Seed Formations https://www.seedformations.co.uk Company formations specialist Mon, 05 Aug 2019 16:38:31 +0000 en-GB hourly 1 https://wordpress.org/?v=5.2.3 https://www.seedformations.co.uk/wp-content/uploads/2018/09/cropped-logo-seed-formations-1-32x32.png Seed Formations https://www.seedformations.co.uk 32 32 Choosing A Company Name https://www.seedformations.co.uk/choosing-a-company-name/ Mon, 19 Aug 2019 14:21:36 +0000 https://www.seedformations.co.uk/?p=3322 Just like every human being has a name, every company has its own name. This name is the legal identity of a company which represents the Company on each and every legal document. One of the most important differences between the name of a human being and a Company is two or more human can […]

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Just like every human being has a name, every company has its own name. This name is the legal identity of a company which represents the Company on each and every legal document. One of the most important differences between the name of a human being and a Company is two or more human can have the same name but two companies can never have the same name. Each and every company has a unique name of its own.

Synonyms: Corporate Name

Rules of a Company Name:

The very first and mandatory thing in a Company Formation is to decide the Company’s name.  The Companies House has specific rules to be followed while setting up a company name. If the rules are not met, the Companies House can reject a proposal of registering a Company.

  1. The Company name must be unique.
  2. “Same as” names are not allowed until the company is registered under the same group of companies as the Existing name.
  3. “Too Like” names are not allowed. If a Company’s name is “Too Like” with an existing Company, the Companies house can reject the proposal.
  4. Sensitive Words cannot be used in a name unless the company gets permission from the Offensive Words cannot be used.
  5. The Company name should be according to the nature of the Company.
  6. Each Private Limited Company must add “LIMITED” or “LTD” in the name. A Welsh Company can use a Welsh Suffix “CYFYNGEDIG” or “CYF”.
  7. Each Public Limited Company must add “PUBLIC LIMITED COMPANY” or “PLC” in the name. A Welsh Company can use a Welsh Suffix “CWMNI CYFYNGEDIG CYHOEDDUS” or “CCC”.
  8. A Limited Company by Guarantee is exempted in adding Limited or LTD in the name.
  9. The numbers 0 – 9 may be used in the part of the name.
  10. The punctuation characters full stop, comma, colon, semi-colon, hyphen are allowed
  11. The following characters are allowed: A À Á Â Ã Ä Å Ā Ă Ą Ǻ Æ Ǽ B C Ç Ć Ĉ Ċ Č D Þ Ď Đ E È É Ê Ë Ē Ĕ Ė Ę Ě F G Ĝ Ğ Ġ Ģ H Ĥ Ħ I Ì Í Î Ï Ĩ Ī Ĭ Į İ J Ĵ K Ķ L Ĺ Ļ Ľ Ŀ Ł M N Ñ Ń Ņ Ň Ŋ O Ò Ó Ô Õ Ö Ø Ō Ŏ Ő Ǿ Œ P Q R Ŕ Ŗ Ř S Ś Ŝ Ş Š T Ţ Ť Ŧ U Ù Ú Û Ü Ũ Ū Ŭ Ů Ű Ų V W Ŵ Ẁ Ẃ Ẅ X Y Ỳ Ý Ŷ Ÿ Z Ź Ż Ž & @ £ $ € ¥
  12. Certain characters and punctuations and symbols are not permitted. 

Check the proposed Company Name

Before reserving a Company name, it is important to check if the proposed name is already existing or any other Companies have any similar names. The Company name availability checker is easily provided by Companies House or any Formations Companies.

For Example:

  1. A search with “SEED Formations” in availability checker says:

The company name “SEED FORMATIONS” is considered to be the ‘same as’ the existing names shown below:

SEED FORMATIONS LTD

11420683 – Incorporated on 18 June 2018

Private limited company

  • A search with “Formation” in availability checker says:

The company name “FORMATION” is considered to be the ‘same as’ the existing names shown below:

FORMATION LIMITED

05195583 – Incorporated on 2 August 2004

Private limited company

THE FORMATIONS COMPANY LIMITED

05510444 – Incorporated on 15 July 2005

Private limited company

FORMATIONS.CO.UK

SL003598 – Registered on 29 September 1999

Limited partnership

Reserve a Company Name

A Company’s name can be reserved only by registering a business with Companies House. If a Company formation is still in process and will start trading in future, but it has decided a name, the company can still be registered at Companies House to preserve the name. Company formation helps in adding the selected Company name in the Company names databases held by the Companies House.

Formations Companies take very minimum time to reserve a company name on the Companies House.

Also, they offer various facilities to reserve a Company name such as Non-Trading Formations, where a dormant company can be created with a Company name. The Formations Companies usually charge a very minimal fee for such processes.

In order to reserve a Company Name by creating a Dormant / Non-Trading Company, A Formations Company can help in creating the dormant accounts if necessary. They also manage the dormant Company until it is ready for Trading.

Change a Company name

Any existing Company name can be changed with the Companies House by using the Form NM01.

Trade Mark Registration

One more way to fully protect the brand name being used by someone else is by registering the trademark. Trademark registration in the UK can only protect the brand name in the UK and no other parts in the world.

Reserve a Company Name on Web:

As soon as a Company name is reserved at the Companies House, the name should also be reserved at the Web. The web addresses can be bought by anyone with the Company name in it, so to protect the Identity of the Company name it is always recommended to Reserve the same name on Web using the best domain registering costs.

Cost of Registering a Company

There are various ways of registering a Company:

  1. Online Registration

The cost of online registration is £12. It can be paid through Credit/ Debit cards or PayPal account.

  • By Post Registration

The cost of online registration is £40 – £100. It can be paid by Cheque made to “Companies House”.

The standard process takes around 8 – 10 days and charges £40 through the post.

The Post service also had a same-day delivery process which cost £100, if the application is submitted before 3 PM.

  • Through an Agent

People generally believe that the addition of agents increases your cost. But in the process of Company Formations, the addition of a formation Company is usually cost-effective.

When a Formations Company comes into the picture, they take care of additional jobs while setting up a Company name.  The formation Company provides various packages to select from according to individual needs like bank accounts, Company legal documents, Dormant Company paperwork and maintenance, etc.

Moreover, all the hard work will be taken care of by the experts in the field, which reduces the chances of rejection.

The Cost of formation agents depends on packages/deals selected.

How Seed Formations is Cost-effective for New Businesses?

According to the Financial Times in 2017, UK reached the highest amount of company formation ever, with almost 1,800 companies formed per day, however it also released that only 50.1 per cent of companies formed in the UK in 2013 endured for three years.


To help the growth of the UK’s economy we need to increase the durability of the new businesses. We believe the first 2 years are the crucial phase for a business where it would either make or break. 
Our goal is to offer support to the new businesses during their early-stage live cycle starting to bet on their durability and success. We value quality business formation and not only formations of thousands of business a month.

