Starting your own business requires you to follow a systematic process. Once you have the fundamental steps covered (know your business niche, list down your company goals, etc), it’s time to register your business and “officially” step foot into your respective industry.

So, you want to start a business — this is great news. But before getting carried away with sales and long-term business goals, you should definitely follow some simple steps to make sure you start the right way. Using the services of an experienced formations company can get your enterprise up and running within hours.  of receiving your online application.

Here are our 7 steps to successfully registering a business in the UK:

1. Think of a Company Name

Your business is your baby. Therefore, you should select an appropriate, engaging and effective name. Be creative and think about longevity. Check Companies House to see if the name you want is available and then buy the website domain as soon as you get the green light!

2. Decide What Type of Business You Will Be

This point is technically the registration. As stated on the official Government website, depending on your location, type of business, and whether you will be taking people on as employees, you need to register yourself as any of the following:

2.1. Sole trader

Although it’s comparatively easy to set-up as a sole-trader, you will be responsible for your company’s accounts and manage its finances, which includes keeping track of your tax records.

2.2. Limited Company

If you set up as a Limited Company, your personal finances need to be separated from your business finances. You can seek the help of an accountant to register and handle your books.

2.3. Partnerships

This is the easiest way for two or more persons to run a joint business. You’ll have to share the financial responsibility for all your company’s accounting and debts.

3. Set up a Business Account

You must set up a business bank account since your business is a different legal enterprise to you as an individual. Although this is not technically required for a sole trader, it is highly recommended in order to maintain clear and organized accounts.

4. Satisfy all Regulatory Issues

When you set up a new business, there are a number of regulations to comply with. You have to satisfy all regulatory issues such as health and safety, licensing, and data protection. It’s become increasingly easier for businesses to follow important legal technicalities during this phase with some of the key initiatives regarding regulation instantly accessible online.

5. Get Insurance Cover

In order to protect your company from major risks such as accidents, thefts, sickness, and legal fees, you need to ensure you’re covered! The insurance cover you take out will depend on your type of business and its activities. Seek advice from different insurance firms and compare the best terms and conditions to suit your company. It’s important to note that specialist brokers can be a good fit for niche businesses, whereas Trade Associations can offer good discounts for its members.

6. Get Your Accounts Organised

You can either set-up your own book-keeping system or appoint an accountant to ensure your books are transparent, up-to-date, organized and well documented. Doing so will nullify any potential issues with HMRC.

7. Select Your Workspace

Run your business from a suitable location/premises. Your Local Authority or Council will be able to shed light on the best business premises and rates in your area. However, if you’re working from home, it’s important to note the following:

  • Learn how to include a percentage of household bills as costs for your business
  • Understand the possibility of Capital Gains tax implications if you’re using just a specific area/room of your house for your business
  • If you rent, you must check your lease to confirm that home-working is allowed

As long as you follow these simple steps, it’s pretty straightforward to register your business. There’s an array of information available online and the official government website is a great, and somewhat necessary, resource for registering your business in the UK.

If you’re looking for start-up support, including help and advice to register your business in a timely manner, contact Mint Formations today.  

 

 

Want to register your UK limited company today?


Raj co-founded Mint Formations with business partner Andy Tree in 2017. Mint formations is established to nurture small UK businesses and enable exciting new opportunities for quick growth. As a successful entrepreneur, Raj knows how to start and run a business. He currently resides as a board member of seven successful companies across the world. He is best known for founding Integra Global Solutions, specialists in robotics, automation, and business process optimisation.

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