Relocating to the UK and setting up a business is very exciting and stressful experience. There are many things to consider and decisions to be made. Each will impact on the future of your business.
So, to make your new journey more straight forward and less stressful, Western Partners has compiled a general list of considerations and items that introduce the start-up process. Please note that this is a generic guide. Consequently, Western Partners will assist in the tailoring of your specific requirements.
Registering the Business Ownership
If you are setting up a business and have decided upon one of the following structures, you will need to decide upon a name. Entrepreneurs must register their enterprise.
- Sole Trader
- LLP
- LTD
- LP
‘Ordinary’ Business Structure
By accessing the website, The Companies House website ensure that the name of your proposed company is not in use. You must choose a unique trading name that is not too similar to another name already registered. The name must not contain offensive words or suggests a connection to the local authorities or government.
The only circumstance in which you can register under the same name as an existing company is if your company is part of the same group as the company. You must have written confirmation from the current company confirming their permission for your registration.
You can trade under a separate name from your registered name. If you do want to have a separate business name to that of which you are registered under you must ensure that it does not include any reference to what your chosen business structure might be, for example it must not contain ‘LLP’ or ‘LTD’ etc. It must also be the same as the existing trademark and not have any offensive words.
Incorporation
Incorporating a company is the legal process of which you register a new or existing business with Companies House. However, a business falling under the limited corporate structure cannot begin operating until it has been incorporated at Companies House under the Companies Act 2006.
To incorporate a company, Companies House require the following documents:
- Memorandum of Association
- Articles of Association
- A completed Companies House application to register a company
- Payment of registration fee
In the application form to Companies House you will need the following information:
- Proposed company name
- The chosen company structure
- Articles of Association
- Details of the Directors
- The Directors’ personal contact details, including addresses
Her Majesty’s Revenue & Customs (HMRC)
- You will need to register your new business with HMRC for both tax purposes and if you will be employing other staff, even as a sole trader.
- You will also need to contact HMRC for VAT and self-assessment if required under your business structure.
Insurance
- You will need to investigate appropriate insurance for your business to indemnify you against any claims.
Licenses
Depending on the sector your business operates in, you may require a license. You must find out what licenses must be obtained and the regulatory requirements (if any).
Accounts and Funding
You need to consider whether you will be arranging the financial affairs of the business yourself or if you will be appointing an accountant to deal with them for you.
Legal
You will need to ensure that your company has a viable and robust business plan. Ensure that the relevant documents also include the Articles of Association and any shareholders or joint venture agreements pertinent to your structure.
Your legal documents must be tailored specifically to support and protect your business and relationships between partners, and shareholders, and have clear instructions on management.
Copyright
Depending on your business model, you may want to copyright your logo or patent a design, to do this, you will need to apply via the Intellectual Property Office. There will be a fee for this, and you can apply online.
Employees
If you are employing staff, you will need to contact HMRC for Pay As You Earn (PAYE). You will also need to consider employment contracts, employee benefits, pensions, and general Human Resource (HR) requirements.
Our Support
Western Partners can assist you with drafting all relevant documents. The appropriate members of our team will guide you through the process to successfully set up your new business in the UK.
This document has been drafted and provided by Western Partners Ltd. Please note that this is an essential guide, for more information, please email us at contact@westernpartners.co.uk