To help new businesses in their early stage we aim to create a one-stop-shop where they would be able to manage every aspect of their business in only one platform. We are hereby offering Cost-effective deals for new businesses which helps them grow in future.

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Company Formation Checklist https://www.seedformations.co.uk/company-formation-checklist/ Mon, 12 Aug 2019 12:46:51 +0000 https://www.seedformations.co.uk/?p=3314 Forming / Incorporating / Registering a company is a legal process where a business is registered as a limited company. This process takes place at a Government agency “Companies House”. “Companies House” is an executive agency of the Government who is authorized to Register Companies. They Incorporate as well as Dissolve a limited company. In […]

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Forming / Incorporating / Registering a company is a legal process where a business is registered as a limited company. This process takes place at a Government agency “Companies House”. “Companies House” is an executive agency of the Government who is authorized to Register Companies. They Incorporate as well as Dissolve a limited company. In this process, the company’s information is registered and made available to the public.

Once a Company is incorporated, it becomes a legal entity and is separated from its Owner.

Ways to Register a Company

One or more people can register a Company in the Companies House. The process of Company incorporation is a legal contract which can be lawfully done only by adults. Children under the age of 16 years have no rights to lawfully form a company.

This legal filing can be done by following ways:

Electronic Software filing

Electronically submits forms using third-party software.

Web Incorporation service

It is an online filling service. Following restrictions apply:

Setting up a Limited company by shares.

The Model Article of Association is chosen instead of the company’s own article of association.

Paper filing

Submitting paper documents to the office. If a company chooses not to use Limited in the Company name, then it has to file through papers by Post (Form IN01). Any other application can be done through Paper filling. Same-day registration is also possible.

The Formations Company

The formations Company/agents are authorized by the Companies House. They prove to be a professional guide while setting up a company.

Types of Company and the mandatory requirements for formation

Limited Company ( by shares)

  • Minimum one shareholder
  • Minimum one director
  • Issue at least one share per shareholder
  • SIC Code
  • Registered office address
  • The official name of Company (should have Limited or Ltd in name)
  • PSC details

Limited Company ( by dividends)

  • Minimum one director
  • Minimum one Guarantor
  • The official name of Company
  • PSC details
  • Registered office address
  • Service address for each Director, Guarantor & PSC
  • SIC Code

Limited Liability Partnerships

  • Minimum two partners
  • Registered office address
  • The official name of LLP
  • PSC details
  • SIC Code

Documents necessary for Company formation (Checklist)

The company incorporation process needs the following documents:

Application form

The form needs the below details:

  • Proposed Company name
  • Registered Office address
  • Type of Company
  • Details of business activities. Choose a SIC (Standard Industrial Classification) code to describe the company’s activities.
  • Details of Director(s):
  • Full Name
  • Date of Birth
  • Nationality
  • Occupation
  • Residential address
  • Service Address

Details of Shareholder(s) for both (where a shareholder is a Person with Significant Control (PSC) or shareholder is not a Person with Significant Control)

  1. Full Name (for both)
  2. Date of Birth (only for PSC)
  3. Nationality (only for PSC)
  4. Nature of Control (% of shares and Voting rights) (only for PSC)
  5. Residential address (only for PSC)
  6. Service Address (for both)
  7. Security details to be used as Online signature (for both)

Details of Secretary

  1. Full Name
  2. Date of Birth
  3. Nationality
  4. Occupation
  5. Residential address
  6. Service address

Details of People with Significant Control, if PSC is not a shareholder/ director/ secretary

  1. Full Name
  2. Date of Birth
  3. Nationality
  4. Nature of Control (% of shares and voting rights)
  5. Residential address
  6. Service Address
  • Age proof for Directors(s) and Secretary (cannot be less than 16 years)
  • Any former names used by directors for business purpose
  • A statement of Capital Shareholding or guarantee
  • Explanation in case of Sensitive Word used in the Company proposed name.

Memorandum of association

A legal document which clarifies the intention to form a Company. It also shows the Company name, details of shareholders, the number of shares held by them and the location of the registered office address.

Articles of association

The Article of association is an internal book of rules defined by the members. It helps to run the company efficiently. It binds the company with all its members. If a company doesn’t provide its AoA, they can use the model articles as it is or with some amendments.

Bank Account

It is not legally mandatory to open a Business Bank account, but in reality It is very difficult to run a business without a Bank account. A separate Business bank account makes easy to trace the business activities, prepare taxations and maintain annual business accounts.

Both UK Resident and non-resident directors/ shareholders can open a UK Bank account whereas it is easy for a resident to open a bank account than a Non-resident.

Requirements for a UK Bank Account

  • Identity Proof for all directors
  • Address Proof
  • Full Business address
  • Company’s Contact information
  • Company House Registration number
  • Projected annual revenue

Top Banks to open an account within the UK are:

  • Barclays
  • HSBC
  • Royal Bank of Scotland
  • Lloyds Banking Group

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How to form a company online? https://www.seedformations.co.uk/how-to-form-a-company-online/ Mon, 05 Aug 2019 16:38:26 +0000 https://www.seedformations.co.uk/?p=3329 Here is a Check-list to form a company online. Online company formation company Look for an Online Company registration website. The best web to register a company is Seed Formations. The fastest web to register a company or business is also Seed Formations. Register company name There is always a search bar where you can […]

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Here is a Check-list to form a company online.

Online company formation company

Look for an Online Company registration website. The best web to register a company is Seed Formations. The fastest web to register a company or business is also Seed Formations.

Register company name

There is always a search bar where you can search business names or company name to see if the names for the business you like are available. Just type the business name and follow instructions. What to do if a business name is not available? the best option is changing the position of the words, try with plurals or ad -.

Names such us British, London, Dental, may need permission from the authorities. How to use names for the company without having permission, well don’t put the taboo word in the first place.

Ltd or Limited

What is better limited or ltd? Ltd means limited, is just the short way to say limited, if you want to learn more about the limited company, register a limited company, limited company registration,

Buy domain

When the chosen company name is available, you will become a list of different domains, like ‘.co.uk’ , ‘.com’ , ‘.org’ choose this according to your needs. You can buy a domain per month or buy a domain per year. In seed formation, you will find cheap and easy domains for new companies and all information regarding ‘how-to but a domain’.

Company registration

Seed Formations has the best offer company formation package, just choose one of the many online company formation packages, and follow instructions. If you choose Seed Formations to set up a company you will form a company in 1 day, and we also offer the most competitive packages, all included package to form a company!

