With the UK government easing of business regulations in recent years, there is now a wealth of opportunities for entrepreneurs who want to start their own businesses. In fact, entrepreneurs can now start and run a business in the UK from anywhere in the world
With low taxes, generous social benefits, and stable business laws, the UK is a great place to start or grow a business. In this blog, we'll share some key tips to help you get started in business in the UK.
Stage # 1. Promotion Stage:
The first step in any business is promotion. During this stage, ideas are implemented, ideally in a particular order of steps:
1) Identifying the business opportunities and deciding on the type of business. 2) Researching the target market and determining the economic, technical and legal aspects of the country where you are launching a business 3) Developing a business plan that includes marketing strategies, financial projections and other details about the company’s future.
Stage #2: Registration of your business in the UK
Opening a business in the UK is pretty straightforward and can be done entirely online. Here's how you can go ahead:
1) Register a name for your business: This is the first step of registering a business name with the government. There are several ways to find an appropriate name for your business, such as checking government databases or using online search engines.
2) Enter Your Company Information: During the registration process of a UK company, much of the information you provide will be publicly available. Companies House will need the following information:
- Company address: This is the virtual address of your company. You will need to provide this if you want to apply for a business licence, send invoices or make any other official dealings with the government.
- Company directors: This is the name and contact details of each director who will be responsible for running your company. Your company should have at least one director.
- Company shareholders: You will need to provide the names and contact details of anyone who is invested in your company. This includes people who own shares, whether they hold them individually or through a collective investment scheme (such as an administration account).
Stage #3: Complete the memorandum and articles of association:
This document sets out the company's statutory requirements and should be completed by all directors.
Memorandum of Association: Under the Companies Act 2006, this document confirms that all shareholders (or guarantors) agree to form a company.
Articles of Association: These set out the company's fundamental details and are the basic written rules of the company. Each of these documents must be read, agreed upon, and signed by the company's directors, shareholders (or guarantors), and secretary if you have one.
Make a filing fee payment and submit your application: Your business needs to make a filing fee payment in order to register with Companies House. You can pay this online or by post and make sure to submit your request by 3 PM.
Once you have completed this process, your application will be reviewed and you will be contacted if you are eligible to open a business in the UK remotely.
Stage #4: Certificate of Incorporation
Once your company is registered with Companies House, you will need to file a certificate of incorporation. This document sets out the company's legal name, its address and the number of shares it has been granted.
You will also be assigned a unique registration number for your business which will help you commence your business in the UK remotely.
The easiest way for company formation in the UK
While it may sound easy, sometimes you don’t have the time or expertise to go through the company formation and its procedures. At the same time, even missing out on some of the minor details can lead to application rejections down the line.
This is where independent companies in the UK come into play. At wamo we’ve designed a company formation service specifically to help small and mid-sized businesses open a company in the UK. Based in the UK, wamo helps to get your virtual office address in the UK and manage all the financial aspects in a matter of hours.
What’s more? The company is a holistic financial management platform that enables you to open a business account at the same time as registering your new company - this is similar to a business bank account designed for international businesses. You can manage all your company's international transactions, financial matters and multiple currencies through this international business account.
If you happen to run into any issues along the way, wamo is always available to offer support with an excellent customer support team. So you are always in good hands!
How to register with wamo?
Now that you are ready to run your company in the UK, reaching out wamo is the easiest and quickest way to get started.
All you need to do is download the wamo business app from Google Play or the App Store and zip through the streamlined application process which will connect you to one of the wamo's representatives within 24 hours. You can instantly start the process and get your business up and running in no time.