Setting Up a UK Limited Company: Costs, Shareholders and Registration Time Explained
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Contrary to popular belief, forming a new limited company takes little time. It may be feasible to incorporate a business online and have it ready to trade in 24 hours, depending on the incorporation agency you employ. It is an ideal option for entrepreneurs who need to get their businesses up and running quickly.
As per the Companies Act, a registered company is a legitimate organisation. A legally recognised firm can perform transactions, sign agreements, own property, and hire personnel. So how much time is required to establish a limited company?
How long Does it take to register a UK Limited Company?
The procedure for establishing a business sometimes is called the company formation process. If you fill out and submit an online application form through Icon Offices, it doesn’t take long for your company to register with Companies House. We take care of all paperwork for you, and you’ll be ready to start trading within 24 hours. Our team of experts can help you with any question and are on hand to provide guidance and advice.
Typically, the entire process, from picking a company name to having your application submitted at Companies House, takes approximately 3 to 6 working hours. Once the application is with companies house, we expect Companies House to incorporate your company within one working day.
The hassle-free way to create a corporation quickly
It will only take a few minutes to complete the online company formation application if you have already decided on a company name and have all the necessary information prepared. Within three to six working hours after we submit the form, companies house will review and approve it. Although most applications undergo processing quickly, sometimes applications could take longer if the Companies House is exceptionally busy.
Applications sent in on Friday afternoon might not be processed till the Monday after the weekend at Companies House because Mondays are the often busiest days of the week. To obtain same-day approval from Companies House, submit your application before noon on Tuesday-Thursday.
When filling out a company formation application, you must have the following information:
● Company name (Icon Offices offers to check the availability of your company name. There is often a lack of knowledge about which company names already exist at Companies House. Applicants submit application forms without checking whether the desired name is available.)
● Registered UK office address (If UK residents do not want to hamper their privacy and disclose their residential address on Companies House, they can opt for one of our virtual office addresses. For Non-UK residents, our virtual office addresses can be a pocket-friendly way to form a UK-limited company.)
● Credentials of the director of the limited company
● Details of Shareholders in the Limited Company.
● Details of People with Significant Control.
● Standard Industrial Classification Codes (SIC codes serve the purpose of identifying the primary commercial activities of your firm)
Cost to set up Limited Company.
You can register a company at Icon offices for as little as £5.99, including VAT, and you’ll get free help and guidance the entire time. We handle a great deal of the administrative work that would typically fall on Companies House, making our service the fastest way to incorporate a company.
Additionally, you reap the benefits of our pre-submission review service free of cost, through which one of our team will review your application and identify and fix any issues before sending it to Companies House. The likelihood of any application rejection drastically decreases as a result. Icon Offices offer company formation services at the same prices for UK and Non-UK residents.
Alternatively, Direct company formation at Companies House is available online for £12 or by post for £40. It takes a little time to complete the application, especially if done on paper. Postal application takes about eight to ten days to process, whereas online applications frequently go through processing within 24 hours. If there are any inaccuracies on the form, you need to make necessary corrections and submit them to the Companies House.
Furthermore, Companies House does not provide specialised expert advice and assistance with the issues like picking a company name, deciding which type of company is idle for your business, issuing shares, or changing articles of association, unlike company formation agencies.
Approval from Companies House
Following the completion of your application, we will send it for approval to Companies House. As aforementioned, this will just take a few hours.
We will send you a confirmation email with digital copies of your company formation documents, such as certification of incorporation, as soon as your business has become officially registered.
Then you can begin carrying out operations through your new limited company.
Conclusion
It is easier and quicker than you would have imagined to register a corporation in the UK. The schedule will undoubtedly vary according to the necessary documents, but generally, it is a relatively simple procedure. Don’t allow the registration process to hold you back if you’re considering launching a company in the UK because it’s not as complex and time-consuming as you might have anticipated.