What is included

What is needed to start a company, well these are the main services needed to form a company, don’t cut in costs of the company formation, to save money will set up a company there are many cashback services that will cover your expenses, but this must-have services for company registration:

  • Customer Support
  • Access to Business Apps
  • E-Certificate of Incorporation
  • E-Memorandum and Articles of Association
  • E-Shareholder Certificates
  • Companies House Filing Fee
  • Consultation with an Accountant
  • Barclays Business Account (optional)
  • Official Printed Certificate of Incorporation
  • Official Printed Shareholder Certificates
  • Official Printed Memorandum and Articles of Association
  • E-Company Register
  • Bound Company Register
  • First Board Meeting Minutes
  • Confirmation Statement

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Types Of Business Structure https://www.seedformations.co.uk/types-of-business-structure/ Mon, 05 Aug 2019 10:25:41 +0000 https://www.seedformations.co.uk/?p=3298 A business structure is a very important category information of an organization. The structure of business impacts on the taxes, legal documentation, personal liability and the capability to raise money. The business form is legally recognized in a particular dominion and labelled by the legal definition of that particular category. Business establishments come in different types […]

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A business structure is a very important category information of an organization. The structure of business impacts on the taxes, legal documentation, personal liability and the capability to raise money.

The business form is legally recognized in a particular dominion and labelled by the legal definition of that particular category.

Business establishments come in different types and different forms of ownership. It is very important to decide the correct Business form when you are ready to start a new business. Few forms of Business structures common in the UK are:

Sole Trader/Proprietor

A sole proprietorship is owned by only one individual. It is easy to set-up and offers full control only to the owner. It is the least costly amongst all forms of business ownership known.

The owner does receive all profits but is also personally liable for the financial commitments and debts of the business. He faces unlimited liability which means that the creditors may go after the personal assets of the owner if the business fails to pay them.

The sole proprietorship form is typically embraced by small business entities.

A sole trader in the UK must register with HM Revenue & Customs as soon as possible or can be penalized if failed to register before 5th October of the second tax year of the business.

Pros

  • Control: Sole traders has the full control of their business as they are the owners.
  • Profit: They retain all of the business profits.
  • Privacy: their data is their own, kept private unlikely the LLC.
  • Customized: Sole traders are a relatively small business, so they can offer customized services.

Cons

  • Liable: They are the owners of the business, so they have unlimited liability.
  • Decisions: Success or failure rest upon the decisions of the sole trader, as he is the only one in control.

Example: Kurt Geiger is a very successful sole trader based in the UK. Started the business in 1963, Kurt Geiger has continuously evolved in making covetable footwear and accessories. Kurt Geiger has over 70 stores globally and over 170 concessions within the world’s most prestigious department stores.

Independent Contractors

A Contractor is also an individual just like the sole trader. He is someone who is working for someone else but is not an employee. Independent contractor provides the services for money under a contract.

A contractor is usually highly skilled and can be a resourceful professional, creative person, technical Consultant, agents, brokers or freelancers.

UK’s Independent contractors should follow the IR35 tax legislation. It was announced in 2000 to catch ‘disguised employees’ and put on income tax and National Insurance Contributions (NICs) to the independent contractors’ income as if they are employees.

Pros

  • Control: They are their own boss. Provides services to others on their own terms.
  • Flexible Earning: They charge on every single contract. So may earn more than other fixed employees.
  • Tax saving: They turn out to pay less income tax then compared to business owners.
  • Liability: They are not liable for any losses of the business they work for.
  • Freedom of choice: Contractors enjoy being able to choose their projects and clients.
  • Holidays: They are free to choose how much time they need between contracts, hence no constraints on vacation time.

Cons

  • No benefits: They don’t get any benefits from the employer as they are their own boss.
  • No Protection: The labour laws do not protect Contractors.
  • Payment: independent contractors do not always receive payments on time. Also, they are paid only when they have a contract.
  • Limited Job Security: They do not have a fixed-job. Most contracts stay for a short time. Then the contractors need to look out for another job.

Partnership

If the business is owned by several individuals, it is considered as a Partnership.

A partnership can be classified as:

General partnership

The general partners manage the business, take responsibility for the debts.

Limited partnerships

The general partners manage the business and take responsibility for the debts. But, they have limited partners too, who serve only as investors.

Like sole traders, partners also pay taxes only on their profits. A partnership tax return should be filled by the nominated partner. Each partner files a self-assessment tax return and pays tax and National Insurance.

Pros

  • Shared Responsibility:  The partners share the business and so the responsibility is also shared among the partners.
  • Capital:  The partners fund the business. So more partners mean more investment and more growth.
  • Decision: Partners share the decision making and it’s not a one man’s brain in the business.
  • Documentation: Partnership need only the agreement between the partners. It doesn’t need to maintain complex documents like an LLC.

Cons

  1. Liability: Ordinary partners have unlimited liability which means that they share the financial risk of the business.
  2. Disagreement: A partnership firm mostly dissolves when there is a disagreement between the partners. The disputes harm the business as well as the personal relation between the partners.
  3. Profit:  The profit is equally shared amongst the partners, which is not fair if one partner is putting more effort than another.

Example: NotOnTheHighStreet.com

Founded by two award-winning entrepreneurs, Holly Tucker and Sophie Cornish in 2006. It has become the most successful e-commerce businesses in the UK. It has a team of over 200 people and sales of over £100m

Limited liability company (LLC)

It is a type of business which is incorporated at Companies House as a legal person. It is separate from its owners. The company is responsible for its own income, assets, debts and liabilities.  

A Company is run by the management, which consists of the directors and the Shareholders. The director/s manages the business whereas the shareholders get the business funded. The management has limited liability and they are responsible only for business debts up to the worth of their investments.

LLC can be further classified as:

Limited by shares 

Owned by one or more shareholders. The financial liability of shareholders is limited to the value of their shares. If a company is incapable to pay its bills, shareholders are obligatory to contribute the nominal value of their shares. Profits are distributed to shareholders as per their shares. These profits are issued as dividend payments. Directors are appointed to manage day-to-day business activities on their behalf. The shareholders can appoint themselves as directors.

Limited by guarantee

Owned by one or more guarantors. A guarantor’s liability is limited to a fixed amount of money called guarantee. Directors are appointed to manage day-to-day business activities on their behalf. The guarantors can appoint themselves as directors. The profits are not distributed amongst the guarantors.

Pros

  1. Limited Liability: The shareholders are liable for the debt only according to the level of their investment. This is financial security for the investors.
  2. Entity: the company and the Shareholders are separate entities. Even if a shareholder dies, the company continues to exist.
  3. Tax relief: LLCs are taxed only on their profits.
  4. Control: The control is in the hands of the Board of directors. They take combined decisions.

Cons

  1. Costly: A company is bigger than a Sole trader. It is more expensive to set-up.
  2. Complex accounts: LLC is expected to keep and maintain documents and records. This is time-consuming and costly.
  3. The weakening of Power: Sometimes disputes arise between directors and shareholders.
  4. Risk of Overtake: LLCs can be overtaken, acquired or merged. There is always a risk that the LLC might be acquired from the founding shareholder/s.

