If you’re thinking about starting your own business, you’ll have a lot to think about and probably many questions about the process. At Mint Formations, we’ve helped hundreds of companies get started with our company formation packages.
We’ve answered the questions that we get asked a lot. We’ve done our best to cover as much as possible, but if there’s anything we haven’t addressed,
get in touch
, and we’ll do everything we can to help.
New Company Formation
What are my options for registering a new company?
Before you decide to set up a limited company, you need to consider your options. Registering as a limited company is logical for many businesses; however, you should consider becoming a
sole trader
or
creating a partnership
.
Mint Formations’ company formations packages cater to whichever you decide on:
How long does it take to set up a limited company?
Registering your new company is a relatively quick process, and most applications submitted online will be processed within three to six hours of submission. Once your application is processed, and your company is registered, you’ll receive all official documents in your inbox.
If
Companies House
is particularly busy, then applications can take slightly longer. If you’re looking to register your company urgently, Mint Formations offers a guaranteed same-day formation service.
What information and documents do I need to provide?
During registration, you’ll need to provide the following information:
-
Full name
-
Email address
-
Residential or business address
-
Date of birth
-
Nationality
-
Business occupation
-
Phone number
-
Town of birth
-
Mother’s maiden name
-
Father’s first name
Following the application submission, you will need the provide the below mentioned documents for ID verification to proceed further with the application.
-
Proof of identity
-
Proof of address
Both of these documents are for compliance with Anti-Money Laundering (AML) regulations.
Directors and Shareholders
Do I need to appoint a director for my registered company UK?
Yes. All UK limited companies must have at least one director over the age of 16, so you must appoint a director for your new business. Directors are responsible for:
-
Running the company
-
Filing annual accounts
-
Submitting official paperwork
Do I need to publish my home address as a director?
No. During your registration process, all directors must submit their residential address and a service address. These addresses are allowed to be the same or different from each other. If you would like to keep your home address confidential, you should choose a separate service address.
Mint Formations offer a
company director’s address service
to allow directors to keep their home address hidden from the public register of companies and safe from intrusions from marketers and members of the public.
Do I need more than one director or shareholder?
Your company must have at least one director. But, there is no limit to the number of directors a company can appoint during or after registering the company. A single person can be both the sole director and shareholder of the company, or you can select multiple directors and shareholders. Directors can also be the company secretary but cannot be the company auditor.
A company director doesn’t have to be a person; it can also be a corporate entity, such as:
-
A group
-
Partnership
-
Charity
-
Another limited company
To become a company director, you must:
-
Be at least 16 years old
-
Not have an undischarged bankruptcy
-
Not have been disqualified as a company director
Post Company Formation
When will I receive my incorporation documents?
Once Companies House approves your company registration application, they will send your documents to you. The documents include:
-
A certificate of incorporation
-
Your unique company number
-
Memorandum and articles of association
-
Share certificates
You will usually receive electronic copies of your documents within hours of your application approval. If you’ve chosen to receive printed documents, it will take longer for them to arrive.
Where should I display my company name?
Once your business is registered, you are legally required to display your business name in several places, such as:
-
Signs
-
Stationery
-
Promotional material
On all company documents, business letters, order forms and website, you must include the following details:
-
Company registration number
-
Registered office address
-
Country of registrations (England and Wales, Northern Ireland or Scotland)
-
A statement your business is a limited company — usually shown with “Ltd” or “Limited”
Some companies also choose to include directors’ names. If you decide to do this, you must list all directors’ names.
Do I need to do anything else?
After your business is registered, you must also:
-
Keep all company incorporation documents safe — either electronically or physically
-
Inform Companies House of any changes to your business, such as the appointment of a new director
If you decide after registration that you would like to trade under a different business name, you are allowed to do so, but your company’s legal name must be displayed as required by law.
Registered Company Address
What is a registered company address?
A registered company or office address is simply the official address of a business registered with Companies House. Every company must have a registered office address in the UK to comply with the
Companies Act 2006
.
Mint Formations provides a registered office address service that allows you to register your business with one of our addresses. Our registered office address will be assigned to your company but owned by Mint Formations. Our registered office addresses are not physical locations or office spaces but for correspondence with
HMRC
and Companies House for registration.
Do I need a registered office address?
All businesses are required to have a registered office address in the UK under
Section 86 of the Companies House Act 2006
. You may not feel that you need an official office address if you run your business abroad or entirely online, but you still need a registered office in the UK.
Companies House and HMRC will send all official documents to your registered office address and assume that the company has received them at that address. Other government bodies will also use your company address and are used for official communications and notices.
What are the benefits of a registered office address?
When you register your company, you can use your residential address as your registered office address. But you may not want your home address on the public register of companies for a specific reason, such as:
-
Keep your home address private
-
You don’t own the property
-
You are going to move soon
-
You don’t have a UK residential address
Opening a Business Bank Account — UK Residents
What are the benefits of a business bank account?
