You’ve landed your big money-making idea, made a firm intention to turn it into a business, now the optimism and excitement are coursing through your veins. Then you realise you need to officially register your company, and the admin involved in that simply deflates you.
Sound familiar? Such are the tribulations of entrepreneurship, but registering your company needn’t be a burdensome process. There are three ways you could register your company with the government, each method with its own turnaround time.
Registering your company online
By registering your company with Companies House online, you will automatically register for corporation tax at the same time. It’s done via the gov.uk portal, which does an eligibility criteria at the outset. This will establish whether you are able to make use of the online service, or whether you need to be redirected to an alternative.
By the end of this process, your business will receive a certificate of incorporation, which deems the company legally established and will include the company number and formation date.
Registering your company online will cost £12, and the process is usually complete within 24 hours.
Registering your company by post
You may not want the word ‘Limited’ included in your company name, which is the standard. In such cases, you will need to register your company via post. The paper application forms are available for download from gov.uk, as well as clear instructions on how to complete the form. Applications should be mailed to the address included in the form.
Of course, this method will take considerably longer than online – about 8-10 days. Cost-wise, it will set you back £40 to register a private or public company, and £20 to register an unlimited company.
Registering your company using an agent
Some companies may have unique circumstances, making the registration process a little more complicated, and thus daunting for the new entrepreneur. Company formation agents are best-placed to assist in situations like this. They are equipped to provide professional consultation on all things company registration. This includes the type of company you should register as, naming your company, and additional support.
While the support is great, you should be aware that registering your company using an agent does carry a cost, and you may want to be frugal in the beginning stages of your business.
A virtual assistant could easily do all the legwork for you if you opt to register your company directly online or via post. The process will involve quite a bit of admin, but this is where virtual assistants thrive.