Setting Up a Limited Company

First be sure you are eligible to do so. Foreign nationals on student visa in the UK for example, are generally not allowed to set up and run their own company. Also be sure that setting up your own business is the right thing for you.

Once you have made up your mind on the particular business you want to engage in, setting up a limited liability company, if this is the kind of company you want, will be the next logical step. This is the same as registering your own company.

Follow these simple steps and set up a Limited Liability Company of your choice. At the end, you would have put in place almost all you need to effectively run a functional company.

Always remember to come back to this page to continue on the next step. You may wish to bookmark this page. Yes. Simple steps to register and set up your own business entity.

1. Choose a business name

   Choose a business name of your choice. Check if the name has been taken up or has been registered by another person in the UK. Type in your chosen name into Web Check Company House to find out.

   If your chosen name has been taken up, try other names until you get one that is still available

2. Use this Company Registration Software

   You can now register your own Limited Company hassle free by using this fast and efficient company wizard. It will take care of all you need to register with company house, and the incorporation can be completed within hours. Click here to form your own Limited Company now - from £24.99.

3. Set Up a Business Bank Account

   You will need a bank account for your business. All payments to your new company should go in here. Be sure to separate your personal finances from your business finance. Quite a few banks offer good incentives for new start-ups. You can try Alliance & Leicester or even HSBC Bank Account .

4. Software to Take Care of Your Accounting and Documentations

   You will need to keep details of your business expenses and revenue. You will also need to pay tax and national insurance contribution as well as VAT if applicable. Worried about book keeping and accounting? Worry no more. Get business accounting software from Quick Books. It comes with software to help manage accounting tasks, creating professional documents like invoices and receipts as well as a listing of all customer & supplier.

5. Business Insurance and Covers?

   Setting up a business insurance will protect you and your new venture from unexpected risk. Consider taking up one. Hiscox Business Insurance are a very popular provider of business insurance in the UK.

By following these steps, you would have finished setting up a limited company with all you need to start trading.

Whether you are setting up a limited company to work as a locum doctor, agency nurse or run your own business, getting it right the first time is important. Speak to an accountant if you have any concerns.

Know what you can claim in terms of expenses, when to send in your company returns as well as complete your tax.

For great ideas on types of businesses or self employments you could start, please see our page on starting your own business.

Need even more info on setting up a limited company? Contact us via our contact us page.