Example: Ladbrokes Coral Acquisition:

Ladbrokes Coral Group plc was a British-based betting and gambling company based in London. In March 2018, it was acquired by GVC Holdings PLC, one of the world’s largest sports betting and gaming groups. After the acquisition, GVC Holdings become the UK’s largest high street bookmaker, adding iconic retail and online gaming brands, Ladbrokes, Coral and Gala to their portfolio.

Basic comparison between the forms of business

  Contractor Sole Trader Partnership Limited Company
Entity Contractor works on his own. The sole trader is the business. The partnership is the business The business is a separate legal entity
Owner He works for someone else but he is not an employee Owned and operated by Single person Owned and operated by Partners Hybrid Structure with Directors, Shareholders, etc.
Manager He manages the business The sole trader manages the business Partners manage the business Provides service as an officer (director)
Liability Contractor has no liabilities but they have legal contracts Unlimited  liability: Creditors can attack the owner’s personal assets to collect debt Creditors can go after the partners to collect debt LLC assets are used to pay off all the business debts.
The shareholders stand to lose only the money that they’ve invested in the LLC.
Death Death of a contractor dissolves the business Dissolves when owner dies or is passed to the next heir The other partner/s carries on the business on the death of one partner. Company does not dissolve on the death of a shareholder. It is a separate legal entity.
profits Contractor is paid for his services. He does not have a fix salary / profit. Owner can withdraw cash from business without any tax effect. It is his own money The profit after business deductions is shared among partners. Shareholders receive dividends (out of Company profits) on their money invested. They also gets certain distribution by company.
Loss There are no such trading losses. He gets paid on each service provided. Trading losses can be compensated against owner’s other income. The Loss after business deductions is shared among partners. Company’s Trading losses can be compensated against company’s other income, not the shareholder’s.
Borrowing money from business The money is contractor’s own money. Business money is owners own money, so money can be borrowed A partner can take a loan from Partnership firm. Directors can borrow limited money from Company with specific tax costs.
Failure Overexpansion or getting more contracts at a time may result into failure. If business fails, owner goes bankrupt and is personally liable for debts If business fails, the general partners are liable for debts If company fails, Shareholder is liable for his part of shares. But the guarantor is liable for the personal guarantee given to Banks/ creditors.
Documentation Records of services and expenses,
 Contract
Records of Business sales and expenses partnership agreement
General records of sales and expenses
Articles of Organization
LLC Operating Agreement
Accounts Minimum annual accounts required to file owner’s personal tax return Minimum annual accounts required to file owner’s personal tax return General partnership needs minimum accounts like sole proprietor, but limited partnership needs to file with Companies house HMRC needs full accounts for Corporation Tax, so annual accounts must be prepared under the provisions of the Companies Act.
Business Sale Contractor can sale his personal assets and pay personal tax on gains. Owner can sale his business and assets and pay personal tax on the gains. Business assets can be sold according to the partnership agreement Double tax is paid if the business is sold: Company pays Corporation tax on profits and shareholders pay tax on the distribution.
Taxation Pays personal tax
Follows the IR35 tax legislation.
Pays Class 2 and 4 National Insurance and Income Tax on all taxable business profits. A nominated partner takes care of tax returns and business records.
Every partner pays their self-taxation as an individual.
LLC pays corporation tax on all its taxable profits.
Directors pay tax on their earnings.
Shareholders pay tax on dividends and certain distribution by company.

Conclusion

There are different forms of business structures to choose from. Different business circumstances require different forms of business organization. No single form is the best form. Selecting the right structure is a key in business growth. The vital point for each person or a group of persons is that they consider going into business and which of the forms will work best for their specific situation. The knowledge of the organizational forms can affect liability exposure. The founders can implement the correct organization for their specific business with detailed organizational structure knowledge.

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Various Company addresses https://www.seedformations.co.uk/various-company-addresses/ Tue, 09 Jul 2019 10:41:46 +0000 https://www.seedformations.co.uk/?p=3169 The mandatory address details provided during the Company incorporation are: Registered Office The most important address is the registered office address. The basic requirements for a registered office address are: The office location and the address must be the same.  It is mandatory to state that the company is located in England and Wales, in […]

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The mandatory address details provided during the Company incorporation are:

Registered Office

The most important address is the registered office address. The basic requirements for a registered office address are:

  1. The office location and the address must be the same.  It is mandatory to state that the company is located in England and Wales, in Wales (“Welsh” Company), In Northern Ireland or in Scotland. The address has to be in the same location.
  2. It has to be a physical location where the company’s documents can be delivered.
  3. It should be able to be inspected.
  4. The location cannot be changed, but the address can be changed in the same country.
  5. A company can have only 1 registered address at any point in time.
  6. This address will be made public.  The company can use a residential address but they have to keep in mind that the address will be in public records.
  7. It is not mandatory to carry on the trade in the registered address.

Service Address

This is mostly the communication address for the directors, secretaries, PSC members of a Company. Basic requirements:

  1. It can be situated anywhere i.e. same place as registered address or anywhere in the UK or overseas address.
  2. It has to be a physical address with postal code to receive communications and legal mails from Companies House.
  3. It can be the same as the registered address.
  4. It can be the same as a residential address, but in that case, the residential address will be on public records.
  5. It can be easily changed at any point in time, but only 1 service address at a given time.
  6. Not mandatory to be as a work address.
  7. It will be made public in the records.

Residential Address

  1. All the directors must provide their residential addresses.
  2. This record will not be made public. It will be on an internal private register of Companies House.
  3. Residential and Service addresses can be the same.
  4. It will be provided only to specified Public Authorities and Credit Reference Agencies. But an exemption can be made on request and the information will not be provided to the Credit Reference Agencies.

There are some optional company addresses which can be given. They are:

Single Alternative Inspection Location (SAIL address)

SAIL address can be used when the company wants another location for inspection of statutory records by people other than the official registered records. The requirements are:

  1. SAIL address should be located in the same part of the UK as the registered address.
  2. Companies House needs to be informed if using a SAIL address.
  3. The list of records and registers maintained at SAIL address for inspection should be submitted at Companies House.
  4. SAIL address can be changed anytime but it has to be in the same location as UK.
  5. SAIL address needs to be on public records.
  6. Form AD02 can be used for registering SAIL address and AD03 for the movement of records to a new address.

Business / Trading addresses

A business address is mainly the place where the company’s actual trading takes place. It is not a mandatory address.

  1.  A company can have as many business addresses as they want.
  2. These addresses are used for non-statutory businesses.
  3. They are used for communication between the clients, employees, suppliers, banks, any service providers, etc. with whom we actually run the business on a day to day level.
  4.  Keeping all the business addresses public, helps the company run the work smoothly and create awareness of all its locations.
  5. It can be a home address if the company’s work runs from home.

Addresses snapshot

Type of Address Public/Private Mandatory / Optional
Registered Office Public Mandatory
Service Address Public Mandatory
Residential Address Private Mandatory
Single Alternative Inspection Location (SAIL address) Public Optional
Business / Trading addresses Public Optional

Which data is made public?

