Whether you’re looking to incorporate a company in the UK or abroad, managing the admin involved can be headache-inducing. And with around 5 million applications across the world each year, it’s clear that getting through this process quickly is key to getting ahead of the competition.
Having worked with hundreds of companies to streamline the process of company formation, we’ve created this easy guide for you to refer to no matter where you are looking at basing it
1. Get your details together
No matter where you’re setting up your business or which type of business you’re setting up, there are a few key details that you’ll need in order to fill out the relevant forms. First and foremost, you’ll need a business name and you’ll need to know who your directors and shareholders are. Check whether your business name is available through the government site of your country.
Of course, to set up your business it’s also important to to decide on a business model (how you’ll make money) and a marketing plan (how you’ll spread the word about your product/services.) Part of the information about your business model will also go into your application (such as whether it is a charity or a business, for example) but you don’t usually need to explain your marketing plan within this. It’s just useful to have!
In most countries you’ll also need an address to register your business to. However, you don’t actually have to work from there. Companies such as EWS can help you to secure a location for the purposes of registering your business.
2. Set up a business bank account
To receive any business transactions, you’ll need a separate business account. Researching a few different banks will give you insightsinto which option could be best for your needs. If you’re receiving money from another country, for example, you’ll likely want a different account than one that only caters to domestic transactions.
EWS can take the stress out of your hands and find the best bank account to suit your business, no matter where you’re operating. We also help you register for any of the licences you may need to start sellling.
3. Set up VAT & tax registration
Setting up a business in most countries also means registering for tax. In the UK, for example, you have to register with HMRC and file accounting records every year. You won’t have to register for VAT unless you make over a certain figure. However, no matter what your specific financial circumstances, it’s a good idea to get guidance from professionals before and whilst you set up and run your business.
EWS acts as your guide and partner throughout company formation, providing support with finances and more. To learn more about our easy to use services, click the link.