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The limited company formation process in the UK is quick, easy and simple. However, there are a number of important matters that need to be considered before and after incorporating a company. Before registering a company, the business aims and objectives should be clear and an appropriate company name should be selected. While selecting the company name it is important to note that a name that is already in use cannot be used again and sensitive words cannot be used. Sensitive words include Association, Board, British, European, Foundation and Holding(s). A full list of sensitive words can be found on the Companies House website: http://www.companieshouse.gov.uk. Once the business aims are clear and the company name has been chosen, the company can be formed directly through Companies House or by using a formation agent. If you form your company directly through Companies House or through a formation agent, information about the new company and its officers will have to be provided. While entering the details of the officers, it is important to enter the details of the company secretary as well if one is being appointed. For private limited companies it is optional to have a company secretary, however public limited companies must have one and the person appointed must be suitably qualified. For private companies it is usually beneficial to have a company secretary since they have a wide range of responsibilities and are mainly responsible for the company’s administration. Generally a private or public company will benefit from using professional company secretarial services. The registered office address needs to be provided at this stage too. It is the legal address of a firm that is entered in the official register of the Registrar of Companies. All government and court communication is usually addressed to the registered office. If you are a non-UK resident, it would usually require a registered office address. Most of the formations agents provide you with this service. Once all of the information is provided, the company is usually incorporated in 3 to 4 hours. After the company has been incorporated there are a number of matters that need to be considered. Opening a UK business bank account should be given a high priority. At this stage it is also important to consult a business accountant and a tax advisor to have a clear idea of the necessary accounting services for the company and to get the right tax advice. There are a number of Chartered Accountants and Tax Accountants in London who can be consulted for advice when starting a new business. Wisteria Ltd offers a consultation with a Business Advisor, Chartered Accountant or Chartered Tax Adviser, before and after registering your company. Wisteria Chartered Accountants, Tax and Business Advisers also provide a variety of services for companies and individuals. For accounts or tax advice, information on our services or details on company formation for UK and a non-UK resident, please contact us on 0208 952 0140 or email [email protected].
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