{"id":1401,"date":"2019-07-24T09:00:20","date_gmt":"2019-07-24T09:00:20","guid":{"rendered":"https:\/\/www.mintformations.co.uk\/blog\/?p=1401"},"modified":"2025-08-19T15:45:59","modified_gmt":"2025-08-19T15:45:59","slug":"setting-up-a-limited-company","status":"publish","type":"post","link":"https:\/\/www.mintformations.co.uk\/blog\/setting-up-a-limited-company\/","title":{"rendered":"10 Things you should know about setting up a limited company"},"content":{"rendered":"

Once you\u2019ve learned how to set up a business and you\u2019ve made the decision to register your start-up as a limited company, there are 10 important things to take into account. We outline what they are.<\/span><\/h3>\n

To set up your business as a limited company, you first have to submit an application to <\/span>Companies House<\/span><\/a>. <\/span>This can be done directly via an electronic application form, or you can use the services of an established third party to <\/span>register your company<\/span><\/a>.<\/span>
\nWhichever method you choose to incorporate your business, you need the same information and documents to complete the process. Find out the 10 things you should know about setting up a limited company and you\u2019ll be ready to go in no time!<\/span><\/p>\n

Choose your company name<\/h2>\n

Your<\/span> company name<\/span><\/a> must be unique. It\u2019s also advised not to pick a name too similar to a brand that already exists, as you may have to change it if a complaint is made.\u00a0 Do your research and, ideally, settle on a name that accurately reflects your company\u2019s values, mission and service.\u00a0<\/span><\/p>\n

Have a company registered address<\/h2>\n

You need to have an official address for your company. While a lot of new business owners use their personal residential address for registration, it\u2019s recommended to have a separate business address. For this, you can use a third-party service, such as an<\/span> established formations service<\/span><\/a>, <\/span>or your accountant\u2019s company address.\u00a0<\/span><\/p>\n

Appoint a Director<\/h2>\n

To form a limited company, you need to have at least one company director. However, it\u2019s no longer mandatory to have a company secretary. When appointing directors, whether it\u2019s just yourself or you and multiple partners, make sure you have all the details of these individuals to hand, including names, addresses, nationalities and dates of birth.\u00a0<\/span><\/p>\n

Have shareholders\u2019 details to hand<\/h2>\n

Equally important as having your directors\u2019 details to hand is noting the information of your company\u2019s shareholders, including their name, full address, class of share and the number of shares they will own. You also need to provide three pieces of personal information, such as their town of birth, the last three digits of telephone number, their National Insurance or passport number, their mother\u2019s maiden name, their eye colour or their father\u2019s first name!\u00a0<\/span><\/p>\n

Decide on your share structure<\/h2>\n

When setting up a limited business, you\u2019ll need to make a decision on how your company\u2019s shareholdings are attributed, such as whether you\u2019re going to solely own your shares or split them with others. It\u2019s important to note that the dividends you declare need to be distributed in the same proportion as the shareholdings. It\u2019s advisable to discuss the most suitable way to set up your share capital with a qualified financial advisor.\u00a0<\/span><\/p>\n

Keep a record of people of significant control<\/h2>\n

All companies have to keep a record of all \u201cPeople of Significant Control\u201d (PSC) \u2014 these are individuals who own 25% or more of the shares in a limited company or have voting rights above 25%. In order to keep the registrar up to date, all companies must submit an updated <\/span>Confirmation Statement<\/span><\/a> to Companies House on a yearly basis.<\/span><\/p>\n

Gather articles of association<\/h2>\n

All companies are required to have a<\/span> set of Articles, which govern all aspects of running a business, including the directors\u2019 powers, shareholders\u2019 decision-making processes and entitlements, voting rights, and how dividends are shared. You can use a \u201cgeneric document\u201d for these Articles from<\/span> GOV.UK.\u00a0<\/span><\/a>
\nHowever, if you decide to use your own amended Articles, you won\u2019t be permitted to incorporate your company online \u2014 instead, you must file via post (Form IN01).<\/span><\/p>\n

You need a memorandum of association<\/h2>\n

The <\/span>Memorandum of Association<\/span><\/a> is an agreement confirming the intentions of the initial subscribers to form a limited company.\u00a0 It includes the following wording:\u00a0<\/span>
\n\u201cEach subscriber to this memorandum of association wishes to form a company under the Companies Act 2006 and agrees to become a member of the company and to take at least one share.\u201d<\/span><\/i>\u00a0<\/span>
\nWhen you register the details of your shareholders online, simply ticking a checkbox confirms that the registered\/listed shareholder has authenticated the prescribed memorandum of association. No physical document needs to be submitted.\u00a0<\/span><\/p>\n

Take note of your SIC code<\/h2>\n

The SIC (Standard Industry Classification) code is used to identify the trade or industry of a company. Examples include SIC code \u201c62012\u201d, which is for \u201cbusiness and domestic software development\u201d, and code \u201c62020\u201d, which identifies \u201cIT consultancy activities\u201d. While only a single code is required, you\u2019re allowed to add up to four SIC codes to describe your company.\u00a0<\/span><\/p>\n

Don\u2019t forget about Tax<\/h2>\n

Once you\u2019ve set up your business as a limited company, you must register for corporation tax within three months of carrying out any form of business. You must also register with HMRC as an employer, as even if you\u2019re the only person working in your business, you will effectively be a paid employee of your own business.\u00a0<\/span>
\nUse the above 10 points as a checklist when you register your company. If you\u2019re feeling overwhelmed or confused, don\u2019t forget that there\u2019s support out there, from the assistance of an accountant to organise your financial documents and processes to the help of a formations company that can take a lot of the initial stress off your plate so that you can focus your entrepreneurial mind on your products and strategy.<\/span><\/p>\n

To find out how to set up your business and to get help registering your limited company<\/a><\/strong> today, contact Mint Formations.<\/h4>\n","protected":false},"excerpt":{"rendered":"

Once you\u2019ve learned how to set up a business and you\u2019ve made the decision to register your start-up as a limited company, there are 10 important things to take into account. We outline what they are. To set up your business as a limited company, you first have to submit an application to Companies House. […]<\/p>\n","protected":false},"author":1,"featured_media":1403,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-1401","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-company-formations"],"yoast_head":"\n10 Things to Know Before Setting Up a Limited Company<\/title>\n<meta name=\"description\" content=\"Do you want to set up a limited company? Find out what you need to know and the 10 checkpoints you need to hit to make sure you're set up for success.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.mintformations.co.uk\/blog\/setting-up-a-limited-company\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"10 Things to Know Before Setting Up a Limited Company\" \/>\n<meta property=\"og:description\" content=\"Do you want to set up a limited company? 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