Business Registration: A Difficult Yet Important Process
Business Registration can help convert business ideas into potential profits and businesses. Thousands of entrepreneurs get new ideas everyday about making money or establishing a business but it takes considerable effort to convert these ideas into reality.
Business registration is the first step towards the formation of a company. This is the process under which a business can be legally established, conducted and managed by an entrepreneur.
Steps in Completing Business Registration
Before securing a business registration certificate, an entrepreneur must decide on the business structure of the proposed venture. One can either choose to set up a private limited company, a public limited company, a partnership with limited liability or branch registration of a foreign corporation. In UK, a company can be established as either private limited or public limited.
Upon determining the nature and the business structure of the company, an entrepreneur needs to identify and decide the name of the company. Any name can be used unless it is regarded as unsuitable by the Registrar. Some words such as Bank, Building Society, British, National, International, Group, Holdings, and Chambers may be rejected. Also, any words that imply a connection with the Parliament, the Queen, or the Royal family may not be suitable. A name which already exists cannot be chosen for registration of another company.
In UK, all companies have to be registered under the Corporation Act 1985 which is overseen and administered by the Companies House. A company that aims to secure a business registration certificate should formulate the Memorandum and the Articles of Association. These documents generally outline the rules and regulations which forms the legal basis of the company?s conduct with third parties, shareholders and the directors.
Typically, the Memorandum of Association must include the names and the details of the company?s registered office in addition to the objects and liabilities. Remember, a company?s internal affairs is governed by the Articles of Association.
To sum up, an entrepreneur can apply for business registration on finalizing the following:
* Structure of the company. * Company name. * Registered office. * Form 12 indicating compliance with the Companies Act.
It may be noted that business registration application is complete only when it is supported by all necessary documents and the required registration fee.
A highly experienced, dynamic and versatile team at Company Formations 24.7 guides entrepreneurs to make their dreams come true, by providing comprehensive and customized services for company formation and registration.