If you register as a limited company or partnership, having a business bank account is a requirement for tax. Sole traders don’t need a business account, but the benefits make it worthwhile, such as:
-
Separates personal and business finances
-
Save time for business accounting and tax returns
-
Builds your business’s credit rating
-
Limitless transactions
What business bank account should I open?
There are many business bank accounts to choose from, and they’re not all the same. Take your time to look at the options and pay special attention to:
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Monthly charges
-
Interest rates
-
Transaction charges
-
Local branches
-
Internet banking
-
Customer reviews
To make it as easy as possible for you to open a business bank account, Mint Formations has agreements in place with the following banks:
How long does it take to open a business bank account?
The approval time for opening a bank account varies from bank to bank. You can set up your account in about 15 minutes online or through the bank’s app. In general, digital banks have much faster approval times than traditional high-street banks, which can sometimes take several weeks.
To open your business bank account, you’ll need to provide:
-
Proof of identity (usually a passport or driving license)
-
Proof of address (a bank statement or utility bill)
-
Business name
-
Registered address
-
Nature of your business
Statutory Requirements
What are the statutory requirements for a registered company UK?
Once you have set up your business, you’ll be required by law to fulfil your statutory requirements. These include:
Alongside this, you’ll need to inform HMRC and Companies House if you:
What do I need to do if I want to dissolve my company or change my business name?
If you want to dissolve your company or change its name, you need to make sure you do it correctly. This involves making sure that Companies House and HMRC is aware of the change.
There are two ways to change a company’s name:
-
A limited company’s director changes the name without shareholder approval
-
Change the name through a special resolution with 75% of your company’s members agreeing to the change
Mint Formations can help you
change your business name
with whichever method you choose. We can handle the process for you, including all of the required paperwork.
If you want to
dissolve your limited company
, we can also help you do so correctly and avoid complicated forms and potentially lengthy legal processes.
What are my annual filing responsibilities?
When you register your company, there are several legal issues that you should pay attention to. If you are the director of a limited company, you are responsible for the conduct of your company, and if certain documents are not filed on time, you can be prosecuted.
Every year you must file:
-
A confirmation statement with Companies House
-
Your company accounts with Companies House
-
Your company accounts and corporation tax return with HMRC
Mint Formations can help you with your annual filing responsibilities by offering a
free consultation with an accountant
.
Start a UK Business for Non-UK Residents
What are the benefits of starting a business in the UK as a Non-resident?
You could choose to base your new business in many places, so why choose the United Kingdom? Despite the uncertainty of post-Brexit and post-Covid Britain, it is still one of the most affordable places to set up a new business.
If you set up a limited company in the UK, you’ll enjoy the following benefits:
-
Access to the UK market
-
Security of interests
-
Avoid the legal red tape
-
Consumer credibility
Do I need to be in the UK to register a new UK business?
You do not have to be in the UK — or travel to the UK — to set up a limited company in the UK. The one thing that you will need to have is a registered UK office address. While we would recommend a registered office address, you can use a residential address to register your company.
All Mint Formations
international company formations
packages help you set up your business as a non-UK resident and include a registered UK office address.
What do I need to do to register a UK company as a Non-resident?
While you can register your UK company yourself as a non-resident, Mint Formations make the process easier than ever by taking care of all paperwork and official documents.
Not only does our service take away the stress of registering your company, but it’s fast and affordable.
Have you got a question that we haven’t answered yet? Get in touch with us by emailing
[email protected]
or calling us on
+44 (0)20 7112 8684
.
Opening a Business Bank Account — Non-UK Residents
Can I open a business bank account as a Non-UK resident?
Yes. Non-residents are legally entitled to UK business bank accounts. But the process is likely to be longer than it would be for a UK resident due to AML regulations.
Acquiring a traditional, high-street business bank account as a non-resident will require you to visit the UK. Unless you live and work in the UK, opening a bank account with a large UK bank can be challenging.
Mint Formations can help you to set up a UK business bank account. We will assess your suitability, prepare any paperwork and documents and submit your application for fast-track approval. Following the application, you’ll need to travel to the UK with your ID and other documents to verify your identity and complete the process.
Are there other options for a business bank account for Non-UK residents?
An excellent alternative to a business bank account with a major UK bank is to apply for a virtual bank account. They’re an ideal solution for anybody that cannot or doesn’t want to visit the UK.
A virtual bank account has many of the same features as a high-street bank, such as:
-
UK bank account number, sort code and IBAN
-
Receive payments in GBP
-
Send payments to other bank accounts or HMRC
Setting up a virtual bank account usually takes around three to four weeks. Mint Formations can handle all of the paperwork and procedures of your application to make it as hassle-free as possible.
