Businesses all over the UK are looking up. According to Markit, a financial information firm, many parts of the North East including Wales are seeing approximately 58% growth in business output. Business activity is picking up in spite of the ongoing job shedding. This explains the spurt in the volume of small businesses that are being formed in the UK in the last one year. According to the Business House, there were 26,782 company formations in August 2009 as opposed to 29,006 in July, 2009. Fortunately, UK continues to be one of the quickest register as a company in Indonesia for incorporating a business, thanks to the Business House which makes fast turnaround its #1 priority.
Company incorporation is not rocket science. But, it is a close second. Even seasoned businessmen sometimes feel bogged down by the procedures, the paperwork and the legalities. That being the case, it pays to be extra vigilant at the time of company incorporation even if you are using the services of an expert.
Some of the important points to remember at the time of business incorporation include:
What is business incorporation? Simply put, incorporation is the legal formation of a new business.
There are different types of businesses in the UK. Some of these are Public Limited Company, Private Limited Company, Limited Liability Partnership, Unlimited Company, Limited Partnership and Private Company Limited. Before company incorporation, it must be clear what type of business it will be. Additionally, it is equally important to finalize the name and address of the business. In case a permanent address has not been fixed, the company will need to hire a lawyer and rent an official address temporarily.
One of the biggest chores of company incorporation involve filling up of relevant forms and submitting contracts. All these forms are available at the Company House website or in the websites of company formation experts. Some of the most important forms are Form 10, Form 12, The Memorandum of Association and Articles of Association. These forms require the signatures of various officials. For instance, the Memorandum of Association must be signed by a Notary Public while the Article of Association must be signed by each shareholder.
Papers may be submitted online or by post. Obviously, online is faster. Interestingly, Companies house has created a record of vetting and issuing a Certificate of Incorporation in 5 minutes for an application submitted online.