Setting up a business in the United Kingdom is quick and convenient if you delegate the paperwork. Residents and non-residents can establish companies online with minimal effort through an agent. Use our guide to register your business name and set up banking.
If you want to open a company in another country, such as Canada or the Netherlands, you can also count on a local specialist who can set up the business on your behalf, through a power of attorney.
The same thing you can do when opening a company in Switzerland or another European country, where a company formation agent can help you with the formalities.
Which Structure to Choose
In limited companies, corporate and personal funds never overlap. Sole traders are personally liable when something goes wrong, which is a major drawback. Their property like houses or vehicles can be sold to cover corporate debts. The same applies to entrepreneurs registered as business partners. Limited companies are also more tax-efficient.
The easiest formation type is a private limited company with one director and shareholder. The owner can play both roles. Your agent will submit all documents to UK authorities and provide a bank account as a bonus. You can also set up third party access to bank accounts for a limited company, which makes teamwork a breeze.
All Ltd. businesses are registered with Companies House. Sole traders and business partners must register with HMRC. Hire a registration agent to avoid delays and save effort.
Choosing a Name
Your company’s name must be unique. Use the availability checker on the Companies House website to confirm this. Follow this checklist:
- unique;
- short;
- easy to spell;
- reflecting your company’s activities;
- without sensitive or offensive words.
Registration Procedures
Companies like Go Solo enable entrepreneurs to set up businesses remotely. Everything is managed online. Not only will you get a registered name with little effort. The intermediary will also create a bank account and provide an app for easy cash flow management.
For private limited companies, registration is straightforward. Your agent will only ask you to provide the following:
- Valid ID (the photo in it will be compared to your selfie video);
- Proof of residency (any of the following: a bank statement, a utility bill, a council bill or a tax return);
- A physical business address in the UK (you can buy a virtual office address instead);
- Completed application form.
After confirming your identity, address and phone number, the company will submit the necessary documents to Companies House on your behalf. In a few days, your business name will be registered, and your business bank account will be ready. On average, this process takes up to 5.5 working days.
Getting a Bank Account
If your registration agent provides a bank account as a bonus, inquire about third-party access. Some accounts are specially designed for smooth teamwork:
- Employees can share statements within the same mobile or web app.
- They can view all transactions, contracts, and invoices.
- Bank statements are downloadable.https://www.companyformationnetherlands.com/
Cash flow management is easier than ever thanks to powerful apps. However, digital products are not created equal. Make sure your agent:
- provides bank-grade security;
- activates third-party authorization after a full verification process;
- lets you revoke access immediately.
You can grant access to your accountant or other employees. All the information they need will be at their fingertips 24/7 in a secure and convenient environment!
