Company Formation Services

Starting a company is not only about having a good business idea. It is a process that can take more than a month and a bureaucratic ordeal involving very small print.A brilliant idea or just an original approach to something that already exists is the seed of a new company. But to germinate and take reality, it must meet a list of requirements and procedures. The process of incorporation of a company is a difficult task, not because of its complexity, but by hard work.Estimates state that the average standard procedures for this time are 19 days. However, in practice these procedures are dilated and, in general, entrepreneurs take over 47 days to create their company.

To avoid getting lost in this bureaucratic ordeal, you should know what steps to take.

Before embarking on the implementation of a business, you must define the activity that is to be developed, the overall and long-term planning, risk assessment, market research ... that is, encompassing all aspects of the business plan.It is essential to know the legal rules on which you develop your business, because in many cases, determining the form in which you create the company can make or break it from the off. Also keep tabs on the number of partners involved in the initiative, which could lead you into a corporation, or a joint partnership.The next step is to apply for the certificate of the company name in the commercial register. It is advisable to include a list of five names in case one is already registered. The procedure can be done for online and is very affordable.The bank certificate is the document certifying that it has been deposited in a financial institution's capital to found the company. This contribution may also include the valuation of goods such as computer equipment, production machines, and so on.The notary certificate is the name and bank deposit document and you can go to the notary to sign the deed of constitution; a process that takes at least a week.With scripts in hand, the next step is to place the document in the commercial register. It is a process that accumulates many complaints and expands over time because they know some of the new activities that generate entrepreneurs and can not be catalogued in traditional ways.To do this you must go with the simple deed of incorporation of the firm and fill out the relevant form. This document is the high census declaration that regulates your relationship with this organisation and determines the taxes that you may require for the performance of your company.After these procedures, you can begin to have economic activity. But before starting the business venture, you must also make the payment of tax on economic activities.

Your accounts with the Inland Revenue

Becoming an entrepreneur also means that individuals who have created the corporation must manage its corresponding registration in the register of self-employed. To do this you must go to the tax office with ID, complete a form and define the activity to be performed. The latter explained is mandatory and essential, because it is what defines our tax cost.On the other hand, you also have to go to facilitate personal and activity data in the form of a signature, to indicate to the bank account for direct debit fees, which will be proportional to the priceYour Virtual Office London provides business to business services (b2b) on an impressive scale. We have helped many thousands of businesses form companies and have helped provide them with leading accounting solutions. Not only do we provide company formation services we actually provide a virtual office solution which can really help boost your businesses productivity. Our services provide a great return on investment; they are designed to help your new business come across more professional and established. Our registered office address service, director`s service address and mail forwarding service in London help improve your corporate image.If you would like to speak to us about our services please do call us today 0207 566 3939.

Shares may exist with a company that are partly paid or unpaid. But, to avail the maximum benefits, you would have to convert it to fully paid shares. In order to completely transfer unpaid or partly paid shares, you would have to fill the J10 form. This stock transfer form requires the signatures of both the transferor and the transferee. This form serves as a contract which entitles the transferee to be liable for all future calls on the shares he holds.On signing the form, the terms are precisely understood and the stock owner would be liable to the calls and the company would not be held responsible in any way. The form needs to be filled in correctly and only then, it would get duly accepted by the company. Once the company accepts the J10 form, they would have to update the details about the transfer and the name of the transferee in their database. Here is a guide about how you are supposed to fill in the J10 form so that it gets accepted by the company and leaves no scope for any confusion or ambiguity.It is a mandate that you make use of bold letters and a Black pen, preferably a ballpoint pen. The steps towards filling each of the columns in the form are mentioned below.

a) Consideration

If it is a transaction where the stocks are being traded for money, enter the transaction amount. If there is no money involved, fill in as NIL.

b) Full Name of Undertaking

Enter the complete name of the company, of which shares are being traded.

c) Full Description of Security

To know more about the full description of the company, have a brief look into the certificate that is issued by the company. This would give you clear information about what you are supposed to fill in.

d) Number/Amount of Shares, Stock or Security, if any

The total number of stocks, units of stocks or the amount of stocks worth that are involved in the transaction have to be mentioned in words and should be spelled out in block letters too.