When any company is incorporated, the shareholders of the company are benefitted with limited liability. In return of such benefits, the company information is reviewed and rechecked by the Companies House and then made public to create trust and transparency.

This information is made available for common public and is called the “public record”. The below details are available online, free of charge for any incorporated Company:

  1. Nature of Business
  2. Annual accounts
  3. The controller of the Company
  4. Company’s registered address
  5. Company Type
  6. Incorporated Date
  7. Directors’ below details:
  8. Name
  9. Nationality
  10. Occupation
  11. Birth records (only month and year)
  12. Service address
  13. Secretary’s below details:
  14. Service address
  15. Details for People with significant control (PSC):
  16. Name
  17. Nationality
  18. Occupation
  19. Birth records (only month and year)
  20. Service address
  21. Nature of control (% of shares and Voting rights)

How the public can access records?

The public records are available as long as the company is active. Even after a company is dissolved, the records are made public for 20 years. Then the records of a dissolved company are transferred to The National Archives (TNA). Even with TNA, the records can be requested by the general public. The following ways can be used to easily view public records:

  1. Companies House Service (CHS)
  2. WebCHeck
  3. Contact centre
  4. Information Centres
  5. DVD products
  6. Data products
  7. API

What is a Formations Company?

Formations Companies are agents/consultants who help other businesses in the process of incorporation of their company. A formations company has a team of experts to guide a layman on the formation process with their professional guidance. They make sure that the application of incorporation doesn’t get rejected at the Companies House.

Benefits of a Formations Company:

  1. Team of experts assisting in setting up a company name.
  2. Experience in entire Incorporation process as they handle simultaneous clients.
  3. A quick process with professional guidance.
  4. Fewer chances of rejection by Companies House.
  5. Well prepared documents with no mistakes.
  6. Legal advice on post-incorporation matters.
  7. Familiar with the rules.
  8. After sales service.
  9. Help in company formation with the bank account
  10. Provides services in Registered office address
  11. Services in getting Bank Loans
  12. Quoted Fees include all the filling charges and service charges. No hidden cost.

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Selling on the Amazon Marketplace https://www.seedformations.co.uk/selling-on-the-amazon-marketplace/ Wed, 03 Jul 2019 10:45:41 +0000 https://www.seedformations.co.uk/?p=3154 Amazon Market Amazon market is an online platform which enables retailers/traders/ vendors to sell their merchandises online using the huge set-up of Amazon.  With Amazon market, you get added the chance to grow your sales in a new platform which already contains a variety of customer types and sizes. You can reach new customers. You […]

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Amazon Market

Amazon market is an online platform which enables retailers/traders/ vendors to sell their merchandises online using the huge set-up of Amazon.  With Amazon market, you get added the chance to grow your sales in a new platform which already contains a variety of customer types and sizes. You can reach new customers. You can modify your commerce. Your sales revolutions can be increased. You have a chance of higher visibility of your products. Amazon provides various commercial modules, which suits different business needs.  Amazon has combined its market in Europe. Even if you create only one account in Amazon UK, you can still sell your products across Europe where Amazon is present I.e. Italy, Germany, France, & Spain.

However, Amazon is just not present only in Europe. It also has a global presence such as the USA, Australia and Asia.  You can boost your international sale through the International presence of Amazon.

There are various ways to use Amazon Market to run your own business:

1.  Sell on Amazon

This is a no-commitment plan where the seller is privileged to sell his products to millions of users not only in the UK but all in Europe through the Amazon platform. The seller needs to sign up for the monthly selling plan which gives incredible benefits for the new start-up’s businesses.  It makes a local business grow 10 times then it can grow by selling locally.  They do not compete for the buy box or prime customers.

Advantages of Sell on Amazon feature:

  • Scope for millions of consumers – You can easily target all of Amazon’s clientele and sell directly to them via the Amazon platform. You have no need of creating a new market place.
  • No need of own website – The Amazon website is a highly trustworthy website for sellers and buyers. You don’t have to worry about making your own website. As a start-up business, you can use the Amazon website in order to sell your products.
  • No-commitment plan – This is a monthly no-commitment plan. You can cancel anytime you want if you feel that you are not being benefitted by Amazon.
  • Sell in entire Europe – One platform, one account allows you to sell in all of Europe. You don’t have to be just a UK seller anymore; you can expand your business in all of Europe where Amazon is present.
  • Chances to grow further – Once you start selling on Amazon, you have further options to grow and enhance your business like using FBA facility, g, prime seller, etc.

2.  Fulfilment by Amazon (FBA)

This case is used when the Seller is using Amazon’s operations. FBA helps the seller to grow his / her business from his / her home marketplace.  Here the seller’s responsibility is to ship his / her product stock to the Amazon warehouse.  Once the stocks have been shipped to the stock house, they will be fulfilled by Amazon. In other words, when a customer orders the product, it will be shipped by Amazon. Not only delivery but in the case of returns, it will be returned to Amazon. The actual seller does not come into the picture. All customer support will be supported by Amazon. For all these services, Amazon charge fees from the seller. The seller here pays for selling his / her stock on Amazon platform + storing his / her stock at Amazon centre + the delivery/return taken care by Amazon. For very rare cases, where the customer needs extra details on the quality of a product, Amazon might contact the seller for answering the customer.

The FBA option is clearly mentioned on the Amazon page:

Screenshot:

Advantages of FBA:

  • Prime badge – All FBA eligible items get a Prime badge. Being prime merchandise means your product will be shown with high status and will be visible and used by the Prime members of Amazon who are the most dedicated clients of Amazon platform.  It comes with a promise of high-speed delivery of within 2 days.
  • Fulfilled by Amazon badge – All FBA products will be shown as “Fulfilled by Amazon” on the product page. It gives a high weight to the product. A serious buyer will always favour the Fulfilled by Amazon option as all the after deals are done through Amazon.  It comes with a promise from Amazon on the product quality + fast and prompt delivery.
  • Buy Box – The FBA option gives the product to appear first on the page. It will always have a higher chance of winning in the midst of all its competitors.
  • Less time spent on operations – The FBA option gives the business owner more time to think further on his / her business. All the operations are supported by Amazon once the stock reaches their facility centre, so no need to worry about the operations. The Business owner has more time to think about how to expand the business or can also freely enjoy a vacation.
  • Less time on inventory management – The stock is safely secured at the Amazon fulfilment centre. So, you need not worry about the inventory any more. You can put all your focus on increasing your sales and let Amazon manage the packing and shipping stuff.
  • Offers a trusted service – The FBA option is a trusted service provided by Amazon which is reliable and verified by its customers. So, if you decide to use FBA for your business, you are actually using the trustworthy name of Amazon.
  • No more local – Once you join the Amazon FBA business, you are a no more local business. You can cover high levels of international grounds with Amazon. You need not sell only in the UK, once your stock reaches the facility centre, it can be sold all over Europe.
  • Customer service – You need not worry about providing the customer service or getting extra charged for products returned. You need to pay any extra costs for gift wraps too.  All these services are already included in the FBA.

