How to set up a Limited Company

Pick the company name - this is the fun bit but...

The new company cannot have the same name as another registered company in the UK. Even if not the same, if your proposed name is too similar, then you may end up in a dispute as to having the right to use it, especially if the existing company is in a similar sector to you and/or it has registered the name as a UK trademark.

Search the Companies House Register for any company with the same name, it is also worth doing a Google search for names like the one you are considering.

Decide on the Registered office 

This will need to be a physical address (i.e., not a PO Box) and it needs to be in the relevant part of the UK – i.e., an English company will need to have a registered office in England; a Scottish company one in Scotland.

This address will be made public and is used by, among others, Companies House and HMRC to send official documents or legal notices to the company.

It should also appear on all company documentation such as invoices.

As a public record, any other party wishing to write to the company will be able to use that address for formal correspondence.

Therefore, while it does not need to be the trading address of the company, it should be somewhere where post is checked regularly.

Decide on the Officers

Private limited companies need to have at least one company director – usually the person starting and running the limited company – while public limited companies that have publicly traded shares need at least two directors and a company secretary (for private companies having a company secretary is optional).

• Company directorsmanage the company in accordance with the law and with its articles of association (i.e., the company’s rule book). A company director is responsible for ensuring annual accounts and confirmation statements are received by Companies House by the deadline, as well as all notices of any change in the registered information such as the registered office address. You cannot be a company director if you are an undischarged bankrupt or have been disqualified by a court from holding a directorship or are aged under 16.
• Company secretaries, usually in place in larger companies, are responsible for maintaining statutory registers, keeping minutes of board meetings, and ensuring all statutory filings are completed. They are typically professionally qualified accountants, barristers, solicitors, or advocates.

Choose how to register a limited company

It is straightforward to register a limited company with Companies House yourself – you will need to complete a series of documents.

Alternatively, you can pay an agent to register your business for you, which is usually easier, quicker and with less chance of a mistake being made. Mollio offers a company secretarial service to clients to facilitate this.

Choose a Company Bank Account

As the Limited Company is legal entity you will require a bank account in the Company name, it is not acceptable to use personal accounts. Mollio can help you decide which bank will work best for you and connect to your accounting software.