Frequently Asked Questions
Can I have a company as a shareholder?
A shareholder can be a legal entity registered anywhere in the world as well as a person with whatever shareholding percentage you decide.
Do I need a business bank account or can I use my personal account?
Your limited company will need its own bank account. The bank accounts and money moved into and out of it will belong to the company. It is likely the customers you are invoicing will insist on paying into an account in the company name, not a personal one.
Most high street banks can open an account for limited companies. You can claim personal expenses spent from your personal bank account but company money needs to go in the company bank account that the directors manages for and on behalf of the company.
How many directors / shareholders can I have?
You need at least one director and one shareholder. They can be the same person, as with most starting up. There is no upper limit to either, you can nominate as many as you like. Bear in mind though that Company Law states Directors have to be over 16 and when opening a bank account, it’s normal banking rules for Directors and Shareholders to be over 18.
Is there a minimum age limit for officers?
Directors have to be over 16 and when opening a bank account, it’s normal banking rules for Directors and Shareholders to be over 18. No maximum age limit.
What is the difference between a director and shareholder?
Directors run the company and shareholders own the company.
I'm not trading, do I have to do anything?
Registering the company but not yet ready to start using it or just want to secure the name? That’s absolutely fine. A company can stay not trading for as many years if you wish. To not lose the company however, you do still have to maintain it annually. At the anniversary of your company’s incorporation, the following will have to be done: Dormant Accounts prepared and submitted, a Confirmation Statement will need filing and HMRC will need notifying that the company is not trading. We can help with all of these, just ask and we’ll do it for you.
Can I use my home address as a registered office address?
You can use any address as long as it’s on mainland UK and it is a physical address, not a PO Box. For your consideration, the Registered office address is public.
Will my personal details be public?
Your company will be placed on the public register of companies held by Companies House. This means yes, a large proportion of your company info will be publicly available. There are certain things you can and can’t hide.
The difference between Ltd by shares and Ltd by Guarantee?
A Company Limited by Shares is the most frequently used kind of limited company and applies to most cases. A company limited by shares is designed for profit making businesses and ones which are able to accrue a commercial value. A company limited by guarantee is to be used for a non-profit making entity and one which is not designed to accrue a commercial value. Ideally suited to clubs, associations, churches and charities.
What is a SIC code?
SIC stands for Standard Industrial Classification. It allows you to show publicly in what industry the company has been trading for the previous period, typically a year.
What is a company register and do I need one?
A company register is a book that, according to the companies Act 2006, should be kept at the registered office available for inspection at any time. It should be kept up to date with the company structure, any significant changes and other associated information, prompted for by the register (book). It stays with the company for the life of the company.
Do I have to renew my company every year?
You do have annual filing obligations with both Companies House and HMRC every year, on the anniversary of the registration. Bear in mind any annual service you took out at registration, these may need renewing at this time also.
How long does it take to register my company?
Typically only a few hours. We say to allow 24 hours to be on the safe side. Limited companies are only registered in the UK Monday – Friday, no registrations at the weekend.
How long before I get my …
Emailed to you in a few hours. If ordered, sent in the 1st class post within 1-2 working days.
Business Bank Account
A high street bank typically takes between1-3 weeks.
An online bank are typically instant or within 24 hours
This typically takes 3 weeks plus carrier time from order or company registration if ordered as part of a package.
Expect this to take around 3 weeks