In comparison to the time and energy required to launch your actual firm, forming a limited liability corporation is a breeze. The process of registering a limited liability corporation may be completed in as little as 24 hours and for less money than the cost of a typical takeout meal.
You may form a limited liability corporation in one of three methods. You may utilize Companies House to do it yourself, or you can hire a third-party agent or accountant.
Read on to learn about the differences in turnaround times and how much UK company registration cost.
When I handle business registration on my own, how much will it cost me?
You may now form a limited liability corporation with Companies House either online or by mail.
There is a low online registration fee of only £12 for private limited corporations, provided the firm meets the following criteria:
- Includes everything required for setup
- Will be governed by a share cap
- Using standard articles of incorporation
Your registration address, names and contact information for directors and shareholders, and other pertinent information must be included on Form IN01. Your firm will be registered within 24 hours of submitting the required paperwork and payment (debit card, credit card, or PayPal accepted).
Postal registration is an option for those starting a limited liability company, either public or private. If you need it in less than 10 days, it will cost you £40, but if you need it today, you’ll have to pay $100. A check made out to “Companies House” will suffice as payment.
What do I need to form a limited liability company?
There are a few necessities when establishing a limited liability business.
1. The title of the business
To incorporate a private corporation, you must first choose a “registered name.” You can’t use the same name as an existing company, it can’t be insulting, and it usually has to contain the phrase “limited” to follow the requirements.
You need not include the word “limited” if your firm is prohibited by its articles of association from making dividend payments to its shareholders, for example.
In addition, the word “limited” cannot be part of your trading name even if you want to operate under a name distinct from your registered business name.
There is an £8 online cost or a £10 mailing fee to change your name at Companies House if you decide to do so at any time.
2. Memorandum of Association Agreement
This form is required only for registrations submitted via the mail. Creating one is an integral component of the online registration process and will be done automatically for you.
All original shareholders or guarantors must sign the company’s Memorandum of Association. Name, location, and industry of the new limited firm provided. Companies offer SIC codes and online templates to help you classify your company.
After a business has been officially registered, the memorandum cannot be changed.
3. An IN01 form that has been filled out
If you want to file your IN01 electronically, you will be asked to provide at least three pieces of information about yourself, your shareholders, and your directors. This data may consist of:
- Place of birth
- Number of telephone lines
- Social Security number
- Serial number
- Address Or address of the registered limited firm
Don’t stress if your business doesn’t currently have a physical location. In this case, a home address will suffice. Just a mailing address for HMRC and Companies House legal notices will suffice.
A statement confirming your limited liability company satisfies the requirements of the Companies Act is also required.
4. The Articles of Incorporation
The bylaws of a corporation are a set of written regulations established by law that govern the relationships between the firm’s shareholders and its directors.
Standard articles (also known as model articles) are the default set of articles created under the Companies Act of 2006. Another option is to work with a lawyer to draft and submit your own.
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