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Chapter four: Incorporating your business

To incorporate your business as a limited company, you first need to choose a name. 

It can’t be the same as the name of another registered company.

You can check company name availability on the Gov.uk website.

Limited companies have various responsibilities including keeping company records and filing company accounts.

Directors must be aged 16 or over and not disqualified from being a director.

You can appoint a company secretary to take on some of the responsibilities of a director, but this is not compulsory.

A limited company must have at least one shareholder or guarantor who can be a director.

There is no maximum number of shareholders.

You must identify people with significant control (PSCs) who meet one or more of the following criteria:

  • they own over 25% of the company's shares
  • they own more than 25% of the voting rights in the company
  • they have the right to appoint or remove the majority of the board of directors.

Once you have all this information, you can register your company with Companies House.

Most people do this online.

You can do it yourself via the Companies House website or using the services of a company formation agent.

Companies House requires at least three pieces of personal information about you and your shareholders or guarantors. Examples include:

  • Place of birth
  • National Insurance Number
  • Passport number
  • Mother's maiden name.

A registered company needs a ‘memorandum of association’ which is a legal statement signed by the company’s initial shareholders or guarantors.

This will be provided automatically if you register online. 

If you register by post, there is a template available on the Gov.uk website.

You will also need an ‘articles of association’ which is the agreed rules about running the company. 

You can use these ‘model articles’ or write your own.

A company is usually registered within 24 hours.

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British Business Bank plc is a development bank wholly owned by HM Government. British Business Bank plc and its subsidiaries are not banking institutions and do not operate as such. They are not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). A complete legal structure chart for the group can be found at british-business-bank.co.uk.

Whilst we make reasonable efforts to keep the information in this guide up to date, we do not guarantee or warrant (implied or otherwise) that it is current, accurate or complete. The information is intended for general information purposes only and does not take into account your personal situation, nor does it constitute legal, financial, tax or other professional advice. You should always consider whether the information is applicable to your particular circumstances and, where appropriate, seek professional or specialist advice or support.