Company Set Up Tips

The year 2009 saw 348,677 businesses being established in England, Wales and Scotland, while 162,329 companies were set up between January and May 2010. These statistics, which have been provided by Companies House and featured on the CompleteFormations.co.uk website, prove that the UK is the hotspot for most entrepreneurial ventures. The primary reason for entrepreneurs preferring the UK over other countries is the stable economy, which is conducive to forming and operating industries. Moreover, the legal procedure for establishing a company in the UK is very simple. Despite this, some company set up tips would prove beneficial.

Company Set Up: Points to Remember

You can handle a company set up all by yourself or you can choose to employ an agency to do the job for you. Whatever the case, there are certain important aspects you must remember:

Document filing: Documents can be filed at Companies House in two ways:

Electronic – This kind of filing requires compliance to specifications listed out by the registrar. The software filing format is present in the rules mentioned in the website. Electronic filing will require £15 as registration fees and £30 for ‘same day’ service.

Paper – Each paper must state the official name and number prominently. However, there are a few exceptions to the rule that are mentioned in the registrar’s rules. The paper must be a plain, white, A4 size, with matt finish. The text must be black, clear and legible. Follow this guideline while filling up the forms:

• use black ink
• use bold lettering
• make sure it is in the portrait format
• carbon copies will not be accepted
• refrain from using a dot matrix printer
• photocopies can result in grey shading, thereby, making the text unclear

Choice of company name: An entrepreneur can select a company name but it has to be approved by the Secretary of State before it can be utilized. Some restrictions are applied on usage of names. Proposed names will be barred if there is:

• any suggested connection with Her Majesty’s government, local or public authority, or any devolved administration;
• inclusion of sensitive words and expressions

There are some other clauses in addition to the aforementioned ones. They are:

• Insertion of words denoting a particular business type, especially if the business does not belong to the category. For instance, the inappropriate use of ‘limited’, ‘Limited Partnership’ or ‘unlimited’.
• Identical to any other company name mentioned in the Companies House index.

Take the aid of www.CompanyFormations247.co.uk, one of the most renowned agencies in the UK, to fill up the forms.