What is Company Formation?
If you would like to form a company in the UK, you must incorporate through Companies House. Companies House is the UK Registrar of Companies and an Executive Agency of the Department for Business, Innovation and Skills. Companies House is responsible for incorporating and dissolving companies. Incorporation is the process that sees a business register as a limited company, public limited company (PLC), multiple share company, or charity company– thus becoming its own legal entity. As a limited company, your business will also be required to file annual accounts, an annual return and may be eligible for corporation tax.
Anyone can form a UK company so long as it is for a lawful purpose. It takes at least one person or organisation to incorporate a company, but the process can involve more. At the point of incorporation, founding members must add their names to a memorandum of association, which legally confirms their agreement to incorporate.
Why would I want to form a Limited Company?
When you run a limited company you will have limited liability as its owner. This means you can protect your personal finances from being drained in the event that your business goes into debt. A limited company also pays a lower tax rate.
Limited companies also appear much more reputable in the eyes of business clients and potential investors.
What do I need to form a company?
At WI, we place emphasis on simplicity. Starting a new company can be a difficult experience, and we want to make it as easy as possible. Where the actual formation process is concerned, we do all the work so that you can spend more time thinking about how things will work when you’re actually up and running.
What happens after my formation is approved?
At WI, we work directly with Companies House to ensure your company is ready to trade. However, that does not mean our agents withdraw their support the moment your company goes live.
We’re always on stand-by to assist throughout the first year and the coming years of your new startup, and we aim to provide as much support as humanly possible. This will include:
Follow up with the Companies House and HMRC
Virtual Office (mail forwarding, phone answering, eFax number)
Annual accounting services
Legal consultation and employment law
Opening bank account
Company name change