Disadvantages of FBA:

  • High Cost – The only disadvantage of FBA is its cost. Amazon decides all the cost and it can increase any time. So if your sales are good, the cost won’t be a big burden but if your products are not selling too fast and are stored in the Stock house, Amazon will be charging a big bunch of money. Amazon charges monthly inventory fees, especially on the products staying too long in the stock house, it increases the fees.
  • Shipment to the Amazon Facility – You have to pack your products and ship your inventory to the required facility centre of Amazon. You have to scan each item and print labels on them. You have to create the entire inventory. This can be done on your own or you will need professional help.

FBA fees:

FBA Fee is simply divided into Fulfillment fees and Storage fees.  You can pay for the services you use.

  • Fulfilment fees – It depends on the size of the product. The fee calculator checks the following parameters:
  1. The selling price of the item,
  2. The size of the item,
  3. The weight of the item
  • Storage fees – The storage fees check the area your items cover in the Amazon warehouse. It also depends on low season (£0.65 per cubic feet per month from January to September) and high season (£0.91 £0.65 per cubic feet per month from October to December). You have the option to go for monthly storage fees or long term storage fees.

3.  Merchant Fulfilled Prime

This case is used when the seller is using the Amazon platform only to publish its products as a prime product. The seller gets orders from Amazon and supplies the products directly to the customers from his own warehouse. The warehouse can be anywhere; seller’s house or his business office, etc. Locating the stock, packing the stock and delivery, returning, after-sales customer service is all done by the seller and not by Amazon. The seller has to bear all the shipping costs.

Advantages of MFP

  • Prime Badge – The Merchant Satisfied Prime shows your item as Prime, which creates trust among the customers.
  • Loyal Clientele – The badge brings in the most loyal members of Amazon to buy the products.
  • More sales with Lightning Deals – It is the selection of prime objects which are promotional and appears on the Today’s Deal page. So you can get benefitted with such offers.
  • Customer Service – Post-Sale consumer care will be handled by Amazon. Order can be tracked and return can be submitted through Amazon.
  • Manage your stock at your house – You get to keep the stock at your own place. So you can easily manage your stock and sell them through various other channels.

Key features for Amazon business sellers:

  • Spontaneous VAT invoicing – The newest VAT calculating service provided by Amazon does all the manual labour. You don’t have to manually create all the invoices. It will be done mechanically when the orders are produced on Amazon.
  • VAT-exclusive price – You also get to see the EU-wide compliant VAT-exclusive prices. This factor helps increase your sale.
  • Enriched visibility offer – Once you start getting a higher amount of sales, you will be offered special eligibility, where you can get an enhanced option on product visibility.
  • Pricing and quantity discounts – The business customers are offered exclusive discounts from Amazon.
  • Exclusive business offers – You have an option to make your product available only to business customers and not retail customers. So you can choose whatever suits you well.
  • Pay by Invoice – Amazon handles all the credit risk valuation, the billing and the collection work for the trade owners. The risk of getting non-paying buyers is removed for the new start-up private owners.

Pricing plan for Amazon seller:

    Individual   Professional
Items sold Less than 35 per month 35 or more per month
Benefit Pay as you sell Value pricing on huge sells
Monthly fee £25 (excl. VAT)
Fee per product £0.75

Register a Company at Amazon

  • In order to start a business in Amazon, you need to register yourself as a sole trader or you can also go for Company Formation.  Once you have registered a Company or yourself as a trader, you can register your occupation at Amazon.  SEED formations LTD. can help you in the process of Company Formation or register you as a Sole Trader.
  • The second thing is to do market research on Amazon. Do a deep search using a tool/ software with which you can find the competitors and their prices on Amazon.  You can look for gaps in any products. You can get help from SEED formations LTD. to do research for you.
  • Third thing is to decide whether you want to sell only in Europe or across the World. You have to open Bank account in the UK or overseas accordingly. Again, SEED formations LTD. can help you in the process of opening a Bank account as per your convenience.
  • Decide your target sale. If you target to sell less than 35, then choose an individual plan and if you target to sell more than 35, then go for the professional plan.
  • Register your products on Amazon. This is the most important part. It will help the customers decide they want to buy your products or not. 
  • Try not to get stuck by selling only one product. Try to sell a variety of products to increase your earning.

Amazon Product registration Checklist

  • Product title
  • Description
  • Brand Name
  • Product Images
  • Price &/ Discounts
  • Stock availability
  • ASIN, EAN, UPC, or ISBN code

Checklist to register a Company / Trader on Amazon

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Be Your Own Boss https://www.seedformations.co.uk/be-your-own-boss/ Fri, 28 Jun 2019 09:58:22 +0000 https://www.seedformations.co.uk/?p=3150 The idea of answering no one, managing your time on your own pace, enjoying your own freedom seems really nice. If a person has some real ideas, commitment to work and ability to execute the idea, then becoming one’s own boss is achievable. Self- employment is very hard work, but it also has its own […]

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The idea of answering no one, managing your time on your own pace, enjoying your own freedom seems really nice. If a person has some real ideas, commitment to work and ability to execute the idea, then becoming one’s own boss is achievable.

Self- employment is very hard work, but it also has its own benefits. All you need is to find the best that suits you, be it a hair-saloon, a wedding planner, a catering service, a restaurant owner, business solutions, or hotel industry.

Reasons to start your own Company

Some people are meant to be entrepreneurs. They start showing their qualities from early childhood. But for others, who want to register their own company, the process is very scary. Unless hiring a company formations agency, you should always remember the benefits attached to it.

  • You are the boss
  • Make your way to the world
  • You are experimental with your ideas
  • Manage your time on your own pace
  • Take a vacation when you want
  • Decide your own deadlines
  • Decide what you want to do
  • You are motivated
  • You have the freedom of making your decisions
  • You earn the money you make i.e. you keep all profits for yourself

Entrepreneurial features for Company Formation

Identify yourself and your expertise

The very first thing about being a boss is to identify and value yourself. You should know your area of expertise. If you have the skills and knowledge to run a business, you can be independent and set up a company.

Choose your team

The business idea is vital however the team that’s going to execute the idea is important too. You should work out with a list of skills you need to run the business. The team should be equally skilled in order to achieve the dream.

Finance / Funding

The procedure of the company formation needs a push of finance. It might be seed capital or Bank loans. So, planning your finances is the next vital thing to do. From startup costs to ongoing expenses, you should be able to understand how much money you will need to run your business. This can be done by preparing a business plan, budget or forecast, if you have never done one before, don’t worry we can show you how to do it and check it with you if you need to, so yes, we can help to do a business plan and if it looks good support you by the company formation.

