It’s a common misconception that setting up a Limited Company is difficult. You can go to any number of websites and pay less than £15 to set it all up yourself, and feel very pleased that you’ve done it.
However, we will strongly advise against doing this for anything other than the most simple Company Formations.
If you are unsure of any of the following, then this would indicate you need some help and advice prior to setting up your own company.
- Do you understand the responsibilities of a Director?
- Do you understand the purpose and legalities of a Company Secretary?
- Do you understand the purpose and requirements of a Registered Office?
- Do you understand the difference between a Service Address and Residential Address?
- Do you understand the purposes of Shareholders?
- Do you understand the ways which you can be remunerated in a Limited Company?
- Do you have an exit strategy, and if so, do you understand how important the setup is in relation to the exit?
- If the company is successful, do you have a plan how to get out the money?
- Do you know that “giving” shares away can attract a Capital Gains Tax liability?
- In the event of the company being unsuccessful, do you understand what you could be liable for?
- Does the term “alphabet shares” mean anything to you?
- Do you understand about SIC Codes, and implications from getting this wrong?
- Do you understand the legalities of identifying PSC’s (Persons of Significant Control)
We are recognised as AML Compliant Company Formation Agents, so will be able to talk you through the implications of the above, and make sure your company is set up in the right way to meet your needs, not only now but for the life of the company.
If you would like to find out more, please get in touch with us – normally we can form companies within 1 working day of our initial conversation (provided you supply the information we need in a timely manner).