Business Registration Tips

More and more businesses are getting registered in the UK, US and Australia. This could be the reason why experts are calling this the beginning of the ‘Little man’s economy’.

Fortunately, business registration is a straightforward, easy and quick process in the UK. Here are some handy tips during business registration.

Business registration is cheapest if you go directly to the Companies House with the necessary documents, duly filled and signed. It costs you a pittance, £20 to be precise. If you are interested in the ‘Same Day Business Registration Service’, you will have to pay £50. However, the process of business registration is somewhat complicated, even for veterans. Hence, if you feel overwhelmed by procedural complications, it is advisable to use the services of company formation agents. These agents will complete the process for a fee.

Before the registration of the business, business owners have to decide the structure of the business. This decision has an important part to play in the future of the business and its development. The structure will have a bearing on the National insurance and tax amounts, the financial liability of the owners, the process of making future decisions, the records that are mandatory and the way the business operates. Make sure you understand the benefits of your business structure beforehand.

The next step is to choose the name of your business. The name of your business is not just a formality. Your business name is your brand. The image your customers carry is based on their perception of your brand value. Consider the critical components of your business before you select the name. You require something that has the necessary punch without being too over the top. You will also need to steer away from legal problems while choosing a name. The Companies House website can help ensure that you have selected a unique name.

Next, you will have to decide whether you want to incorporate your business. Incorporation gives owners some amount of security as the company is a legal entity by itself and the owner is a shareholder. Thus, corporate liabilities are separated from that of the owner’s. Incorporation necessitates the signing of the Memorandum of Association and Articles of Association.

After this, there are taxes to be paid. Corporation Tax is the tax you will pay on the income and profits of the company. In the UK, you will also be required to pay VAT. After this, your newly formed company will set up the new payroll scheme for your employees.

As you can see, business registration is not an overly complicated process. But, it does require the right decisions at the right time. There are important regulations to follow even after registration of the business. The right guidance can help you fulfill all your entrepreneurial aspirations.