You can register a company in the UK by choosing of the following legal forms:
✅ LLC. You can register an LLC in Wales on tax relief scheme. The liability of shareholders is proportional to the value of their unpaid shares. There is a certain share price, for example, 100 shares cover the share capital of a company. Two can be spent and fully paid, and the balance of 98 shares, namely 98 pounds, is the amount of liabilities to the company.
✅ LLP. The liability of each participant and shareholder (may be incognito) is limited to the amount that they agreed to invest in the company's assets in cash or in-kind. This type of company is primarily for non-profit, charitable purposes. Companies registered with non-residents are exempt from tax and may not file financial statements. At the same time, they cannot operate in the UK.
✅ PLC. If you want to register a company in Wales, please note that the shares of such a company may be offered for public sale, but the liability of a shareholder (at least 2 are required) and limited liability company cannot exceed the proportion of their unpaid shares.
The process:
👉 Choose a Company Structure
When most entrepreneurs register a UK company, they opt for what’s called a ‘private company limited by shares’.
This business structure can be an effective way of managing your tax. For instance, as a company director, you can draw some of your income from the company dividends, thereby paying less in income tax.
Another benefit is that your personal assets – such as your house and car – shouldn’t be at risk if the company gets into financial trouble. This is what’s meant by the term ‘limited liability’.
👉 Register a Company Name (UK) 🇬🇧
Before you register a company in the UK, you need to check that your company’s name is available.
Top tips when choosing a company name:
- Research the market that you’ll be operating in – the names of your competitor companies should provide inspiration when choosing your own.
- Pick a name that’s meaningful – your company name will be the first thing people learn about your business, so does it explain what you do?
- Keep the name short – a punchy company name will be easier to remember and it will look better on marketing material.
- Avoid company names that are hard to spell – and make sure it rolls easily off the tongue.
👉 Enter Your Company Information
When you register a UK company, much of the information you provide will be made publically available. Companies House will want details of your:
- Registered office – this is the address where Companies House and HMRC will send mail. It must be in the UK and it must be possible to reach the company directors at the address.
- Company directors – your company must have at least one director. Companies House will want to know their name, date of birth and residential address.
- Shareholders – every company must have at least one shareholder, but it can be the same person as the director. Companies House will want to know their name, date of birth and residential address.
If you don’t have a separate address for your business, you should use your home address to register a UK company.
👉 Allocate Company Shares
When you register a company in the UK, you’ll need to allocate shares to your shareholder(s). The simplest way is to allocate one share to each shareholder, and make each individual share worth £1.
👉 Complete the Memorandum and Articles of Association
These documents formalise how your company will be run. They need to be agreed on and signed by the company director(s), shareholder(s) and secretary before you register a UK limited company.
6. Submit Everything to Companies House
For same-day registration, submit your application by 3pm. And that’s it – good luck with your new business! 🚀