Starting a new business is an exciting journey, and choosing to incorporate a Limited Company (Ltd) in the UK offers key benefits, including limited liability protection and increased tax planning flexibility. Here is a clear guide on how to register and configure your new London startup.
Step 1: Choose a Company Name and Registered Address
Your name must be unique and not match any existing names in the UK Companies House registry. You also need a registered office address in the UK where official government letters (from HMRC and Companies House) will be sent. Many business owners use their accountant's address to keep their personal home address off the public register.
Step 2: Register with Companies House
You can incorporate online or through an agent. During registration, you must define:
- Directors: People who run the company.
- Shareholders: Owners of the company.
- PSC (Persons with Significant Control): Individuals holding more than 25% shares or voting rights.
- Memorandum & Articles of Association: The legal rules of company operations.
Step 3: Set Up Corporate Banking and HMRC Registrations
Once incorporated, your company is a separate legal entity. You must open a dedicated business bank account. Additionally, you must register for Corporation Tax within 3 months of starting trade. If your annual turnover exceeds £90,000 (threshold as of 2024), you must also register for VAT.
How Sayman Limited streamlines your launch
We handle the entire setup: incorporating your company, providing our London address as your registered office, setting up corporate bank links, registering you for HMRC taxes, and configuring your digital accounting systems from day one.