Congratulations are in order, you’ve taken the step in registering a new UK company through Companies House - this is the start of a new business journey. So, what happens next? We’ll guide you through what to expect here.
Your Certificate of Incorporation
Once you’ve completed the company formation process, you’ll receive your Certificate of Incorporation from Companies House. This document will outline your responsibilities as a director of the company and the consequences for not carrying them out. You are now legally responsible for running the company and it is now up to you to keep your company records up to date and to repost any changes directly to Companies House.
Initially there are 3 main steps to complete:
- File your confirmation statement
- File your annual accounts
- Identify and record your people with significant control (PSC)
The easiest way to do this is online by going to www.gov.uk/ch. Have your company ready (it’s on the certificate) and choose:
- File your statement
- File your accounts
- Change your details
It’s very important that you get this bit done bearing in mind that you can be fined, prosecuted or disqualified if you don’t meet your responsibilities as a director. Also remember that if your annual accounts aren’t delivered on time you’ll get a late filing fine.
The next vital step is to decide on the people with significant control (PSC) of your business and to make them known to Companies House. PSC is also sometime referred to a the ‘beneficial owners’, these are the people or the person who own and control you company. Of course, in many cases this is simply you!
How to identify the PSCs for your company
- A PSC must meet one or more of the following conditions of control. A PSC is someone who
- holds more than 25% of shares in the company
- has more than 25% of voting rights in the company
- has the right to appoint or remove the majority of the board of directors
If you’re unsure, check your company's register of shareholders. You might find more information in your company's constitution and articles of association as well.
There can be other people involved in your business who should also be considered PSCs
There are some other ways a PSC might influence or control your company, for example a PSC who tells the director or shareholders what to do. They could also be influencing your company on behalf of someone else.
Companies controlled by a trust or firm
In some cases you will have registered a company that is controlled by a trust or firm. If this is the case it is a good idea to get professional advice to decide who attached to the trust or firm should be considered a PSC for your company.
Protection for people at risk
If there is a reason you or any of the PSCs for your company should be protected from having your information available to the public, you might be able to apply to have thos details hidden. But in all but the most exceptional cases, all PSC information is available to the public except for home addresses and dates of birth.
If you need more help with protection from risk or anything else to do with PSCs, go here. Companies House make it as accessible as possible to take care of your business even if you are remote. Once you have these steps covered and your accountant in place, you can start to look ahead to the actual business of business.
Simply get started!
We hope this guide was helpful in getting you started! Remember it's never too late to invest your time in the right places.