Cheap Company Formation Service in London
Having your own limited company in the United Kingdom is vital if you want to start trading professionally.
Why? Because it will help you.
Establishing a limited company not only signifies seriousness and professionalism but also provides a crucial layer of protection to both you and your business.
There are a variety of business structures available here in the United Kingdom. With the most common falling into three categories:
• Sole trader
• Partnership
• Limited Company
In this article, we will primarily focus on limited companies, exploring how this business structure works. We’ll delve into its advantages and disadvantages while also providing a step-by-step guide on how to establish one using London Virtual Address.
What is a Limited Company?
In basic terms, a limited company is a legal business structure where the company has a legal identity of its own, separating the finances and legal responsibilities of its owners (shareholders and directors). This means that your personal assets are safe and protected if your business fails or is sued.Advantages and Disadvantages of a Limited Company Structure
A limited company offers a range of advantages that make it an attractive choice for businesses. These include:Separation of ownership - A limited company is a distinct legal entity separate from its owners. This separation includes protection to the shareholder(s) and director(s) personal assets.
Tax Benefit – There are many tax options available, allowing you to potentially reduce your tax.
Capital raising – Limited companies can raise capital by selling shares.
Protected company name – The company name is protected, allowing you to build a strong presence and prevent others from using your name.
Professional business image – A limited company offers a professional business image compared to Sole traders.
There are also disadvantages of a limited company. These include:
Legal responsibilities – As a limited company, you have various legal obligations. For example, you must file an annual confirmation statement and annual accounts with the relevant government authorities.
Company name restrictions – Limited companies must follow specific rules when it comes to choosing their company name. The name has to be unique and not too similar to another existing company.
Accountant requirement – While you’re not legally required to hire an accountant, it’s often advisable to get an accountant to take care of your legal side.
Personal details visible online – When you register a limited company, your personal details, including your name, business address, and date of birth will be publicly available through Companies House.
How can I set up a limited company?
Setting up a limited company is relatively a straightforward process, provided you take the right approach. There are two primary avenues for registering your limited company:Option 1: Directly on Companies House
Option 2: Through a company formation agent.
It’s crucial to be aware that Companies House requires to you provide a business address when forming your company. While this address can be your home address, it’s not recommended because it will be publicly accessible.
Here’s an important consideration.
If you’re a start-up, operating on a tight budget, then choosing a formation agent would be the better choice. This is because most formation agents provide access to professional virtual addresses to use throughout the company registration process.
Using a virtual address offers multiple advantages, one of which is the protection of your home address. Moreover, virtual addresses are cheap and affordable, allowing you to concentrate on your business operation without having to worry about monthly office rent.
5 steps to setting up a limited company with London Virtual Address
At Londonvirtualaddress.co.uk, we provide both company formation and virtual address services. This is perfect for anyone who wants to form a limited company with a professional business address. You can set-up a limited company with us in 5 steps. Here’s how:1. Choose a company name
Choosing the right company name can be difficult, often considered the most challenging aspect of company formation. Your chosen name will represent your business so it’s natural you want to find the best one which resonates with your company’s identity.To check if your chosen name is available, you can perform a quick search on the Companies House name check tool. If the result displays “No search found” then you should be able to use this name.
2. Choose a Virtual Address for your Company Formation
Londonvirtualaddress.co.uk provides you with a choice of two addresses for your company registration. Select the one that best aligns with your business. This chosen address will be used as your registered office address during the formation process.3. Select a package
We understand that every business is unique. This is why we offer a wide range of services, each designed to cater to the distinct needs of start-ups. Select the company formation page along with any additional packages required by your company.4. Provide details of the company, directors, and related information
In order for us to start your company formation, we’ll need some details about you and the company you want to create. Provide these details through our registration form before checkout so that we can initiate your company formation.5. Submit your company formation
Once you’ve made the payment, we’ll review your information to ensure everything is in order before submitting it to Companies House. Our thorough review is designed to prevent any delays in the formation process.Cheap Company Formation Service by London Virtual Address
Starting a new business can be a daunting prospect, with numerous financial and legal complexities to navigate. At London Virtual Address, we believe it doesn’t have to be this way. We’ve streamlined the process to alleviate your worries, ensuring a smooth and cost-effective experience.Our Approach:
1. Cheap Formation Service: We understand the importance of managing costs as a start-up. This is why we offer cheap company formation and virtual address services in London, allowing you to save on initial expenditures while receiving exceptional service.
2. Simple Registration: We’ve simplified our formation process and removed all unnecessary complexity. You’ll find it straightforward and efficient.
3. Comprehensive support: Every business is unique, and we recognise that. Our support doesn’t end at registration. We have multiple support lines to assist you.
Question and Answers
How long does it take to form a limited company?
Once submitted to Companies House, the process typically takes 24 hours. However, please be aware that if you submit your application on a Friday afternoon or over the weekend, it may take longer due to Companies House operating hours.
How much does it cost to form a company?
Registering directly with Companies House costs £12. You can find our prices here.
What is the age requirement to be a director of a limited company?
The minimum age requirement to be a director of a limited company is 16.
Can I form a limited company from outside the UK?
Yes, you can form a limited company from anywhere in the world. The only requirement is that you must have a registered address in the UK.
What other services do you offer?
We offer a wide range of services to support your company beyond just the initial formation. Other services include:
• Registered office address
• Business address service
• Business bank account
• Accountancy (Covering Sole traders and Limited Companies)
• Website development
In conclusion, establishing a limited company is a significant step forward in your entrepreneurial journey. By forming a limited company, you create a distinct legal entity that is separate from yourself. This separation is a safeguard which means that, in the unfortunate event of a legal battle or financial troubles, your personal assets remain protected. Moreover, a limited company enhances your business credibility and projects a more professional image.
