So, you have decided to take a big step and register your company in the UK. While the journey ahead of you is exciting, starting your business is no walk in the park.
As you will quickly discover, there is much to consider, including your finances. For starters, even getting your company registered will cost you some money. How much exactly? What is the UK company registration fee? We explain this in the article below.
What is the cost of registering a company in the UK?
In 2023, there were around 5.6 million private-sector businesses in the UK. An impressive number, isn’t it? If you have dreamt of starting your own entrepreneurial journey, this certainly is inspiring. The good news is that you can become a part of this data, but you will first have to register your company.
The cost of registering you company in the UK varies based on your chosen method and any additional services required. However, as of 2024, you can expect to pay between £50 and £100.
Factors that affect the cost of incorporating a company in the UK
Before registering your company, you will have to figure out several aspects. Will you be setting up a limited company or a sole trader business? Do you wish to register online or by post? Will you need any additional services? These are all important questions you have to think about.
But regardless of how you decide to operate, you won’t be able to escape some costs:
1. Standard registration fees
When setting up a new company, the main expense is the business registration fee. How much you will have to pay depends on your chosen registration method. For example, if you decide to register your company online via Companies House, you will have to spend £50 fee. You can also apply via mail or Companies House authorised software.
By opening a business account with Omega, you can register your UK company complimentary.
2. Additional costs you should think about
Company set-up costs in the UK can be higher if you require additional services, such as:
- Same-day registration.
- Formation agent fees (If you have never registered a company before or lack time, you can engage a formation agent to assist you in navigating the registration).
- Registered office address (As you may know, all businesses operating in the UK are required to have an office address. If you don’t have an appropriate address you can use, a formation agent can offer you one for an annual charge).
Once your business is up and running, remember you will have to stay on top of all the different obligations, like filing annual accounts with Companies House and paying corporation tax.
Final thoughts
Setting up a company in the UK can be a time-consuming and costly process. But it doesn’t have to be. With Omega, all you have to do is choose a business name, complete our short online form, while our team will handle the rest.
To learn more about our business services, click here. Don’t forget to follow our blog, where we will share more tips and tricks on handling your finances.
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