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How to set up limited company in the UK

Discussion in 'Business & Tax Advice' started by mickuk24, Jul 11, 2010.

  1. mickuk24

    mickuk24 Newbie

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    Hi guys,

    Want to set up a limited company and Im from the Uk, would just like to know what kind of costs are involved and of course any legal issues or paper work, I really need someone who has already done this to tell me thier experiences.

    Thanks guys.
     
    • Thanks Thanks x 1
  2. myk33

    myk33 Junior Member

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    regster your ltd co at www[dot]thecompanywarehouse[dot]co[dot]uk. then apply for a business bank account. should take around 30 days to set it all up then you are done. speak with co warehouse for any questions you have.
     
  3. shaks99

    shaks99 Jr. VIP Jr. VIP Premium Member

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    Occupation:
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    not really go to
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    www.eacbs.com
    register a company youll have it live in four hrs take the documents they send you to a bank open the bank acct and you are ready to go also the cost is around £30
     
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  4. agamenon

    agamenon Newbie

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    hello,
    With this service I can open a bank account in UK?
    What is the cost?

    Greetings.
     
  5. agamenon

    agamenon Newbie

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    can anyone help? I want you opened a bank account in UK, you must open a limited company?

    Thanks
     
  6. mattbowden

    mattbowden Regular Member

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    Go as a self employed sole trader you do not need to be a limited company and you can then open a bank account as a company not limited you will also need to register for vat with a vat number. Contact an accountant in the uk they can take care of the vat reg for you. Vat reg costs £15 uk pounds
     
  7. agamenon

    agamenon Newbie

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    Hello,
    I send an email to one of the companies that posted it above.
    They told me that if they can open a company in UK for me, but I can assure that you opened a bank account, since I am not UK resident.
     
  8. hopon

    hopon Newbie

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    You won't be able to open a UK bank account without being in the UK - they will want proof of address, proof of id (passport) etc to comply with UK MLR regs.

    Also to correct a post above there is no cost to register for vat and you do not have to until your turnover goes over £70k in a 12 month period.

    At the OP then setting up a UK Ltd co if you are in the uk is a doddle. You can use any of the many incorp agent. Personally I use A1companies.com
     
  9. pmj1

    pmj1 Newbie

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    You only need to register for VAT if your turnover exceeds (or is anticipated to exceed) £70,000 per annum. Maybe an overhead you don't want / need at the moment? Benefits are you can claim back VAT charged to you by Suppliers , but bear in mind your end-users will be charged + 17.5% , soon to be + 20% - fine if they are able to re-coup VAT but could potentially make a large difference to the prices you charge as opposed to your competitors - would you purchase something that cost 1/5th more? Bear in mind you can always register for VAT in the future as/when your T/O looks like it will exceed the threshold.
     
    Last edited: Jul 25, 2010
  10. agamenon

    agamenon Newbie

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    Hello,
    If it is true what you say, because there are so many websites offering to open a bank account in UK?
    For me it is impossible to travel to UK, which I do for opening a bank account in UK?
    Thanks for the help.
    Greetings.
     
  11. mickuk24

    mickuk24 Newbie

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    shaks99 - Thanks for the tip, I went with that company and the cost was around £23 for the basics, however its been 2 days now and I'm still waiting, when I log back in the status says "With Companies House", I picked the economy package - is there a problem with my order or does it take some time to get set up?
     
  12. Didcot

    Didcot BANNED BANNED

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    I wonder how VAT works with being paid by overseas affiliate companies?
     
  13. ExtraWinner

    ExtraWinner BANNED BANNED

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    If you are from UK go to revenue office :07:
     
  14. specopkirbs

    specopkirbs BANNED BANNED

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    i used
    Code:
    www.companiesmadesimple.com
    to set up my ltd companies, one of the companies is a supplement store that im almost finished and im VAT registered voluntarily so that i can claim back VAT on a number of items across the store, mainly fat burners or products in tablet form and to claim back the VAT on the postage.
     
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  15. hopon

    hopon Newbie

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    There is no vat on postage (royal mail) although there will be if you are using couriers or someone else is doing the posting for you as it then becomes a service.

    agamenon there are companies that will attempt to jump start the process ie for travellers but even they need you to physically go in to a branch in the uk to prove id. That wouldn't be applicable for a ltd company either.

    The only other way is if someone based in the uk is acting as a director to complete the paperwork, they can of course then resign once it's open, you would only be able to operate the account electronically though as to even become a signatory on the account you will almost certainly have to have a uk address.
     
  16. vucinic

    vucinic Junior Member

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    @ OP:

    Since you don't live in the UK(is that right?) you need to get a mail forwarding address in the UK. You will use this address as your business as well so do this first then register your business with the address given.

    Now to verify who you say you are you will need to acquire some bills, you know, cell phone bill, etc. And they need to get mailed to that address. Now you're in there you won't be able to apply to every bank but some banks only require proof of your UK address as well as an ID you tell them you just moved there so you don't have a new ID yet blah blah blah not too much no need to OVER sell it lol

    Welcome to England ;) Now it's almost 7 am here in Lodnon I'm going to have some beans on toast and eggs benedict then get back to making money on facebook and TrafficVance. This is the motivation London brings me I hope it does the same for you ;)

    Cheers
     
    Last edited: Oct 1, 2010
  17. Satan Claus

    Satan Claus Regular Member Premium Member

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    You can set up an Ltd for under 30 quid at companiesmadesimple.
     
  18. OdinSeo

    OdinSeo Junior Member

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    will this kind of company works with paypal? any restriction or limitation?
     
  19. Satan Claus

    Satan Claus Regular Member Premium Member

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    Not sure if they accept paypal. They allow same day Ltd formations with stock memorandum/articles of association, 1 pound in shares, and a single CEO. For a little more they offer mail forwarding and a registered office as well.
     
  20. Markbh

    Markbh Regular Member

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    If you're outside the UK, there's hardly any chance to get a company account open. They need to know the customer and you have to be present in person. But if you do have the company, you could use it to register a PayPal account, provided you have a credit card of some kind. Could be a prepaid. This will allow you to get started and create income online. You'll have to be creative for withdrawing funds from the system though. A simple way would be to have another PayPal registered for the country of your residence, with a bank account attached. You transfer funds to that PayPal account and finally to your account.