An idea is like a virus that infects our mind and doesn’t let one breathe, eat, and sleep. And, startups also just need an idea in this digital landscape to script their success stories. Compared to a decade back, the number of business registrations has increased dramatically, as individuals, nowadays, are not afraid to breathe life into their idea. Also, owing to the efforts of state governments- financial support, offering tax rebates, and relaxation to encourage the entrepreneur to get into the battlefield. Are you too planning to start a business? Read till the end to check out the procedure for a business registration:
Registering your company is one of première pre-requisite when comes to setting up a business. First of all, one has to submit the application with appropriate details, and inline with the type of the commerce the applicant want to conduct, license and the business permit will be provided by either by the centre or a local authority.
When setting up a company, an individual has to mull over what kind of legal business structure he or she wants to adopt that will suit his or her enterprise the best. It is not a prompt up decision, instead require proper in-depth search, as this choice of an entrepreneur impacts his or her business’s taxation levels, liabilities, ownership issues, succession, and dissolving the company, if the individual incur loss or another reason decide to sell off the company, and other legal stuff.
Choose a name
Just like when a baby enters the human world he or she is given a name, your business too needs a name to survive and thrive in this corporate arena. If you are starting as a sole trader, then, in most cases, name your trade under your own name or initials, and may not have to add Ltd or plc to it. On the other hand, an organisation must take a business name that ends with plc or Ltd.
It is a well-known fact that a business name should be unique, just your name-it cannot be similar to one already registered.
To know if your prospective name is available, you can either contact a local authority or search the internet, as there are several websites offering such services.
Fill-up the application
There a lot of information that you’ll have to provide with the business registration application. Read below to take a look at the box you have to tick to successful file your application:
A registered office address
What the company plans to do
Provide details of the share to be created
Company’s director, and, in some cases, secretary’s credentials
Provide the full details of initial shareholders
And, for June 30, 2016, the UK government has made it mandatory for an entrepreneur to provide the details of individuals, who hold key positions in the company. And, this may also include an individual with 25% shares or more or relevant entities.
At the end, it is best you consult a business registration expert in order to avoid hassles and a possible rejection.