Frequently Asked Questions
Frequently Asked Questions
We know you have questions — here are some of the most frequently asked ones!
Accounting
What is VAT Registration?
VAT is short for Value Added Tax, and it is a regime operated by HM Revenue and Customs (HMRC).
If your turnover is expected to exceed £85,000 in the next 12 months, it is a legal requirement to register for VAT, unless the supplies are exempt.
If your turnover is NOT expected to exceed the £85,000 threshold, you may choose to register for VAT voluntarily because it allows you to claim back VAT on goods and services purchased by the company.
VAT Registration happens after the successful incorporation of your company, and this process can take up to 30 days.
Accounting
What is the Confirmation Statement?
The Confirmation Statement is a document that must be filed annually, providing Companies House with up to date information about your company. All our service packages include the preparation and filing of your first confirmation statement.
The Confirmation Statement should not be confused with the annual accounts, which are financial documents, usually prepared by an accountant.
Accounting
Do I need a seperate solicitor or accountant representative?
No. We will guide you through every step to incorporate your business in the UK. You may choose to contact a solicitor/accountant after your business is incorporated — to help you with end-of-year’s tasks such as filing of company accounts.
Address
What is the Registered Office?
The Registered Office is a company’s official address for receiving government mail. It is a legal requirement to display the Registered Office on public record at Companies House.
Not only our Registered Office Service will provide you with an address at Covent Garden — these official mail addressed to the company will be redirected to you at no additional cost.
Address
What is a Service Address?
A Service Address is a company officer’s (such as the director) official address for receiving government mail. It is a legal requirement to display the Service Address on public record at Companies House.
Not only our Service Address Service will provide you with an address at Covent Garden — these official mail addressed to a company officer will be redirected to you at no additional cost.
Address
What is a Business Address?
A Business Address is the address where all general business mail (such as those from your customers, suppliers and banks) will be received.
Not only our Business Address Service will provide you with an address at Covent Garden — these mail can be redirected to you (subject to standard postal charge plus 15% handling fee) via Royal Mail.
Banking
What is Wise?
Wise, previously TransferWise is the simplest and quickest business banking solution for non-UK residents. It provides you with international business banking with worldwide coverage, allowing you to send money to 70+ countries, and receive/hold 40+ currencies.
Upon successful application, you will be given your own UK Business Bank Account Number and Sort Code — just like any other traditional banks.
Company
What is Private Company Limited by Shares?
If you are forming a company with the objective of making a profit, then the standard company type for most commercial business activities is a Private Company Limited by Shares (or, in short, a ‘limited’ or ‘ltd’ company).
This is the default option in all our packages — and satisfy most of our customer’s needs.
Company
What is Private Company Limited by Guarantee?
For those wishing to form a non-profit company, co-operative, association or membership organisation — the company type you should go for is a Private Company Limited by Guarantee.
Company
What is Limited Liability Partnership (LLP)?
We also offer the option of Limited Liability Partnership (LLP) company registration, which is similar to a traditional partnership, but enjoys the same limited liability as a limited company.
This type of company is popular with professionals such as solicitors and accountants.
Incorporation
Do I have to live in the UK to register a limited company?
No, you can register a UK limited company from anywhere in the world. The only requirements are that you have one director and one shareholder (the same person can assume both positions) and your company has a registered office address in the UK.
Incorporation
What information do I need to have at hand to form a company?
You will need a company name, a registered office address, and the details of the director and shareholder (which can be the same person) — name, date of birth, occupation, nationality and home address. You will also need a SIC code (business activity code) — but don’t worry, we provide a list of codes for you to choose from.
Incorporation
Do I need to supply proof of ID?
All company formation agents, including ourselves, have a legal requirement to check Proof of ID and Address documents.
We are regulated by the Money Laundering and Terrorist Financing (Amendment) Regulations 2019, London Local Authorities Act 2007, and Know Your Customer (KYC) guidelines, which means we must verify the ID and address of customers and certain shareholders.
We are legally requried to obtain ID from:
• All shareholders who own over 25% of a company.
• Anyone using our Business Address Service with mail redirection.