Marketing

Both a product and a service need a proper marketing strategy to help run a business.  There are many ways to advertise a business, through Public Relations, Influencers and Social Media, emailing, AdWords, cookies and blogs. Marketing is important for attracting customers towards your business, but it is also essential to get partners, suppliers, vendors, etc. for running a business. Through marketing, your potential clients will get to know your product or service.

An office address

Once you know what you are doing and how you are doing, it’s important to figure out where you are running your business from. The Office address is one of the most important checklist points in company formation. You can work from wherever you want but your office address should be in a good district to add trust to your business.

Keep everything documented

It’s a good practice to document everything while setting up a company. The Company Act 2006 states that private limited companies must keep accounting records for 3 years from the date they are made. Public limited companies (PLCs) must keep their accounting records for 6 years from the date they are made. However, UK tax law requires private companies to retain any records that are used for the purpose of completing tax returns for 6 years from the end of the accounting period to which the records relate.  Even though it is your own business, and no one is going to ask you questions, it is still important to keep things documented and stored. It allows you to track your business properly and hence manage it the way you need to. We kindly invite you to try our Company Management Portal to store all your documents, bills, contracts, etc. This will be very helpful whenever you need to find a phone contract, insurances contracts, invoices, taxes, guarantees, etc.

How to try our Company Management Portal, you will have it directly and for free after forming a company with us, but if you have already your own company don’t worry you can have it also, just create a user profile and import your company. As easy as that!

Hard Work

Company Formation has its own benefits. You start from a little seed and once you are done, you have grown a full company on your own. This sort of reward comes from lots of hard work. It is easy to launch a business, but it is hard work that builds the business into Successful Empire, and we will support you to make sure you have the best options to make your company successful.

Establish Value between you and your team

Always develop the corporate values between your team even when it is very small. It becomes usually challenging when the team grows. Try to appreciate the hard work your team does and be kind towards them. Also, set up the expectations and know your own value from the very beginning.

Manage a team is not easy but we can give you some tips, information is power!

Backup plan

Once you are on track, you can monitor your finances and compare your goals vs your achievements. It helps you stay self-motivated throughout.

Even though things are going smoothly, you should always have a backup plan in case a new business sees its ups and downs.

In our Company Management Portal, you would be able to see the development in time and set up a forecast, what you expect to achieve in the first year.

Drawbacks of being your own boss

Being a boss or registering a business in your name has lots of benefits as discussed earlier. But every benefit comes with its limitations.  The basic drawbacks of a Company Formation are:

  • Unlimited Liability
  • Low managerial experience
  • Extra hard work to do
  • Be available 24*7
  • Unpredictable situations
  • Unclear Practices
  • No extra benefits for you, everything is reinvested in the company
  • Risk of no salary (if you are in loss)
  • No peace of mind
  • Lower quality of personal life unless you are settled with new business
  • No customer base – you need to create everything

New Enterprise Allowance

The UK government has started New Enterprise Allowance in order to help unemployed people to become self-employed. NEA provides money and support to start a new business if you are eligible for the benefits. The Job Centre Plus confirms if you are eligible for NEA.

Eligibility:

  1. 18+ years of age
  2. You get Jobseeker’s Allowance, Universal Credit, or Employment and Support Allowance
  3. You get Income support and you are a single parent, sick or disabled.

Benefits:

  1. You get a mentor to give you advice and support to start up a new business.
  2. May get a business allowance up to £1,274 over 26 weeks (once the business is setup)
  3. Can apply for a loan.

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The unexpected costs of a company’s formation https://www.seedformations.co.uk/the-unexpected-costs-of-a-companys-formation/ Thu, 20 Jun 2019 09:08:51 +0000 https://www.seedformations.co.uk/?p=3142 Extra costs that entrepreneurs usually forget to add to their business plan while starting a new business. 1. Time is money – Plan training of tasks and protocols for your staff Starting a new company is not easy and delegating work is key to optimize your costs and profits. Staff can be very helpful to […]

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Extra costs that entrepreneurs usually forget to add to their business plan while starting a new business.

1. Time is money – Plan training of tasks and protocols for your staff

Starting a new company is not easy and delegating work is key to optimize your costs and profits. Staff can be very helpful to take care of some duties, but it can become very expensive if you need to review every single task they do.

To start a company with employees it’s very important to establish guidelines for every single role and tasks. If these are not clear it will cost a lot of working ours to clarify the work of every worker when they leave the company or just to have access to data if every worker saves the documents under their own criteria.  

If you want to create a company and don’t want to do mistakes on files organization here, are some tips for you.

2. Changing Staff

According to an Oxford Economic report, firing and hiring employees can cost up to £26,595.

This total consists on the costs of a recruitment process, which starts by the recruitment agencies fees or advertisement costs, costs of interviewing time, training the new employee and the timeframe where the position is to uncover until between 2 and 3 months when the new employee reaches its full productivity.

To find good employees takes effort and time but is worth it.

3. Long payment times

Many SME’s offer contracts allowing the clients to auto pay 90 days later, while the payment hasn’t arrived, SME’s must pay on time fees, taxes, loans, employees, etc.

This practice is very bad for a new company as it is impossible to reinvest the money in the company for the next client, it creates a financial gap that forces businesses to cover their costs with their own money. However, by reducing this to 14 to 30 days, incomes can be used to pay costs and to reinvest in the business.

If possible, if your company services allow you so, is always better to get a percentage paid in advance or at the beginning of the service offered.

4. Protect your idea

Many entrepreneurs may think they’re not creating anything special and there is no need to protect their project. Wrong! Every client can become a potential competitor if they believe they can do your business better, either if your business becomes successful or not, filling the claim when the intellectual property hasn’t been protected can be very expensive and take a very long time.

Our advice is while creating a new company, once you are sure about your trademark, hire a lawyer and get that done from the very beginning. Find lawyers here or if abroad find one here

5. Protect your data

After the new GDPR, if your customer’s data isn’t protected and end up in other company’s hands without explicit permission, your company may face very serious penalties even up to 500,000£.

Back to point 1, the staff needs to know the responsibility of managing the client’s information and how to store it safely.

Also, is very important that every single client agrees to your terms and conditions and specify on them what will happen to the client’s information, if it is going to be shared, if so under which criteria, etc.

Again, the best advice is to hire a lawyer to get good terms and conditions contract. As you will need it for your very first client, is important to have this on your checklist while the company’s formation.

6. Insurances for company formation

Imagine the worst-case scenario and add that as an owner you may have to face the costs of it.

Well this could happen, its uncountable the number of responsibilities that a company must to face if something happens, for example: if your branding falls off the wall breaking a tail of the street or hurting somebody, if your worker has an accident, if your product is damaged, all of this an many other scenarios can happen and will be the company’s responsibility, unless you have a good insurance to cover every single thing that could go wrong.

