A common myth is that you need at least two shareholders to open a limited company. The truth is you don't require another shareholder or director.
As of the moment, GoSolo offers free company formation for single-shareholder businesses.
Now, a limited company operates as a separate legal entity. It requires a separate business account. GoSolo provides a digital business account with intuitive features such as invoices support and fast payments.
You get everything required to start trading like a legal entity, all in one place, quickly and efficiently.
In this brief, we will provide a rundown of what you need to know when registering a business in the UK.
What you need to register a company
The first step for registering a business is to determine if a limited company is right for you. It's also essential to decide on the type of limited company. There are two main structures:
- Limited by shares: It's the preferred type for businesses that generate profit. Its finances are separate, and it keeps its profits.
- Limited by guarantee: The format is typically used by not-for-profit companies. It has guarantors, and profits are reinvested.
If your company is limited by shares, it means that you’re not legally responsible for any debts beyond your shares nominal value. With GoSolo, the default shares structure is 100 shares with a total value of £100.
Now, the requirements to open a limited company entail:
- Unique company name The company name identifies each legal entity when doing business. It should be unique and not infringe on existing trademarks.
- Official address Companies House requires applicants to provide a registered office address. It's used for sending written communications. Addresses must be in the UK and must list the physical office location. It’s possible to keep the address private or use a location provided by an agent.
- Personal information Applicants must provide at least 3 pieces of personal information. The info may include your town of birth, father's first name, mother’s maiden name, telephone number, or passport number.
Note that: when registering a business name, you’re automatically enrolled for corporation tax administered by HM Revenue and Customs.
Ordinarily, you'd pay £12 for business registration, and the approval process takes about 24 hours.
How to register a company name
Choosing a company name is one of the highlights of registering a limited company. You have to follow certain rules during name selection. The name must end with "LTD or Limited."" It should not be the same as existing names, even if you use special characters.
The name must not be too similar to previously registered names, such as "Easy Electronics LTD" and "Eazy Electronics Limited."
In the recent past, applicants adopted a wait and see approach during name selection. Today, you can simply use the online name availability checker. You’ll access it as you register a company name through GoSolo.
Register a business name in the UK with GoSolo
Prepare for an intuitive company formation process by selecting GoSolo. Our approach is 100% legal, and Companies House permits applicants to seek the services of agents when registering new companies. Our process to register an LTD company entails:
Step 1: Find a suitable company name
Key in your unique name in the name availability checker, and receive an instant response if the name is available for use.
Step 2: Provide business and personal details
You may receive the certificate of incorporation through Royal Mail Second Class Delivery, typically after 5 business days. Companies House has a same-day service, but it’s currently suspended due to Covid-19 restrictions.
Step 4: Get a business account
GoSolo sets you up with a business account. Use it to accept payments from customers or send invoices. You can access most of the functionality from our mobile apps.
GoSolo’s mission is to provide the maximum value to small business owners with a conducive online environment for doing business. That's why our business registration takes place in about 10 minutes.
Get more benefits by choosing us as your preferred means to open a company in the UK:
- Free account formation: Don't incur the £12 expense of incorporating a company on your own* (Free offer applicable for first 500 users).
- Quick and simple process: Register a limited company through an intuitive online platform. It’s as easy as it gets.
- Same-day registration: Supply the right information, and your business will be up and running, typically within the same day.
- Secure process: Your information is 100% secure and protected. GoSolo is authorized to provide payment services.
- Business account included: You don’t need to visit a physical bank to open a business account. It’s all taken care of.
GoSolo is here at the start and will continue supporting you with the professional tools to run your business effectively.