e) Transferor

All the details such as the name, present residing address etc. are to be mentioned in the details of the transferor column. Also, if it is a joint account, there is a need to mention all the stakeholder details. Note that the address to be mentioned is of the first stakeholder and it would be the primary address for future correspondence, if any.

f) Transferee

Similarly like transferor, the names of joint or individual to-be owners are to be mentioned. Also, the address where further communication and proceedings have to be corresponded to should be mentioned in the address column. Unlike the other standard share transfer forms, J10 requires both the parties to sign in the form.

g) Date

The date on which both the parties duly sign the form to initiate the deal should be mentioned.

h) Person Lodging the Certificate

In this column, details of the person who would lodge the J10 form with the company have to be mentioned. It is a good practice to have someone apart from the two parties involved to lodge the certificate.If you found this blog helpful you can read more insightful articles in our business news section, we post daily new articles and hand tips and tricks including guides for your business.

To register a limited liability company once the application has been accepted, Companies House will need to obtain several registration certificate and Ltd company documents- such as significant incorporation, memorandum of association and articles of association. Here we look at new companies and what is required in terms of documents.

Certificate of registration

Your company has been registered at Companies House and so they will issue a registration certificate. This is a certificate of the company's unique registration number and date of incorporation. This certifies and is conclusive evidence that the company was issued and has been duly registered. A third party company might ask to check that you have been successfully incorporated, or want to see as proof that a copy of the registration certificate has been created. This shows the date of your original Annual Return 12 months from the date of creation.

Association Agreement

A Memorandum of Association to form a company is where the company has confirmed its intention to become a member of a declaration made by each customer. Each member of the company must be named on the memorandum of association if it is a private company that is also limited by shares.

Articles of Association

The articles of association are important documents that set out the founding rules of a company. This includes discussing the rights of shareholders, distribution of dividends, appointment, removal and authority of government action and board meeting conduct. You must file articles of incorporation to Companies House. Most companies only "model" standard articles when you register, so if you don`t provide your article, Companies House will use the default model articles.

The share certificate

This is simply a document that certifies that the named person of the company is the one who owns the shares of that company. After registration, the share certificates should be sent out to shareholders within an 8 week period. This is just one of many things to try and remember to do in the infancy of a new business.

Associated Services

A great service we provide is a registered office address and a directors service address. Both of these services we provide help compliment your newly formed company by creating a corporate image for your business. A registered office address allows you to change the required address at companies house to our prestigious registered office address in London, this has many benefits including creating a professional image for your company. We also provide a directors service address which allows you to again use our prime mailing address in London as your own. This helps with privacy issues that can arise from using your own private address

Forming a company is no longer a time-consuming and difficult task. There are simple online processes meaning that you do not have to comply with the papers, and you can enter all your company's data very quickly. This will electronically submit your application to Companies House, and would be able to approve your company in as little as 3-4 hours. Use this simple company checklist to help you gather the information you need to register a company, and it may be your easiest company formation ever.

Name of company

Select the name of the company, including Limited, or LTD, then check if it is available, using the company name in your search.LocationThis is the address that will appear on Companies House records, which is where all official correspondence will be sent to your company. You must enter the full address, including postcode.

Share details

A public limited company must have at least one member at the time of registration. You must provide the nominal value of the share class.

Directors

Your company must have at least one director who is an individual (not by the company Director) of age 16 or greater. For each individual Director, you must submit:

• Full name(s)
• Family
• Previous name(s)
• Full-service street address and city, state and post code (in a public register)
• Usual residential address (will not appear on the public register of protected information)
• Date of Birth
• Nationality
• Business occupation
• Number of shares, if any, allotted to the director, and the details of the purchase price
• 3 security issues (see below)

Every business leader will need to provide:

• The company's name and registration number of the company
• Registered / head office address (including postcode)
• Statement if it is an EEA company
• Non-EEA company's need a legal form by which the corporate body is governed
• Name of signatory
• Number of shares, if any, the head of the company has, and the details of the purchase price
• 3 security issues signatory

Why use Your Virtual Office London

Your Virtual Office London have been forming companies for over 40 years, this means we have the experience your fledgling business needs when first forming a company. We dont just provide company formation services, we also provide additional services that compliment your business and help boost its productivity and corporate image. We can help provide a registered office address, a prestigious mail forwarding serviced address and virtual PA call answering. What ever your business need please get in touch with our expert team where we will be more than happy to help you.

