How long does it take to incorporate a company?
Your order to incorporate a company is processed by Formations House immediately, and the data is transferred to Companies House, the government’s business incorporation department, immediately. Companies House usually processes this data and incorporates a new company within 4-6 hours but can occasionally become backlogged – as such the maximum time incorporate a company is 48 hours after submitting your application through our portal.
What are Nominee Director services?
Every company in the UK must have at least one Director, and at least one natural human Director if another company is registered as a Director. We offer Nominee Director services to make sure you are able to comply with both these requirements:
Natural Person Nominee Director
Readymade House can supply a registered natural person to be a Director on your company, if you wish to only register another company as a Director.
Readymade House can supply a Nominated company to be registered as a Director or Limited Partner for your company. Applies mainly to Limited Liability Partnerships, to allow new business owners to have a nominated corporate Partner to help start their new Partnership.
What does Nominee Shareholder mean?
A service where shares are owned by a third party, e.g. Formations House, on behalf of the ultimate beneficiary of the shares. This arrangement offers privacy to the ultimate owner of the shares, and is performed under a custodial agreement.
What is the Directors Privacy Service (DPS)?
Our Directors’ Privacy Service allows the director(s) of your business to protect their personal information. To avoid your personal, residential address being published online by Companies House, Formations House can supply a service address to replace your private address in public registries. We are happy, as part of the DPS, to receive mail on your behalf. It is then up to you whether you can come and collect the mail (for free), or have the mail forwarded onto an address of your choice (for only the cost of postage).
What does primary business activity mean?
Even if your business does lots of different activities, it can normally be generalised as an overall business activity. For example, if your company offers a variety of plastering, roofing and bricklaying services you can specify construction as your primary business activity. This is done by notifying Companies House of your Standard Industrial Classification (SIC) code.
What does number of shares, value per share and total capital mean?
The number of shares is the total number of available shares that exist in your company. It is possible to issue more shares in future. The minimum number of shares at the beginning of a company’s life is one. People who own shares in a company are the company’s owners, or shareholders.
The value per share is the amount of money each share is worth. The total capital of a company is the number of shares it has issued multiplied by the value of each share. So if a company issues 1000 shares, worth £1 each, the total capital of that company is £1,000.
What is a Registered Office?
It is a legal requirement that every business incorporated in the United Kingdom must have a publically listed registered office. This is where government mail will be sent.
You are permitted to have a personal address, such as your home, as the registered office of your company, but as this will be publicly listed many people choose not to do this. We offer a registered office service, for only £25 for the first year.
What documents do you need?
To comply with anti-money laundering regulations, we require sufficient proof of ownership to allow us to carry out a due diligence check on you. This includes the following:
- Photo ID (driving license or passport);
- Proof of address (e.g. a recent utility bill bearing your name);
Since June 2016, confirmation statements have replaced annual returns as the yearly update a company must provide to Companies House. Where the annual return demanded companies provide a ‘snapshot’ of certain information at a particular point in time, the confirmation statement is a ‘check and confirm’ concept – where companies view the information Companies House holds and produces a statement to confirm this information is correct.
The period covered by a confirmation (confirmation period) is twelve months, beginning on the date of incorporation up to and including the last day before that date next year. For example, for a company incorporated on the 24th April 2016, the confirmation statement would cover the 24th April 2016 up to and including the 23rd April 2017.
It is necessary to file a confirmation statement, even if there have been no significant changes to the company during the applicable confirmation period.
Companies House does not accept the confirmation statement as a method of changing some company information. If a company has not officially notified Companies House of a change with certain company details at the end of their confirmation period, the confirmation statement reflecting this change must be accompanied by the relevant form to make the change.
|Details that must be changed before a confirmation statement
||Details that can be changed by a confirmation statement
|Change of registered office
||Company SIC code
Change to a company’s director(s) or secretary, including:
- Change of director(s)/secretary details (service address, change of name etc.)
|Location of company’s registers
||Change in shareholder information
||Change in PSC register information
People with Significant Control Register (PSC)
Most corporate entities, such as Limited companies and all partnerships, are now required to maintain registers of People with Significant Control over the party.
This is a list of people who:
- Owns more than 25% of the company’s shares
- Holds more than 25% of the company’s voting rights
- Holds the right to appoint or remove the majority of directors
- Has the right to, or actually exercises significant influence or control
- Holds the right to exercise or actually exercises significant control over a trust or company that meets one of the first 4 conditions
What information is required?
For each PSC, the following information must be recorded in the PSC register:
- Full legal name
- Date of birth
- Service address
- Residential address
- Country, state, or region of UK the PSC usually resides
- Date they became a PSC (earliest possible date for this is 06/04/2016, when PSC legislation came into force)
- Which PSC conditions the individual satisfies to qualify as a PSC
- If the PSC qualifies as per conditions 1 or 2 (as above), then this section of the register must also specify the level of their shares and/or voting rights within the following bands:
- From 25% up to and including 50%;
- Over 50% but less than 75%;
- 75% or above.
- The company only needs to specify that the individual satisfies condition 4 if they do not satisfy conditions 1 to 3.
- Whether an application has been made to protect the individual’s information from public disclosure
Submission and accessibility of a PSC register
The PSC register is sent to Companies House for the first time at the same time as the company’s first confirmation statement – i.e. after the first year of its existence. After submission, the company must notify Companies House of every change to its PSC register.
A company’s PSC register must be available for inspection, and stored at the registered office. The PSC register made available for inspection, and any copies of the PSC register that the company may issue must not include the PSCs’ residential addresses.
|Accounting for sole traders||£300|
|Annual accounting service||£300|
|Bank account opening service||£500|
|Company + business bank account||POA|
|Company name change||£50|
|Company with trading history||POA|
|Construction Industry Scheme||£50|
|Express accounting (access to Infini accounting & filing software)||£100|
|Express accounting service (14 day turn around)||£500|
|Hong Kong company incorporation – bronze package||£4,500|
|Hong Kong company incorporation – gold package||£9,000|
|Hong Kong company incorporation – silver package||£6,500|
|Managed Tax System||£175|
|New Foundation incorporation||POA|
|New Limited (Ltd) company incorporation||£50|
|New Limited by Guarantee company incorporation||POA|
|New Limited Liability Partnership (LLP) company incorporation||£500|
|New Scottish Limited Partnership (SLP) company incorporation||£500|
|New Trust incorporation||POA
|Outsourced accounting department||£600 per year|
|Payroll services||£100 per year|
|Phone answering service||£50 setup |
£35 per month
|Readymade companies (LLP)||POA|
|Readymade companies (Ltd)||from £265|
|UK branch office incorporation||£300|
|Virtual office||£100 setup|
£50 per month