Types of Company Formations
What is a limited company?
A limited company is a private company registered with Companies House, whose owners are legally responsible for its debts only to the extent of the money they invested. Find out more about how to set up and register a limited company in the UK.
What is a vintage company?
Vintage companies, aged shelf companies and old companies are all companies that have been registered with Companies House over a period of time. There are many benefits to buying a vintage company, and they are more flexible than you may at first think. Find out more in our blog post What is a Vintage Company?
Why should I buy a ready-made company?
Our ready-made company packages take care of the administrative and legal paperwork to get your new company set up within hours, and they all come with twelve months free business banking. Find out more about why a ready-made company will start you off on the right foot.
What is a dormant company?
A dormant company is a company which is not currently trading. You can register your company as dormant if you want to use the company later, if you’re restructuring your business, or if you need to stop trading due to extenuating circumstances. Find out more in our blog post A Guide to Dormant Companies. You could also consider buying a vintage dormant company, which comes with its own benefits such as company history and legacy.
Forming a Limited Company
What are the advantages of having a limited company?
As a sole trader all your personal possessions can be taken to satisfy the business’s debts, whereas as a limited company only the assets of the business can be taken as long as you have not acted improperly. Registration will also protect your company name.
How long does it take to form a limited company?
All of our companies are usually formed within approximately three working hours with Companies House. All directors, secretary and share holdings are registered online, so you have no paperwork to complete and you are ready to trade within hours.
Can I change the name of an off the shelf or vintage company?
You can change the name of your company as long as the name you would like is not too similar to another registered company name. Find out more in our blog post Should I Change My Business Name?
What details are needed to form a limited company?
We will need the director’s full name and address, including post code, their date of birth and nationality. We also need this information for the company secretary (where required) and the Registered Office address of the company.
How many people are needed to form a limited company?
You need at least one director to form the company. A company secretary is optional. We offer a nominee company secretary Service. For this we can make sure all the official forms are completed at the appropriate time for Companies House requirements.
Who can be a director?
Anyone over the age of 18 can be a director as long as they are not an undischarged bankrupt or disqualified by a court from being a company director.
Do we need to complete any paperwork?
No. As all of our companies are formed electronically no paperwork or signatures are needed from you. (We usually obtain your details via a simple email.)
What is a confirmation statement?
Previously known as an annual return, a confirmation statement is required every year and involves checking your company’s information at Companies House is still up to date. Find out more in our blog post What Is A Confirmation Statement?
What is a nominee shareholder?
A nominee shareholder acts as a legal third party and is officially registered as the holder of shares on behalf of the actual shareholder, to shield the beneficiary owner from being publicly associated with the company. Find out more about nominee shareholders and the benefits of having one.
What is the EORI register?
The EORI register provides a list of businesses that are registered to trade in the EU. It stands for Economic Operator Registration and Identification and is a legal requirement for many UK businesses. Find out more in our blog post What is the EORI Register?
Tax and VAT Registration
What about taxation?
A limited company enjoys more favourable tax concessions than either a sole trader or partnership. It is subject to tax but profits are not normally subject to higher rates of personal tax. Directors pay tax but they are entitled to claim all the normal personal allowances against income.
Do I need to register for VAT?
You must register for VAT if your business turns over £85,000. You can also register for VAT if you expect your turnover to exceed this figure. You may also voluntarily register for VAT even if your anticipated turnover is less than £85,000. Find out more in our blog post What Is The VAT Threshold, And Should I Register For VAT Even If I’m Below It?
Do you offer VAT registration?
Yes, we can complete your VAT application for you electronically which usually obtains the VAT certificate much quicker. Find out more in our blog post VAT Registration with Paramount Company Formations Ltd.
What identification is required for a bank account?
Listed below are items that are required. These must be original and will be shown to the bank in person:
- Current valid full passport (UK or EEC, not a visitor’s passport)
- Recent original Building Society / bank statement or current UK full (not provisional) signed driving licence and a current utility bill.
Banks do change their policy from time to time and therefore we suggest you also phone the bank to clarify matters before attending your appointment or sending any identification. Find out more about what you need to open a business bank account.
Other Paramount Services
What other services can you supply?
We offer many other services, including nominee company secretary, nominee company director, registered office facility and VAT registration, along with opening of a business bank account.
We can also supply your new company with 0800/0870 telephone numbers, telephone answering, mail forwarding and merchant facilities.
Do you offer registered office facilities?
Yes, we can provide you with our London address as your registered office. Find out more about what a registered office address is and why you need one. You may particularly benefit from having a registered London address – find out more in our blog post Why a Registered London Address Sets the Right Tone for Business.
As our company secretary do you have access to our bank account?
No. We are your nominee company secretary and as such do not have access to your account.
How can I pay for your services?
We accept any of the following methods:
- Credit or debit card, PayPal to firstname.lastname@example.org
- Cheque, payable to Paramount Company Formations Ltd
- Cash (please send by recorded post or pay into the following account):
Bank transfer to:
Sort Code: 40-07-07
Account No: 11106309
Account Name: Paramount Company Formations Ltd
All payments should be sent to:
Paramount Company Formations Ltd
72 Halliwick Road,
London N10 1AB.