Looking to a perfect company name? Do you think it's perfect? You love it? Is it clear, intelligent and smart and funny enough to put your customers in stitches, right?Do not think that just because you like the name, the world will agree? It is a good idea to take at least a moment, if not three. And if you think about taking a dangerous step including jokes in your name, you will want to take four, five or six moments too!The first call you can make is with people you know - friends, family, staff and customers or potential friendships. The more people you ask, the more opinions you have, but chances are that if you ask people the more they will look at it differently as well, and it will become increasingly difficult to stay focused. So, you have to know what questions to ask and what you want out of this exercise.

Some of these issues related to the proposed name of the company that can help are:

• What does it sound like to them when said aloud?
• Do they understand what it means?
• Can they relate to it?
• Is it related to the product or service you are trying to sell?
• Do they want to deal with a company called that?

You need people to be honest and choose the ones that will tell you what they really think, not just something that you might want to hear. The earlier the better, because they can get rid of the names you have in mind and it means that you have more time to put into a new company which helps you from being pushed off the track.You can also seek help from professionals. The best consultations can guide the mind and help explain the options of the name, both good and bad - they can show that they have some form of testing on a variety of networks and even appoint a company to test different responses to each other.On the cheaper side of things, online forums can provide an official cost effective to provide independent feedback - especially if you can target the type of customers you want to attract. If you can find where your potential customers are, you can run a test with the name of your business.Many people delay, with the naming of the company because they do not know where to start or do not feel that they have the right spark. Write the words that come to mind when you think of your company on board or large sheets of paper. First, do not worry too much about how good they are - you can filter them down and try to combine different words together to create names later. Use a thesaurus to determine the word that means the same thing you've been thinking about.Ask friends, relatives or employees to do the same. If you let your imagination go wild, you can specify a long list of words and names to choose from. If you get too "wordy", then it's time to call for help!Looking at competitors and other companies can make you more successful in terms of inspiration.Again, if your budget can stretch to it, consider hiring an agency to provide innovative ideas and can develop specific name.Use one of the many tools available online to create a domain name for website inspiration. Even if you opt for the first name you thought of, looking for the potential impact of alternative inspiration can, for example, help you better understand why you like the name above all the others.If you are thinking of starting a new company talk to Your Virtual Office London first. We have helped countless business take the plunge and start on their own, we provide a range of services perfectly tailored to businesses and their owners. From mail forwarding address in London to call answering and registered office address. We even provide a directors service address for company directors wishing to protect their own address. What ever your need talk to us today, we are always happy to help.

Your business documents, stationery, and letters about your company's details are needed by law during certain pieces of correspondence. Here are some of the most important requirements to take into account:The full registered name of your company should be mentioned in all correspondence and documents, making it easier to read who exactly you are. This is extended as a legal requirement to:

• Notifications and corporate publications;
• All the business letters and forms to the company;
• Parcels, invoices, receipts, bills and currency, cheques, money, goods that intend to be signed on behalf of the company's revenue, such as letters of credit and bills;
• All of the company's websites. There`s no need to show your company name on each page, but it should be easy to read.Furthermore, you are required for the company website, orders, and letterheads. In addition to the registration of the company name, each of the following information is required:
• Where the company is registered in the United Kingdom - i.e. the UK, England and Wales, Northern Ireland, Scotland;
• The registration number of the company;
• The registered address of the Company.

The equivalent of paper stationery requirements goes for e-mail correspondence as well. The relevant information is provided by many companies who send e-mail regularly. It is helpful to have company details automatically added on the footer of the email, so that it shows the necessary information.

There are many important stationery issues to consider, which may be specific to your company:

• That which is not a public company should note the fact that it is a limited company;
• If, as stated in Section 833 of the Companies Act 2006 yours is an investment company then this will need to be described;
• If it is a charitable company, it should be noted if the words 'charity' or 'charitable' are not included.
• There is no requirement to display the names of each director of the company, but it is best to either include them all or none, so as not to confuse the issue. A director of the company must be named, if there is no signature in the text. The same applies to the name of each director.
• If you choose to display the company's capital, it must display the amount paid out of the share capital.

