Company Formation Edinburgh
Allsquare Accountants Edinburgh can help you start your company with our Company formation & registration services
In the UK and Ireland, company formation is the process of incorporating or registering a company with Companies House. There are several ways to register, including on the Internet through the Companies House website, by post, through an agent or solicitor or by using approved third party software.
Application fees and how long the process takes
Online applications cost £15 and can take as little as 24 hours. Paper filing or postal applications can take from 5 days to 4 weeks depending on the company structure, and costs £40. Companies House also offers a same-day service, available before 3pm, that costs £100. Specialised agents offer company formation packages ranging from £25 to £100. Fees do not include the cost of witnessing or preparing documents like the memorandum and articles of association.
Types of company that can be registered with Companies House
Choosing the type of business you want to create determines your legal responsibilities, which include the rules you will need to follow, taxes, how profit is managed and your personal responsibilities in the event that the company makes a loss. The type of company you choose also governs business investments and company ownership.
– Public Limited Companies (PLC)
– Private Companies Limited By Shares (Limited, Ltd)
– Companies Limited by Guarantee
– Unlimited Companies
– Limited Liability Partnerships (LLP)
– Limited Partnerships (LP)
– Community Interest Companies (CIC)
– European Economic Interest Groupings (EEIG)
– Societas Europaea (SE)
The three main business structures in the UK are limited companies (PLC/Ltd), limited partnerships (LP) and limited liability partnerships (LLP).
The registration process and turnaround time vary for each type.
Forming a private limited company
The most popular type of UK company is the private limited company.
Before a private limited company can be incorporated, it will need a name, a UK address to which all correspondence can be sent, at least one director, one shareholder and a number of documents. Names need to be non-offensive and cannot imply a connection with the government or any public authority.
Documents required for setting up a private limited company
Articles of Association (articles) – these are the written rules, agreed by the directors, shareholders, and company secretary, about how the company will be run. Articles must be signed by each of the parties, in front of a witness, before they can be submitted.
Memorandum of Association – this is a legal agreement signed by all the initial shareholders of the company, agreeing to its formation. The wording of this document is exact and must remain unchanged to be valid. A template for this document is available from Companies House.
Statement of Capital – this is a document that gives the details of the company’s shares and the rights attached to them.
IN01 – If submitting by post, you will need an IN01 registration form, the paper equivalent of the online application form.
Once your company is registered you will receive a Certificate of Incorporation, with the company’s number and the date of incorporation. Within 3 months of startup, your company will also need to register for Corporation Tax.
To explore simple accounting solutions for your new company’s trading and tax records, get in touch with Allsquare today 0131 343 1510.