We like to keep life simple at MachFast. Starting a company is a big pain – you need it but really don’t what the hassle. We agree.
So here is a simple guide to starting a company for a one shareholder limited company – before, during and after. We always recommend that you speak to your accountant or lawyer if you want professional to advise…
Bad news; sobriety is less of a hindrance when conceiving a company.
Make sure you have all the basic information at hand to start your business.
What are you going to call your business? Company names are funny things- someone may have taken your company name already. So be prepared with a few alternatives. Don’t worry our handy app helps you check for the names quickly. We will also check if a domain name is available with your name.
Where do you want your company mail to go to? (this is called the registered office address). Basically, once you start a company everybody wants a piece of you- insurance salesmen, the tax people, etc… You need to be able to receive post, particularly of an official kind, otherwise, you may be in trouble with the authorities…. Many choose their home address.
What business will your company be doing…The funny thing is that there are 700+ government defined businesses and you must fit into one of them. Don’t worry our handy little app helps you with that as well. Just be ready that jugglers, magicians and futurists are not considered s business sector.
You need to pick the number of shares that you will own in your company. We start you with 100 ordinary shares. You can adjust it if you must. If you want to learn more about what Shares or Ordinary Shares mean; click here. Each share must have a nominal value (a relic of the past). For most companies, a nominal value of 1 penny is good enough. Again, change it if you must.
You have to agree to the Memorandum of Association – basically that you are happy to be a shareholder and director in your company. Each company must have at least one director. For most single shareholder companies; the shareholder is also a director. If you want to learn more about being a director of a company you can learn about it here.
You need to adopt Articles of Association. These are the basic rules that describe how you will run your company. The good news is that Companies House (the body that is in charge of company formations) has a very handy standard set of Articles that most people use to form their single shareholder companies. Our little App makes these articles available to you. You can also download these documents here if you would like to read them now.
Finally, you will need to provide some authentication details (like the last 3 digits of your mobile) and you are on your way to forming a company.
Typically you will then have to wait for the company to form and then worry about opening your business current account; domain name registration etc…
With MachFast you actually do a few clicks and get a business current account application away during company formation. We will also help you register a domain very quickly.
Once your company is registered, you will need to make sure to file your documents on time with Companies House; register for Corporate Tax number and VAT if you need it.