Anyone establishing a brand-new company will have to deal with legal tasks to get their venture incorporated with the Companies Registry. This could involve a lot of research, especially for individuals who are new to this process. Thankfully, a company formation representative can assist with the incorporation procedure.
Utilizing a company formation representative makes the process faster and eliminates the possibility of submitting errors that might result in rejection. Additionally, agents frequently provide a wide range of other valuable services and goods to both new and experienced company owners.
What Is a Company Formation Agent?
As the name implies, the primary function of company formation agents is the incorporation of businesses. This effectively covers the formation and licensing of a new firm with the Companies Registry.
In addition to the fundamental function of simplifying registration, formation agents frequently offer a variety of services and products. These services are tailored to the requirements of entrepreneurs and fresh business enterprises, such as:
Guidance
A formation consultant can help clients choose the right business structure (for example, a private corporation or LLP) and package.
Information
On their web pages, agents frequently provide a lot of free material to assist start-ups with a vast range of company incorporation concerns.
Company Secretarial Assistance
This solution can assist with the upkeep of legal registers, the preparation, and filing of yearly Confirmation Statements, as well as other administrative duties.
Business Bank Account
Formation agents frequently provide fantastic bargains for businesses requiring a new company bank account.
Reasons to Consider Company Formation Agents
Consider these five advantages of hiring a company formation agent to help your business start and prosper when you launch your new organization.
Easy Online Application
If you incorporate a business without the help of experts, you must complete the Companies House form. Depending on your business, you can do so online or by mail. This is not just a lengthy document; it’s also time-consuming and contains terminology that might be unfamiliar to novice business owners.
On the other hand, business people who employ company formation specialists can complete a quick online form. The application is jargon-free, and the crew is always available to answer queries and assist you whenever necessary.
Save Your Time
A well-established business formations team can save you precious time throughout the setup process. They can process applications as soon as possible. Their goal is to assist entrepreneurs in establishing a company as swiftly and precisely as possible! These experts also manage the numerous administrative activities typically handled by the Companies Registry, allowing for a faster formation process.
Save Your Expense
Established and skilled company formation experts will offer various solutions to meet your requirements. You’ll undoubtedly discover a plan that fits your needs and budget. Company formation services charge significantly less than those of an auditing firm or go straight to the Companies Registry.
Safeguard Your Application
Companies House can reject incorrect applications. This means that you have no room for error. The company formation representative will thoroughly analyze the information you have submitted. They will look for spelling errors, missing data, anomalies, and any other possible application-hindering factors.
Following a review of the “pre-submission” documentation by the formations crew, skilled team members finalize your entry and forward it to the registry for approval. It will be submitted online, which is the fastest and safest way to convey and preserve sensitive information.
They Handle All Types of Business Formations
Company formation representatives provide a variety of incorporation plans, including:
- A private corporation with many share classes.
- Limited liability partnership (LLP).
- Charity organization.
- A company that provides customized or unique products.
- Company with RTM.
- Private limited by guarantee.
If you want to create a business yourself through Businesses House, the above varieties of business registrations would be unavailable. This is because they only allow the online formation of limited shares companies with share capital and Model articles of organization.
To start a different sort of business, issue numerous share classes, or accept revised or customized articles, users have to use the Companies House form to register their company through the post. Postal applications require a minimum of 8–10 days to be reviewed and accepted. It’s also worth noting that Companies House charges are higher than those charged by company formation firms.
How to Find a Genuine Company Formation Agent
Companies House has a list of formation agents who’ve already successfully tested their formation services (that is, they have tools for filing digital incorporations) or who employ a third-party supplier on this list.
Apart from that, here are a few things you can look out for:
- Hidden Fees or Charges: Are tax and the £13/$15 government charge, for instance, fully included in the listed price? What about shipping costs? If an agency provides formations for less than the official charges, there will surely be a catch somewhere. The inexpensive bundle is usually not a trading firm, or further expenses may be required to transfer the company into your hands.
- The Information Included: Some questionable agents may incorporate the firm with nominated shareholders or directors. The agency must transfer assets to you for the following incorporation and provide documents to nominate a secretary and director if you use nominees. This can also delay the creation of company savings accounts, which means that the agent’s candidate information will be kept on your firm papers and at the Companies Registry for the duration of your company’s existence.
- Safety of the Website: When registering a firm, sensitive and personal information must be obtained. As you begin entering personal information, the overall process should be secure. While inputting personal information, look for your browser’s padlock symbol and HTTPS.
- User-friendly Interface: A user-friendly system makes the registration procedure simpler. Simple Formations evaluates and updates the webpage regularly to guarantee that all levels of users can manage and comprehend the application process via the system.
Additional Services They Provide
A well-established business registration agency could offer a broad range of essential business services to its clients in addition to their primary services, usually at a little extra cost. These are some examples:
Secretarial Services for Businesses
Some agents offer comprehensive secretarial service, assisting business owners with different modifications to their business and preparing and filing yearly Confirmation Statements, among other things.
This ensures that all corporate secretarial parts of the firm are competently maintained without the cost of hiring a specialized company secretary.
Services for Address
For formal correspondence, firm leaders and others must provide one service address. Your company’s registered address is needed for the business registry and other purposes.
Even though a residential address could be utilized, many firms without an office location choose to employ a formation official’s address solution.
Company Telephone Services
Instead of giving consumers a mobile or residential number, home-based enterprises can benefit from a regional phone number that includes their own voicemail.
Confirmation Statement
Every year, established firms are required by law to file a ‘confirmation statement’ to the Companies Registry. The verification statement effectively puts forth each company’s necessary facts, so Companies House possesses all of the most up-to-date data. A confirmation statement submission service can assist businesses in keeping track of their legal compliance obligations.
Issue of Shares
The process through which firms generate new shares to distribute to fresh (or existing) stakeholders is known as the issue of shares. Numerous formation agents can assist with the issuance of shares.
Final Words
Using the solutions of a business formation team will not only expedite your application and save you both money and time, but you’ll also receive extra services that are necessary for the operation of a successful company. Importantly, when you establish your firm, your firm formation agent will be ready to assist with ongoing filing obligations and effective business management.
