Forming a new UK company which used to be such a daunting task earlier is much easier today, thanks to company formation online registration portal. Reliable formation companies offer these easy to use and secure online company registration systems. It is much more user-friendly than the Companies House system itself.
Though it’s hard to go wrong, here are 5 avoidable mistakes you can always be careful while forming your new UK company online.
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Wrong company type
From limited companies to limited liability partnerships, you’re at will to choose the type of company you’d want to form. And choosing the wrong company type is one of the easiest mistakes you can make. Unless any special purpose such as charity or not for profit organisation, majority of the companies registered in the UK fall under private limited company. However, it’s always a good idea to take professional help before you make your choice.
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Watch out for typos
It is very easy to let typos or spelling mistakes sneak in when you do it online especially when you register your company from a mobile phone or a tablet. Even though fixing typos are easy, it incurs a charge at the Companies House and can have unintended consequences. For example, a typo in the company name could well imitate an existing company. The last thing you’d want at this stage is to find yourself facing litigation.
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Not correctly completing PSC register
On 6 April 2016, a new law came into effect that requires all companies to keep a register of the people who can influence or control a company, that is, the PSC (persons of significant control of the company). PSC are popularly referred to as the “beneficial owners” of a company. Any person who owns more than 25% of the company, holds more than 25% voting rights, or has the right to appoint or remove directors is a person with significant control (PSC). You must select the PSC box even if any one of the condition is met.
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