The next steps for your business
Now that you've registered, here are the next steps you need to take to make sure your business gets off to the best start...
See this page in: Cymraeg
You need to set up your company formation documents. This is known as your Company Register. You will need to complete these simple forms and keep them saved in a safe place. It’s also worth keeping a backup copy somewhere on file.
A Company Register consists of the following forms:
The name and address of everyone who is a member of the social business and the date they joined and left needs to be on the register. Make a note of their Shareholding Certificate number if applicable.
The name and address of your Board Members (i.e. Directors of a Company and Trustees of a Charity) and the date they joined and left. They will need to sign the register at your first meeting.
The name and address of your secretary and the date they joined/left. They will need to sign their acceptance of the post in the final column. Do this at your first meeting.
This records any interests the Board Members have in other businesses and organisations. It is important to record and update the register as interests can change and sometimes a conflict of interest can arise.
This is a list of anyone who has a legal charge against the company or property. It can be a mortgage or even a judgement. This needs to be kept up to date as they expire over time.
A list of people who have over 25% of the shares or voting rights. Also note here anyone who has the authority to appoint or remove the majority of the Board.
Register with HMRC. If you haven’t already done this, do it now because if you leave it more than three months you could be fined.
Set up a business bank account.
Things change, but don’t worry. If you need to make any changes, here are the most common forms you might need:
- Change of Registered Office Address – AD01
- Appointment of Director – AP01
- Appointment of Secretary – AP03
- Termination of Appointment of Director – TM01
- Termination of Appointment of Secretary – TM02
- Change of Directors’ Details – CH01
- Change of Secretary’s Details – CH03
If you have signed up to the Companies House online service, you will be able to update key company information online via the Companies House website.
Stay in touch with your Business Advisor as they are available to help you and answers any queries.
Need answers? get in touch with us today