If a company does not meet the legal requirements, the company itself, and all the company's employees are liable to a fine. This fine can cost £1,000 and £100 thereafter if the offense continues.In addition to these general rules as described, there may be other legislation and regulations that apply to your company. This is the case, especially with companies that operate in financial industries, where they have to state that they have the authority and provisions to the relevant regulator (Financial Conduct Authority).All legal requirements and industry-specific best practices can be found with your own trade body. There are also lots of valuable sources of information about which documents and stationery to include for all types of company and these can be found by talking to your own regulator.You can read more interesting articles on company formation and business advice here.

The issue of the number of shares to distribute is often a tricky question to ask of most small businesses and medium-sized businesses where there are between two and five shareholders concerned.Although the circumstances of each individual is significant, there can be found a few advantages to distributing shares or to allot them. Let`s look at an example of a new company with a small number of shareholders who want to start contributing.

The three members of the company will be allocated just one share each. Here are the advantages:

• It should be easy for anyone to understand with fewer amounts of shares in issue.
• Having a small number of shares may make it easier to handle.
• Initial money required from the shareholders is limited.
• At the other end of the spectrum, companies can customise hundreds or thousands of shares to shareholders of the three proposals. This method also has some benefits.
• The main advantage is the flexibility if, say, a shareholder wanted to sell part of their 100 shares. They can sell their shares for 100 while maintaining the rest. If all they had was one share, their options are much more limited!
• This flexibility may be also useful when you choose to allocate shares to existing shareholders or new shareholders. For example, if the intent is to allot more shares to certain individuals in future, then this can be achieved through the allocation of (say) 10 shares on top of their original 100.
• If there is a need in the funds to maintain the business, then a large number of shares can be issued at a premium or fee.
• Companies that have more shares - and the value of greater whole – look more substantial than those with less capital.
• When considering whether to lend, the bank may want to see a number of shares issued and that the funds are committed to the establishment of the company. This is more favourable as opposed to a heavy reliance on the making loans to companies.

In each of these examples, the shares of the ownership remain equal. Whether the trio of shareholders have three or one hundred shares of stock, each one will retain the voting rights in the company.Your Virtual Office London are leaders in virtual office services including company formations and corporate address services.

Put simply like this, it is a modest enquiry. However, there are numerous mutual forms of ownership of shares in a new company, there`s no easy answer to the number of shares to be allocated.Given the amount of diverse issues to think about, you may reflect on the specific recommendations of the auditor or other expert consultant if you are unsure of the best way to proceed.When the company forms, one share at least must be distributed. This share is often allocated to someone, such as a sole director (also a shareholder). However, shares may be issued on behalf of the corporate body; you will always locate a company that owns shares in the business, for example. It is also likely that a solitary share can be allocated towards shareholders' equity - where two people or more hold shares equally.There are a lot of precise rules that relate to a PLC. They should have fifty thousand pounds in value of the issued investment. To highlight this, if the nominal value of the shares of a PLC is one pound, the business will be issuing fifty thousand shares for it to start to trade or borrow money. If the nominal value of one penny per share, then five million shares must be supplied so that a nominal fee of fifty thousand pounds to be allocated.For a lot of companies, there is no maximum amount of shares that they distribute. The Articles of Association state a maximum share capital that serves as the upper limit of shares that are allowed to be issued. If a certain number of shares would cause the company`s share capital to rise, then this limit can either be increased or taken away. Thereafter, the allotment can take place.Larger companies may need extra capital to invest in businesses that are willing to give more than small firms, although both shareholders and managers often create loans to companies that are of a similar level of investment.If you enjoyed this blog you can find out more in our insightful news section where we provide helpful posts on relevant business topics. Your Virtual Office London are leaders in virtual office and company formation services.

