You have your brand new UK registered company, now what?
Communication Team
Communication Team

December 02, 2022

Share

You have your brand new UK registered company, now what?

Congratulations are in order, you’ve taken the step in registering a new UK company through Companies House - this is the start of a new business journey. So, what happens next? We’ll guide you through what to expect here.

Your Certificate of Incorporation

Once you’ve completed the company formation process, you’ll receive your Certificate of Incorporation from Companies House. This document will outline your responsibilities as a director of the company and the consequences for not carrying them out. You are now legally responsible for running the company and it is now up to you to keep your company records up to date and to repost any changes directly to Companies House.

Initially there are 3 main steps to complete:

  • File your confirmation statement
  • File your annual accounts
  • Identify and record your people with significant control (PSC)

The easiest way to do this is online by going to www.gov.uk/ch. Have your company ready (it’s on the certificate) and choose:

  • File your statement
  • File your accounts
  • Change your details

It’s very important that you get this bit done bearing in mind that you can be fined, prosecuted or disqualified if you don’t meet your responsibilities as a director. Also remember that if your annual accounts aren’t delivered on time you’ll get a late filing fine.

The next vital step is to decide on the people with significant control (PSC) of your business and to make them known to Companies House. PSC is also sometime referred to a the ‘beneficial owners’, these are the people or the person who own and control you company. Of course, in many cases this is simply you!

How to identify the PSCs for your company

  • A PSC must meet one or more of the following conditions of control. A PSC is someone who
  • holds more than 25% of shares in the company
  • has more than 25% of voting rights in the company
  • has the right to appoint or remove the majority of the board of directors

If you’re unsure, check your company's register of shareholders. You might find more information in your company's constitution and articles of association as well.

There can be other people involved in your business who should also be considered PSCs

There are some other ways a PSC might influence or control your company, for example a PSC who tells the director or shareholders what to do. They could also be influencing your company on behalf of someone else.

Companies controlled by a trust or firm

In some cases you will have registered a company that is controlled by a trust or firm. If this is the case it is a good idea to get professional advice to decide who attached to the trust or firm should be considered a PSC for your company.

Protection for people at risk

If there is a reason you or any of the PSCs for your company should be protected from having your information available to the public, you might be able to apply to have thos details hidden. But in all but the most exceptional cases, all PSC information is available to the public except for home addresses and dates of birth.

If you need more help with protection from risk or anything else to do with PSCs, go here. Companies House make it as accessible as possible to take care of your business even if you are remote. Once you have these steps covered and your accountant in place, you can start to look ahead to the actual business of business. If you have registered for a UK business with wamo you will also have been able to open a business account at the same time, having a business account with GBP and EU IBANs will prove invaluable to your business in the coming months and years. If you have a UK registered business but don’t yet have a business bank account, you can register for a business account with wamo in just 10 minutes.

Here’s wishing you every success!

Wamo.Io LTD incorporated and registered in the United Kingdom under the company registration number 12352849 and the operational office of which is at WeWork, 199 Bishopgate, London EC2M 3TY. Wamo.Io LTD (Firm Reference Number 922901) is an EMD agent of PayrNet Ltd which is an Electronic Money Institution authorised by the FCA under the Electronic Money Regulations 2011 (EMR’s) with Firm Reference Number 900594.

Wamo Solutions Ltd is registered under the Laws of Malta with company registration number C97355 and registered office at Dragonara Business Centre, 5th Floor, Dragonara Road, St. Julians STJ 3141, Malta. Wamo Solutions Ltd is an EMD agent of UAB “PAYRNET” which is authorised by the Bank of Lithuania under the Law on Electronic Money and Electronic Money Institutions (authorization code LB001994, license reference 72).

The wamo card is issued pursuant to licence from Visa. UK issuance is conducted by PayrNet Ltd and EU issuance is conducted by UAB PayrNet. wamo operates the wamo.io website and the app. wamo is not a bank, the current account is an e-money account. Issuance of Electronic Money and payment services is provided by PayrNet Limited. The Financial Services Compensation Scheme does not cover electronic money products. No other compensation scheme exists to cover losses from your electronic money account. Your funds will be safeguarded in one or more segregated bank accounts with a regulated third party credit institution and not lent out, which gives you protection against insolvency, in accordance with the provisions of the Electronic Money Regulations 2011.

© wamo 2022, all rights reserved wamo & the wamo logo are trademarks and trade names of wamo technology Limited and may not be used or reproduced consent of the owner