Top 6 Tips for Setting Up a Limited Company

Deciding to create your own limited company is a thrilling experience. You’ve got the skills, ambition, and work ethic. It is something you’ve been itching to do and now you’re ready. But do you know what incorporation entails? We’ve developed this list to give you the greatest chance at succeeding in this prosperous, exciting, new, long-lasting endeavour.

Brush Up on Your Skills

Before choosing a name and determining what services to provide, investigate market demands. What skills are clients looking for? Are you up-to-date with your certifications, online education, and talents? Once you are confident about entering the contracting market for your specialty and armed with the abilities to dazzle clients with your expertise then start researching a company name.

Select a Limited Company Name

Steer away from a limited company name that is too wordy, unclear and ambiguous. Clarifying the meaning of your business name when you meet potential clients is laborious. You DO want to set yourself apart from the competition but not in a way that leaves an initial negative impression.

Match the Company Name to the Domain

Once you’ve settled on a name, check if the domain with the same name is available. This is important in building credibility with clients. If your company name is “Company ABC” but you are sending clients to the domain “CompanyXYZPooleBournemouth.com” then it puts instant doubt. It makes you look like an amateur at building a business and someone who is flippant about important details. Those are not characteristics potential clients ignore.

Also, you want your marketing to be streamlined. Having a different domain name on your marketing materials can be confusing. What would the Facebook Business page be called? Would you be listed as something else in Google? Make everything cohesive.

Check with the Companies House formation services too. It will inform you if another business registered has a similar name to yours. Do this before purchasing a domain.

Go Online to Companies House

Once you’ve settled on a name, establish your company online with Companies House. The online registration walks you through the required steps. There’s a lot to cover and it is a crucial undertaking so if you’re unsure about any of it, ask us.

We also offer free limited company incorporation when you sign-up for SG Accounting services.

Hire an Accountant

One of the biggest fears when creating a company is doing the paperwork wrong. There are numerous details to remember and if you accidentally leave something out future problems may arise. A lack of knowledge can put you at-risk of being hit with unexpected tax bills, penalties and/or delays.

Hiring an accountant gives you peace of mind. They manage your annual returns, taxes, expenses, and dividends. They are also experienced in compliance, regulations, and deadlines. Your accountant protects you and your money.

Create a Business Account in the Limited Company Name

Opening a business account under your company name is essential. A limited company is a legal entity in its own right and, therefore, should be operated separately to your personal bank account.

SG Accounting prides itself in its knowledge, comprehensive services and client assistance. If you need support at any point, call us. We’re here to help.

We want you to proceed with confidence and not worry about anything except showcasing your professional strengths and exceeding client expectations. Rest assured, you can delegate the accounting to us.