and that your business is a legal entity in its own right.

Get Ready to start trading!

Once your company is fully incorporated, you can now start trading!

If you are ready to set up your limited company and need some help click here to get started today.

Is there anything else? Well, you may want to consider reading up on the few areas listed below before you start trading  are the following. Click on the helpful links for further information:

• Set up of your business bank account – your company requires its own dedicated business bank account. This is to show clearly all transactions and payments coming in and out of the business. Our expert banking partners understand the wants and needs of contractors.
• Business insurance – protection for your business is vital should you have any accidents or incidents with a job. There are different levels of cover that should be considered and, dependent on your trade, their are also niche specific cover worth considering.
• Choosing the right accountant – working alongside the right accountant will help get your business off on the right foot while setting up efficient processes that will keep your admin streamlined and straightforward.
• IR35 Advice – Have you considered IR35 and are you comfortable with what it is and how it relates to your personal situation. If you would like to read more about IR35 we have lots of information available here.

We offer a discounted company formation package when joining Integro Accounting, so why not speak to one of our qualified accountants to get started on your new business journey – call us on 0207 0962659 .