Company Formation
from £16.95
- Simple application process
- Printed Certificate of Incorporation
- Digital Share Certificates
- Free E-filing and Monitoring
- Expert Advice and Guidance
If you have a business idea or even if you have been working as freelancer for a while, setting up a limited company could be the next step to developing your career.
We can help you set up a limited company hassle-free. Call us now or complete the enquiry form on this page to get started.
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Setting up a limited company checklist
We help people set up a limited company; and, thus, we have developed a useful checklist with the most important aspects of the process.
- Choose a name that is not already registered at Companies House.
- Choose an address to register for your office. It can be a residential address, or you can choose an office address service. Just ask us if you prefer the latest.
- Create your statement of capital.
- Collect personal data from the director, secretary, shareholders, and ‘people with significant control’ to use them in the documentation.
- Look at what Standard Industrial Classification (SIC) Codes apply to your limited company.
- Check to see if you need a VAT number.
- Open a separate business account.
- Keep all documents in a safe and secure location.
The cost of setting up a limited company
The cost will vary depending on your needs.
- Are you a UK resident?
- Will you register a VAT number?
- Do you want our help with employment contracts?
- Do you want a partnership agreement?
Our prices start at just £16.95
What else could be important?
Although this is not needed in order to create a limited company, it is a good idea to have a plan about commercial brands and website URLs.
Check if they are free beforehand because that could affect your decision about the company name.
Limited company formation
When proceeding to a limited company formation, you can choose between limited by shares and limited by guarantee. Both of them offer you the advantage of separating you and the company both legally and financially.
Limited by guarantee does not allow the distribution of profits, but forces the investment of them back in the company.
Usually, it is a good option for non-profit organizations.
Can you be a limited company with only one person?
Yes, of course.
It can be one person, several people, one entity, several entities, or a mix between people and legal entities.
How long does it take to set up a limited company?
If all the data you send in is in order, we can provide you with a company number in about four hours.
Then, you will receive physical items in about four days.
Is it worth being a Ltd company?
Setting up a limited company involves some legal obligations mainly related to accountability.
If you were acting as a sole trader, it will not be a big difference. But if you are starting a business for the first time, you should know that your relationship with customers is not the same as selling items as an individual. Consumption laws usually protect consumers more than companies do.
On the positive side, a Ltd. company allows you to live with the peace of mind that your personal wealth is protected since the company is independent legally and financially.
Therefore, setting up a limited company is usually worth it for businesses that are growing and becoming important or projects that are very ambitious and forecast a big and fast development in the first years.
If you are just selling some items as extra income, you may prefer other options like the already mentioned sole trader figure.
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Documents we process are through the FCO (Foreign Commonwealth Office). We endeavour to make the document legalisation process fast & simple.
Can I have two
limited companies?
Yes. You just need to take into consideration the costs that result related to taxes and legal obligations such us keeping your books properly. It could be worth it when:
- You want to separate liabilities from your current company and the new one.
- You need new investors, and you do not want to give them ownership of your “old” company.
- The activities of both companies are too unrelated.
Do I need an accountant for a limited company?
Well, it is not mandatory if you know how to keep your books. But in most cases, that is not the case, and you will need one.
Notice that you do not need to hire a full-time accountant. Explore the option of hiring a freelancer who may be much cheaper if your accountability needs do not require full-time work.
What are the pros and cons of a Ltd. company?
If you have reached this level of the article, it is likely that you can guess them yourself.
Advantages
- Financial independency between owner and company
- Legal independency between owner and company
- You can get investments from other people.
- More serious images on clients’ eyes
- Different lending opportunities
The first two advantages are very broad. Businesses may have many problems with employees, creditors, clients, and providers. In case they arise, a sole trader is bound to the consequences with their personal wealth, while the owner of the company is not.
Disadvantages
- Higher fixed costs
- Higher legal obligations
- Higher responsibilities with customers
- Company names are subject to restrictions
- Records must be kept updated frequently
Keep in mind that a limited company protects the owner. But if you are a person working on the company and you make bad decisions, it may affect your personal wealth.
What does being a director of a limited company mean to me?
The director of a limited company is responsible for many of the company’s daily obligations. For example:
- Keeping company records
- Paying taxes
- Hiring workers (while being responsible for what they do)
In other words, a director is the essential figure of the company and the person who has the most responsibility about its activities.
What does it mean to go limited?
Limited refers to the responsibility, so going limited just means setting up a limited company to conduct your business through it.
The responsibility protection from the limited company is usually called the ‘corporate veil.’ Call us or contact us today to find out more.