A SIC code (standard industrial classification) is what details a company's chief business activity - every company chooses from the official SIC list, the role of their company and selects the appropriate code. It is to identify companies and to categorise them using an efficient system.SIC codes are sorted into a classification system. For example, "Forestry and Fisheries' have a group, and there are forty separate SIC codes within this section, right through to the “growth of citrus fruit”!

Where did the UK SIC code originate, and what do they do it for?

This code system began in 1937, in the United States. The UK system was founded in 1948, and known as the Standard Industrial Classification. The industry classification has had to keep ahead of changes in the UK employment and industry structure. From the start of the original list, there have been alterations made in almost every decade since 1958.The main difference in the recent changes is that now the UK codes run comparatively with the UN and EU standard systems. One obvious distinction is that there are now five digits to the code, whereas in 2003, there were only four. From October, 2011 this 'new' code list from 2007 is necessary for every company to use.In an attempt to classify the kinds of activities assumed by the nation`s businesses, there are now more than a hundred SIC codes. With other agencies, the National Statistics Office collects and publishes data formulated on the type of classification: for example, revenue figures to enable comparison between the multitude of other industries and jobs. The company SIC code and others are available to all.

When do I need a SIC code?

As you initially set up a company, you do not need to show a SIC code immediately. The first annual return is when most businesses need to have the code.One SIC code is needed from 28 days of your company submitting the annual return. If you include an invalid SIC code, Companies House will decline the form and you will be asked to submit it again.At all future annual tax returns, SIC codes have to still be incorporated, even if the code remains the same. Should the company expand its operations or change business type, then it would probably come under a new category and SIC code. The company does not need to explain this to Companies House at the time of change only when the annual return is to be submitted.Most companies feel that a single category best describes their business. Although, you can select to do this type with up to four codes, so that a variety of businesses, or an especially complex one can honestly describe the company.

What is my code?

The fact is, most company owners won`t be thinking about SIC codes every day. You probably won`t have heard of one, if your company is a new one. If your annual return is complete, the information that you need should be included on it, or contact Companies House to get the full details.Finally, don`t worry or lose sleep over how you choose to categorise your company. No action will be taken against you for this – sometimes there might just not be the ideal section, so simply opt for the nearest one you think is right for you.Your Virtual Office London have been providing virtual office services to clients throughout the globe. We also specialise in company formation services and have helped formed over 15,000 companies since we started trading back in the early 1970's. We have produced a range of services which are aimed at start ups and new businesses. Our services include mail forwarding address services, registered office service, directors address service, accounting and fast track banking.

With over 2,700,000 companies incorporated in the UK, starting your own limited company is a great idea for one or more of the following reasons.

1. It is easy and quick to get going

It is very easy to start a company, and a lot of it can be done on the internet. There is no longer the hassle of waiting a long time for a company to send over and process a raft of documents: Now you can begin to form a company in a matter of hours.

2. A separate identity

A limited company has its own legal identity. As a result, the company can endure the passing of the owner, and it is conceivable that both the directors and shareholders can change over time. The existence of the company can only to be stopped by orders of the court.

3. Owners' Liabilities are Restricted

The shareholders of a company have limited liability for the amount of company debt. The extent of their responsibility is the amount paid for their shares, plus if they have outstanding shares of nil or those that are partly paid.

4. Authority and dignity

The founding of a private company points to that business being durable and that they are committed to the effective management and of being responsible.

5. The possibility of tax benefits.

Where partnerships will usually have to pay income tax, sole traders have to pay corporation tax, which is actually lower than that of income tax.As well as the payment of salaries to employees, companies can pay dividends to its shareholders. The director is a shareholder, so frequently choose to take the tax on the most effective combination of salary and dividends.The director retains the right to receive certain benefits without any government employee or employer national insurance contributions being payable. The repayments will be received as dividends which are likely to suffer less than in taxes than national insurance contributions. However, dividends will be subject to tax within the company.A range of tax allowances and expenses can be offset against the profits of the company, so you should use a tax professional or financial advice in light of your particular circumstances, and this area is no exception.Your Virtual Office London are leaders in company formation, mail forwarding address service and registered office address services. We also provide other important services for Limited Companies such as banking and accounting. What ever your need please do get in contact with the team today, we are always happy to discuss your requirements and then provide suitable advice.