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Setting up a company

The Companies Act 2006 allowed companies more flexibility in the way they operate.  

If you’re looking to set up a company then this blog post is for you. We briefly go through the process of registering your company under the Companies Act, appointing a director, and their roles and responsibilities involved within the company.

Register your company

It is a requirement to register with Companies House when setting up a new company. 

Registering online is often the easiest method for companies that are limited by shares and use the standard articles of association – a written agreement between shareholders, directors and the company secretary (if there is one) about how the company will be run. 

Your company must also be registered for corporation tax within 3 months of trading. 

Appointing a director 

A company must have at least one director. 

Directors are responsible for running a company and ensuring that all accounts and reports are managed and completed accordingly. The minimum age of being appointed as a company director is 16. 

Companies are not required to appoint a secretary unless they choose to do so.

Secretaries can take on some of the duties of a director. It is possible to be both a director and a secretary however; a secretary cannot be the company's auditor.

Roles and responsibilities 

When running a limited company a director will have specific roles and responsibilities they must take. 

A director’s primary role is promoting the success of the company through their expertise and judgement. Other responsibilities include:

  • abiding by the rules applied in the articles of association
  • keeping records and letting Companies House and HMRC know about any changes
  • ensure the company's accounts reflect business's finances
  • filing for corporation tax
  • register for self-assessment. 

Contact us

It is important to have the right time and resources to ensure that your company is up and running and complying with the Companies Act. Speak to an adviser today to find out how we can help you with setting up your company.