What details are required to set up a limited company?

You will need the following information at hand to complete your formation:

· Registered Office Address

This address will be used for statutory mail from Companies House and HM Revenue & Customs. Your registered office is required to be in England & Wales, Scotland or Northern Ireland. This cannot be a PO Box.

Director Details (Min 1)

· First name

· Last name

· Date of Birth (Must be 16 years or older)

· Nationality

· Occupation

· Country of Residence

· Residential Address

· 3 Security Questions: (these act as an online signature)

- First three letters of Town of birth

- Last three digits of the Telephone number

- First three letters of Eye colour

Shareholder Details (Min 1 - can be the director)

· First name

· Last name

· Residential Address

· Share Currency (GBP, EUR, USD)

· Number of Shares

· Value Per Share

· 3 Security Questions: (these act as an online signature)

- First three letters of Town of birth

- Last three digits of the Telephone number

- First three letters of Eye colour

Secretary Details (Not Compulsory)

· First name

· Last name

· Address

· 3 Security Questions: (these act as an online signature)

- First three letters of Town of birth

- Last three digits of the Telephone number

- First three letters of Eye colour

Why do I need a registered office address?

All limited companies are legally required to have a registered office address. Statutory mail will be sent here, and the address details will be displayed on the public record. Your company register (including all statutory registers) should also be stored here for inspection unless you are using a Single Alternative Inspection Location (SAIL) address.

How long does it take to form a company?

We are an agent of Companies House with direct access and priorities. Once you have decided on the name and structure of the company you require, all that you need to do is complete the application and submit the required documents for KYC (Proof of ID and address document). Your new business can then be formed within a little as 3-8 working hours, dependent on Companies House’ workload and your application.

Do I need to register my company on Companies House?

All limited companies and limited liability partnership companies are legally required to register with companies house. Sole traders do not need to register with Companies House. Instead, they just need to register with HMRC and complete an annual Self Assessment tax return.

Do I need to be present during the company formation process?

No, you can complete the entire process online without leaving your office or house! Your new company documents will be emailed to you on the day of registration.

How and when do I receive my new company documents?

As soon as Companies House approves your company registration, you will receive electronic copies of your Certificate of Incorporation, Memorandum and Articles of Association and Share Certificates for all shareholders. Printed and bound copies of these documents will be posted to you within 24 hours (if applicable).

What is a Limited by Shares (LTD)?

A limited company is a form of business which is legally separate from its owners (shareholders and directors), it must be incorporated at Companies House. The information about limited companies is held on the public register, which is available for anyone to see. A Limited company is set up for the purpose of generating profits. You need to have at least one director and one shareholder in the company, and it can be the same person.

What is Limited by Guarantee (LGB)?

A company limited by guarantee is an alternative type of company used mainly for non-profit organisations. A significant difference is that it does not have a share capital or any shareholders, but members who give a guarantee to pay a cetain amount in the event of the company being wound up.

What is a Limited Liability Partnership (LLP)?

A limited liability partnership is a partnership for professionals who’s individual earnings are seen as a personal income and not combined. The member’s personal assets are protected for the business. You need to have at least two partners in an LLP.

What is a Right to Manage Company (RTM)

RTM companies were introduced under the Commonhold and Leasehold Reform Act 2002. These are private limited or limited by guarantee companies that allow long leaseholders in blocks of flats to take over their building management.

What is a Property Management Company

A property manager is hired by a third party to oversee and perform a real estate property’s daily operation. As a liaison between the property owner and the tenants of the property, a property manager ensures that both parties are satisfied with the property and its daily operations.

What is a Public Limited Company (PLC)

At the end of a company name, the acronym PLC signifies that the business offers shares to the public. It is used in Great Britain and some Commonwealth nations and is the equivalent of the US “Inc.”

How long after formation can I start trading?

As soon as your company has been incorporated, which usually does not take longer than 3-8 working hours, you can start trading. If you do not want to trade until a later date, you must tell HMRC that your company is dormant.

Does my company name need to end with Limited or LTD?

All UK limited company names will include the suffix Limited or LTD unless you are a sole trader who will be registered through HMRC and do not have limited liability. Suppose you set up a Limited by Guarantee (non-profit) company. In that case, you can leave out the ‘limited’ from your paperwork, emails, website, etc. however it is recommended to speak to a business advisor first to make sure you are getting the right to advise tailored for your business.

Limited company vs Sole trader. What is the difference?

As a self-employed individual, you will be personally responsible for your company’s debts, so your personal assets could be at risk. However, as a limited company, you enjoy limited liability which protects your personal assets—treating you completely separate from your business.

I live overseas. Can I apply for a UK bank account?

Non-resident directors can open an account, but the company owners have to visit the UK and present a photographic ID, along with a proof of address. They will also have to sign a bank mandate. Some Banks offers business bank accounts for non-residents, but only if one director lives in the UK. Online banks have more flexible Terms & Conditions at times. You can review their T’s & C’s on our referral page or on their website.

I am not from the UK. Can I still form a company?

Yes, you can, a UK limited company must have a UK registered office address.

If you do not live in the UK or a non-UK national, you can still form a UK company. The director and shareholders can be of any nationality and live anywhere in the world.

Can my registered office address be anywhere in the world?

It must be in the UK. It also has to be in the same jurisdiction in which the company is registered – England and Wales, Scotland or Northern Ireland. The registered office can be a home address and does not have to be a virtual office.

What is a Maintenance of Statutory Books

The maintenance of statutory books is a digital record of all your company’s statutory information. We will maintain these for you when purchasing one of your company packages.

When do I need an Apostille Document

Non-UK residents who set up a limited company in the UK are often required to have certain documents legalised to verify their authenticity abroad. Apostiles authenticate the seals and signature of officials on public documents so that they can be recognized in foreign countries.

Why and when do I need a Certificate of Good Standing

A certificate of good standing is a document proving the business is legally registered and operating in a certain state according to Companies House. The certificate is also referred to as a certificate of existence, certificate of status, or a state-specific name.

What is a Confirmation Statement?

Every company needs to send a confirmation statement to Companies House every year. It verifies that the information about your company is up to date. It is important not to confuse the confirmation statement with the accounts, which is a separate requirement.

What happens if a Confirmation Statement is late?

There is no automatic penalty for the late filing of a Confirmation Statement. These only apply to late annual accounts. However, a late confirmation statement may impact your credit rating and, where no filing is made at all, may result in Companies House taking steps to strike off the company.

Nominee Services

Nominee services is an optional service under which a person other than the real owner who effectively manages the company is appointed as a director at the time of incorporation or later. That is to say; the company will have a so-called ‘shadow’ director. Existing users of these services can still renew the Nominee services as usual. Future Formations does NOT offer this service.

Can I trust you to keep my information safe and secure?

Yes. We are registered with the UK Information Commissioner’s Office and are bound to follow their guidelines (GDPR). Keeping your information private is especially important to us