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Forming your Company
Setting up a limited company is not a short term proposition, it requires real commitment. Done properly it has many advantages and assuming you are outside IR35 regulations for each assignment it is the most tax efficient way of working.
Getting started with your company formation
A limited company is a distinct legal entity in its own right. It has rights and responsibilities and can own property and equipment. In forming your company you need to be aware that, as a director, you will need to observe the rules and regulations set out in the Companies Act.
Here are some of the rules
- The company must have at least one director
- The company must have a registered office
- Ownership in terms of the split of shares is up to you but many freelancers split the shares with their spouses (see s660 regulations)
OrangeGenie can arrange for the formation of your company within a couple of hours, our process takes about 5 minutes to complete, however before contacting us you need to be able to answer the following:
- The name of your company (plus a couple of alternatives in case the name is already taken)
- The name(s) of the shareholder(s) - it can be just you, or it could be your spouse or partner.
- The name(s) of the director(s) - it can be just you.
- The address of the Registered Office
Make sure you have the personal details available (full names, address, date of birth, other company directorships, if any) and access to you credit/debit card.
Ring one of our accountants at OrangeGenie on 0845 055 7055 and we will take you through the simple process of company formation.
As soon as the formation is confirmed by Companies House we will arrange to send you the certificate of incorporation.
Opening your company bank account
Once you have received your certificate of incorporation, the next step is to open the company's bank account.
The choice of bank is yours, most high street banks offer free banking for start up companies. Whatever your choice, you will need to make an appointment to see a commercial banking manager and complete their application form. You will need to take with you the following:
- Certificate of Incorporation
- Your Passport
- Your personal details (address, date of birth)
- Details of your registered office
- ...and at least £1 to deposit into the account!
Each director will need to attend the bank.
Registering with HMRC
Generally we advise that you appoint OrangeGenie as you agent, this will allow us to register your company with HMRC on your behalf.
We can advise you on the following issues and take care of the paperwork for you:
- Money Laundering