For any further information please call our office on: 0207 613 8161

FAQ

Q. What is needed to start a Limited Company?
Q. I’ m not a UK resident, can I be a director?
Q. How long will it take to get a Registration number?
Q. Can I add, change or resign a Director or shareholder at a later date?
Q. How many shares should I take?
Q. How can I pay?
Q. Do I have to appoint a Secretary?
Q. Can I use my home address as the Registered Office?
Q. What is a “Service Address”?
Q. Is there any age restriction on a company Director or shareholder?
Q. Must I register for VAT?
Q. Do I need a company bank account or can I use my personal bank account?
Q. What needs to be displayed on my company letterhead?
Q. Once the company is registered when do I have to start trading?

Q. What is needed to start a Limited Company?

A. A Limited Company requires at least one natural person as the director, this person may also be the shareholder and requires to hold a minimum of one share; there is now no requirement for a Company Secretary. If you are the sole director & shareholder there is no real need to take more than one share

 

Q. I’ m not a UK resident, can I be a director?

A. Yes, The only stipulation is that the company must have its Registered Office in the UK.

 

Q. How long will it take to get a Registration number?

A. Normally 3-4 hours, certainly within 24 hours.

 

Q. Can I add, change or resign a Director or shareholder at a later date?

A. Yes very simply, you can do this yourself electronically or ask us to complete it for you. 

 

Q. How many shares should I take?

A. The minimum requirement is one share, the amount you pay for the share (usually £1) is the capital the company works with, if the company requires more capital it is more tax efficient for the director to loan the company money which can be paid back to the director when the company has sufficient funds. 

 

Q. How can I pay?

A. You can pay via our website which uses Protx and is secure, over the phone with all leading debit & credit cards, or by cheque, we make no charge for you using debit or credit cards. 

 

Q. Do I have to appoint a Secretary?

A. No, under the Companies Act 2006 there is now no requirement for a Company Secretary but you may appoint one if you wish. 

 

Q. Can I use my home address as the Registered Office?

A. Yes, providing there are no restrictions in you lease you can use any “proper” address in the UK, you cannot use a PO Box. All official mail will be sent to the registered office address.  

 

Q. What is a “Service Address”?

A. From 1st October 2009 every director must provide Companies House with both their usual residential address, and for each directorship they hold, a service address. The service address will be on the public record and will be public information but the residential address will be protected information. A director can choose any address as the service address including the registered office address of the company. The address must be where documents can be delivered and an acknowledgement or receipt can be provided if required. The address cannot be a PO Box or a DX number. If the director chooses to use his residential address as the service address the fact that the two addresses are the same would not be apparent from the public record. The residential address will only be available to prescribed regulatory authorities such as the police and HMRC, and it may also be made available to Credit Reference Agencies. Same-Day Company Services Limited offer the facility of a “Service Address”.

 

Q. Is there any age restriction on a company Director or shareholder?

A. Yes, Directors must be 16 or over, there is no upper age limit. There is no age restriction for a shareholder.  

 

Q. Is a Company Seal a legal requirement?

A. No, there is now no legal requirement to use a Company Seal, but you may use one is you wish.  

 

Q. Must I register for VAT?

A. No, you only have to VAT registered if your annual turnover reaches or you are aware that it will reach £70,000. Below this amount registration is voluntary. (as at April 2010) 

 

Q. Do I need a company bank account or can I use my personal bank account?

A. You must open a separate business account in the name of the company, Same-Day Company Services can assist you to open an account with HSBC free of charge. 

 

Q. What needs to be displayed on my company letterhead?

A. You must display the full name of the company, the registration No. and Registered office address, you may display the names of the directors (optional), if you do you must display ALL you cannot be selective.

 

Q.Once the company is registered when do I have to start trading?

A. There is no time limit, but if you have not traded after 12 months you must file an Annual Return & dormant accounts to keep the company live. It is not unusual for a company not to trade, some people just want to protect the name. If and when you want to dissolve the company provided it has no debts and hasn’t traded in the last 3 months you can simply file a DS01 to dissolve it.  

Forming & Registering a Company in the UK