Filing for Company Formation
Business start-up, also known as business registration, is the process of recognizing a business as a business, that is, it has its own legal status, separate from that of the people it owns.
In Great Britain, the process of starting a business is fast. The fastest recording took only five minutes. Although this is an extreme example, in most cases they are created electronically on the same day an application has been made. When submitting an application to start a business using the paper method, the process can take about a month.
A company can be founded by an individual, a lawyer, specialized agents or accountants. In some cases, starting a business may be outsourced to specialized agents. Most of these remedies do this for less than a hundred pounds.
There are ten types of companies that are authorized to start a business. These are industrial and utility companies, limited liability companies, limited partnerships, limited partnerships, public limited companies, limited companies, limited liability companies, limited liability companies, Societas Europaea, Royal Charters and companies of common interest. The rules that apply to each type of business vary, and the choice between these options depends on the business purpose as well as the business strategy.
Electronic Company Registration requires the use of software compatible with Companies House eFiling. It is also necessary to set up an account at Companies House. Agents specializing in start-ups have direct access to Companies House so they can look up and submit the company’s name electronically. Each of these agents has a different process for submitting a start-up business, but all legitimate agents have been approved by the Companies House integration test.
Submission via paper method:
To apply for a paper-based company, a company must provide the trade register with three documents and a registration fee under the Companies Act, 2006. The first document to be submitted is the statute. This document, sometimes referred to simply as an “article,” explains the company’s internal rules. The document must then be signed by the subscriber in front of a witness. From 2006, the submission is possible even without a statute. If this option is selected, the company will be assigned the default articles.
The second document submitted in the process is Form IN01. This will give the Registrar of Companies information about the intended location of the Company, which will be Northern Ireland, England and Wales, Scotland or Wales. She asks for information about the secretaries and directors as well as the subscribers. It also asks for information about the amount of capital that may have been invested in the business through equities. The form also requires a compliance statement stating that all the requirements of the Companies Act have been met.
The third document to be submitted for setting up a business is the Memorandum of Association. This document is just a list of the names and signatures of all subscribers who would like to start the business. If the Company is limited by shares, the subscribers must also declare that they undertake to buy at least one share each. The Companies House website provides a template for this form.