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So want to incorporate my company and have been researching things and have come across
[url] http://www.companyformations247.co.uk [/url]
So they seem very good and apparently I can be incorporated in 3 hours....Is this too good to be true?
What are my best options, just doing it myself, I have no office or address so this seems to help in that respect...
How much are they charging?
It's pretty easy to DIY it, but if they are relatively cheap then you might as well buy off the shelf.
£54 for their bronze package which includes a registered address and £50 cashback if you start an account with Barclays...
That's not much more than Companies House prices for a same day incorporation.
To be fair, if you've never done this before, have a good look around (and even call up) a few formation agents looking for the one with the easiest to use website, since that will ultimately be the deciding factor as to whether you end up with everything filed correctly! 🙂
Just been looking at the detail and [url]www.startups.co.uk[/url] has some very useful guides about addresses, costs etc..
As I am in no hurry, it would appear that with a bit of effort and £20 it can be done quite easily.
Fill in Form IN01
Create some articles of association
Create a memo of association
doesn't look too bad at all...
There are a few benefits and drawbacks to doing it yourself:
[i]Benefits:[/i]
Cheaper
Gives you a feel for how the Companies House filing procedure works
Greater ability to customise Mem & Arts
Satisfaction of having set up your own Ltd from scratch!
[i]Drawbacks:[/i]
Normally slower
Arguably more open to human error (although I disagree with this if you have good attention to detail, since the transparency of the DIY process will actually lessen the likelihood of error, i.e. not "led" by a crappy website)
Not knowing what you are doing could leave you with unintended results
The key issue is getting the documentation right. Now, I'm working on the basis that you're relatively intelligent, otherwise you probably wouldn't be trying to set up your own Ltd 😉 If that's the case then 90% of the documentation can be easily filled out and accepted at Companies House with no issues.
The problem may arise in your Mem & Arts that you have to "create". This is the consitutional documentation underpinning your Ltd. They can be amended after filing if required, but best to avoid that route if possible. Therefore, I imagine you will look around for a precedent, copy and paste, then make the necessary "tweaks" to make it suitable for your purposes. If you understand what these documents say, and the effect of any amendment, addition or deletion on your part, then great. If you don't then your "tweaks" could lead to some problems. However, for most straight forward companies requiring straight forward constitutional documentation, the precedents will be fine.
It might be worth giving Business Link a call to chat through what you intend to do, just in case there's something you might want to have specifically dealt with in your Mem & Arts (e.g. unusual director power/voting structure due to your intended management set up)
PF, many thanks for your input, I do consider myself "intelligent" and I work with contracts and things as a day job so fairly confident I can get my articles and mem right.
As the company is straightforward, two fo us and a 50-50 split I think we may be okay. Going to spend the evening researching all this and may be back tomororow for some sanity checking if you don't mind...
I have used these people twice before - quick efficient and very cheap.
https://www.theformationscompany.com/
and no I don't work for them, but their value package is pretty much all you need.