The Forming of a Corporation
Forming a business means that you are going to contribute to the economy of the country where you filed the registration for it. It could be your native country or a foreign country where you’re expanding your business to. Your new business, upon entering operational status, will benefit the people through the jobs that it will create, it will also benefit the government through the taxes being remitted and it will benefit you, your partners and investors through the the profits that will be generated. Since you are just starting out you will first need to understand your legal obligations when it comes to creating a business entity.
When you say “company incorporation” you are actually referring to a number of things, which may include giving your company a name that is unique to other company names that have already been registered. Writing the articles of association is also another act which is under incorporation, writing a memorandum of association, making your company a public limited company (PLC) so that you can sell and issue company shares to investors. Giving your company an address based on its actual location as well as creating a portal in the internet for people to visit and learn about your business. All of these and the legal maneuverings are considered as “incorporation” or the forming of a corporation. Ideally the two terms (corporation and incorporation) can used interchangeably, but to do away with the misconception – incorporation means is when you begin to take steps to create a corporation.
In the United Kingdom all new companies are registered with the Companies House, it is an executive agency chartered by the British government since the 1800s to have all companies listed for the benefit of the government. This will help the government track and identify them as well as exact tax revenue from them.
There are two ways to register a company, one is by yourself and the other is by using company formation agents to do it on your behalf. If you decide not to use the services of a company formation agent, then it will probably take you some time and effort to do it. The filing of the forms and mailing them to the proper address, proofreading your articles and memorandum of association (if you’ve made some spelling or grammatical errors or even an incoherent statement, your application could get cancelled). On the other hand if you would let a company formation agent take care of the work for you, it will save you money, time and all the effort that you have to put in. As it stands you’ll have to come up with a professionally written articles and memorandum of association as well as a request letter when you mail in the documents. The good thing is that you don’t have to fill any forms or create articles and memorandums when you’ll have a company formation agent at your disposal. And because they do their business online it is a lot more convenient for you and very beneficial also.