Do I need to provide proof of ID?
All formation agents (that's us and our competitors) have a legal obligation to check Proof of ID and Proof of Address documents. This is to ensure we comply with Anti-Money Laundering (AML) regulations and 'Know Your Customer' (KYC) requirements.
Our free online Proof of ID check ensures you get validated quickly and simply.
Who needs to provide Proof of ID?
- Basic packages: Account Holder
- Privacy, Comprehensive & Ultimate packages: Account Holder, Directors and PSCs
For which documents you need to provide us please check the FAQs.
Ultimate package: To activate Mail forwarding service, all clients who have subscribed to our Mail forwarding service must provide copies of their photo identification and proof of address documents. For more details, please check the Identity Documents' FAQ.
Will I still need an accountant?
For certain tasks we do recommend that you use an accountant. This is why we offer a free consultation with Pearl Chartered Accountants & Tax Advisers (UK residents only) within the Business Start Up Toolkit, included in all the limited by shares packages. The Contractor package includes a no obligation telephone consultation with a specialist accountant for Contractors.
The toolkit also includes a free 2-month trial to FreeAgent, easy-to-use small business accounting software that helps keep you on top of all your business finances.
Our Comprehensive and Ultimate Packages also take care of some of the things that your accountant would normally do, such as preparing and filing your company's Confirmation Statement.
Is there a renewal cost annually?
This depends on the package that you choose.
The Privacy Package has an annual renewal cost of £69.99 plus VAT, only applicable if you want to continue using our Registered Office and Service Address to keep your residential address confidential and off Companies House public register.
The Comprehensive package has an annual renewal cost of £99.99 plus VAT, which includes these services: Registered Office and Service Address plus the preparation/filing of your Confirmation Statement.
The Ultimate package has an annual renewal cost of £149.99 plus VAT, which includes these services: Registered Office Address, Directors Service Address, Preparation & Filing of Confirmation Statement, Maintenance of PSC Register, 10 Company Credit Reports and 20 days Coworking Access to the Workhub.
The International package for non-UK residents has an annual renewal of £99.99 plus VAT. This renewal includes the use of our Registered Office and Service Address plus the preparation and filing of your Confirmation Statement. The international mail forwarding service is not included as part of this renewal as it is provided by our sister company, Virtual Office MadeSimple.
What if I only need the company name and none of the extras?
If you're looking to start trading immediately or very soon, then our Basic Package is the cheapest way to get a limited by shares company up and running. However, if you want to open a bank account we recommend the Comprehensive or Ultimate packages which include a printed Certificate of Incorporation and printed Share Certificates, (most banks require printed copies of the official documentation when opening up business accounts). Alternatively, if you simply want to secure your chosen company name for the future, then you can reserve your company name.
On the other hand, if you simply want to secure your chosen company name for the future, then you can reserve your company name.
I’m not sure what I need right now, can I buy the basic package and add other services to it later?
Absolutely, however the services will not be available at the discounted package rates.
I don’t live in the UK, can I still open a UK company and bank account?
You can form a UK limited company regardless of your nationality or location.
Our International package is the ideal solution for overseas customers looking to form a UK Limited company. The package includes the option to open a Wise Business business account (subject to approval by Wise Business and compliance with their acceptable use policy and business industry risk appetite). It’s a multi-currency account that allows you to send and receive international payments and get access to UK account details without the need for a UK address. More information
What are my statutory and legal requirements once I set up a Limited company?
Limited companies are required to file confirmation statements and annual accounts with Companies House. If you choose the Comprehensive or Ultimate Package, we take care of the Confirmation Statement for you.
You or your accountant will need to submit annual tax returns and company accounts to HMRC.
As a director of a limited company you must act in the best interests of the company and not necessarily yourself.
How much tax will I save by setting up a Limited company vs. being a sole trader?
This depends on your circumstances. You may find this Sole Trader v Limited Calculator helpful.
How do I get funding for my new business?
There are a number of options available when it comes to funding a business. These can be split into two categories; debt financing sources and equity financing sources. Debt financing sources would include banks, lease financing and trade credit. Equity financing sources would include venture capitalist companies and private individuals. More info