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Formation of a limited company online…

26th November 2010
By YLC in Business Law
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Process of incorporating a business is nothing but a ‘Company Formation’, and it is also referred as ‘Company Registration’ sometimes. Under the company law enacted, the company has a separate legal entity to the people who own or operate it.

Today everything is going electronic, so why should this sector stay behind? The majority of UK companies are formed electronically on the same day. Companies can be created by individuals, specialized agents, solicitors or accountants. Many solicitors and accountants subcontract incorporation out to specialized company formation agents. Most agents offer company formation packages for less than £100, but it does not include the cost of witnessing documents or preparation of memorandum & articles of association for the company which would usually be carried out by a solicitor or accountant. Forming a company via the paper filing method can take up to 4 weeks.

E-Company Set-Up -

You can set up a company electronically using your own resources, but it is advisable to use a specialist formation agent as you need to decide on the following:

-The company’s set-up – whether it is to be a private or public company limited by shares or private company limited by guarantee.

-Company’s purpose and its capital requirements

-Availability of proposed company name and its acceptability

Process of Company Incorporation-

In order to form a new company, the Companies Act 2006 has set out the exact required documentation, which is different from the requirements of the previously 1985 Act. An application is made on Form IN01 to form a company, which is to be accompanied with a Memorandum of Association, the Articles and the correct registration fee.

Incorporating companies as limited by shares (private or public) must complete a statement of capital and initial shareholdings as part of the formation documentation, and the statement of capital is a new document. It is a snapshot of a limited company’s issued share capital at a given time. It is also needs to be provided in various other circumstances, including as part of the application to incorporate and with each annual return.

Your Limited Company is a Leading online company formation agent in the UK, which provides limited company forming and registration services to their customers. It also provides their customers with other additional services. The direct interface with the Companies House provides a speedy and efficient company registration service.

With the help of a direct link with Companies House, customers have been provided with an easy-to-use tool for same day limited company set-ups.

It offers their customers three packages, namely Bronze, Silver and Gold. It also provides its customers with web services such as web design, business banking and business insurance.
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