Find out the best comparison of insurances

7. DIY

Many SME’s believe they can do everything they need for the company, and it will save costs. Again time is money, if to save money you will do your own marketing plan and it will take you 1 week to learn everything about content, keywords, AdWords, etc, it may be better to get a marketing specialist to do all of it in less than one day and so you will get professional and reliable results.

Externalizing your business will increase your profit, and you are in the right website to find every service you may need to help you set up your business. LINK

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Setting up a Company and Making it Succeed https://www.seedformations.co.uk/setting-up-a-company-and-making-it-succeed/ Mon, 10 Jun 2019 09:11:25 +0000 https://www.seedformations.co.uk/?p=2872 Studies have proven that more than 50% of the start-ups in the UK fail within the first 3 years. After the company formation, entrepreneurs lose control over their business and fail. The first generation of business accelerators has increased the number of company formations. Making easy and simple to set up a company. The excitement […]

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Studies have proven that more than 50% of the start-ups in the UK fail within the first 3 years. After the company formation, entrepreneurs lose control over their business and fail.

The first generation of business accelerators has increased the number of company formations. Making easy and simple to set up a company. The excitement of the first steps (register a company, register the company name, getting the wished domain, etc.) can easily disappear when the company is set up and the entrepreneur has to start running the company with lots of new tasks out of their experience and capabilities.

Many Startup founders get lost in the step between setting up a company and reaching the established goals. Once the initial investments have been spent and the company hasn’t started yet to produce incomes, the payday turns into reinvestments into the new company instead of the so expected reward for all the effort done.

How to set up a business and not to fail in the process?

First of all RESEARCH! Of course, every entrepreneur believes to have found a revolutionary idea to change the world or at least to its economy. Nobody knows how many entrepreneurs failed before setting up the company, however, we can track what happened to the registered companies that failed in the first years of the life cycle. If you want to set up a company minimizing the risks of failure make sure to research the following points:

The IDEA. As your own boss, you need to be able to validate your own idea.

If nobody is doing it, is because others tried it and failed or because you found a Unicorn Idea.

Unicorn startups are revolutionary or disruptive startups that have changed the rules of the game and have become very big and successful, but the chance to become one of them is approximately 1%.

Unique Idea gives you a 1% chance of creating a new company that may be successful.

Optimization of an existing business. There is no such thing a perfect product. Companies that are working on making better products that already exist are more favourable to succeed. But watch out! Don’t rush into amazing ideas you hear about or you see other people are making money with.

Starting a new company is a long process that will change your life, don’t start your company without proper market research. Knowing who are your competitors, who are going to be your clients, how many potential clients could you have, among other questions will define if you should go for it and set up your company or you better look for other ideas.

If you think you may need help while doing the market research, contact an accountant, that will save you time and give a better view of the business reality.

Business Plan

The business plan is a must too. To apply for grants, to get loans, investors or just to know what and how are you going to make your company be successful.

Many passionate entrepreneurs believe so much in their idea that wrongly doesn’t do a business plan from the beginning. MISTAKE!

To start a company will make sure you have a good business plan if you don’t know how to do it click here. Or hire somebody to do it for you, again perfect task for accountants.

Don’t know how

The lack of experience by creating your business is a significant factor of failure, if this is going to be your first company, of course, there are many things you can learn by doing, as to register your company, buy the domain for your company, choosing a name, type, etc. And you should try to do it all by yourself at least once, to gain experience. But seek for assistance.

“Nobody can know what they don’t know”, but somebody with experience will be able to tell you what your missing.

Details matter and many things should be set up from the very first beginning of the company creation, so make sure you’re not missing any taxes, legal, insurance, and any other information. Your best mentor in that matter will be an accountant.

Commitment

Like everything in life, the commitment will define the probability of success or failure. Put all your passion and energy in your product and you will see how a small seed turns into a strong tree.

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Responsibilities of company directors, shareholders and company secretary in the UK https://www.seedformations.co.uk/responsibilities-of-company-directors-shareholders-and-company-secretary-in-the-uk/ Mon, 03 Jun 2019 12:00:49 +0000 https://www.seedformations.co.uk/?p=2839 By starting a company is necessary to set up roles and responsibilities. Usually a new company does not have necessarily many employees, but there are certain roles that while growing up your company you need to develop. Following a funnel of role and responsibility, the bigger a company becomes, the more roles and duties are […]

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By starting a company is necessary to set up roles and responsibilities. Usually a new company does not have necessarily many employees, but there are certain roles that while growing up your company you need to develop.

Following a funnel of role and responsibility, the bigger a company becomes, the more roles and duties are needed. Each position has its own duties which they must perform. The performance of every single role must be briefed to the superior role to end at the board of directors or in an annual general meeting with the Stakeholders.

The necessary roles that a company needs are company director, shareholders and company secretary. The bigger the company grows the more roles will be generated.

Company directors

Company directors participate and influence the day to day activities in the company.

Their duties are to promote the goodwill of company and take decisions which must lead to successfully reach the forecast, using their powers to enhance the performance of the company.

Directors of the company are in the charge to make the company successful and give the maximum benefit to the shareholders of the company.

In nutshell below is the list of some important responsibilities which a company director must fulfil in the United Kingdom.

Responsibilities of Company Directors summary

• Decision Maker – defining strategies, policies, solving issues and executing regarding every sector and field of the business.

• Company Representative – Communicator role, public image of the company for press releases and interviews.

• Company’s day-to-day operations.

• Reach forecast and Increase Company’s profit.

Shareholders

Shareholders are financial investors of the company; they may be the owners of the company or own some portion of it. Shareholders do not have the responsibility to participate in the day to day activities of the company. Shareholder’s responsibility is to submit vote annually to choose the Board of Directors.

By choosing the Directors they take responsibility on the performance of the company, shall the Director or directors not fulfil the forecasted expectations, shareholders have the authority to change the Directors annually. They are also authorized to check the company records & other documents.

Responsibilities of Shareholders summary

• Choose the CEO or Directors of the company.

• Remove or not renew a CEO or Director if unsatisfied with company’s performance.

• Access and review the Company’s records and documents.

Secretary of the company

The secretary of the company is the person who administers the tasks of the company with other employees, his main duty is to check and ensure that company is meeting all the laws and regulations set by the government for the company. A private company doesn’t need the company secretary by law, but if they wish they can hire the secretary for the company. Below are the responsibilities of a company secretary which he or she generally fulfils in the company.

Responsibilities of Secretary summary

• Arrange meetings with Shareholders – organization of agenda, invitations, etc.

• Maintaining the company’s statutory registers and registered office.

• Ensure that the company is following all the rules and regulations set by the government.

• Company’s record books – managing and storing the company’s records, such as investments, payroll, insurance, accounting, taxation, etc.

• Legal – advising the board of directors on their legal and corporate responsibilities and matters of corporate governance to ensure company compliance with legal obligations.

The above roles and responsibilities for the company directors, stakeholders, and secretary are not limited to this, but there are many other responsibilities for the above positions.

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