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WHY A LIMITED COMPANY?
There are several reasons for trading as a Limited Company
as opposed to being a sole trader or partnership:
1) Firstly the most obvious reason is the benefit of Limited
Liability. By trading as a Limited Company, your liability
is limited to the monies that you pay for your shares and
nothing more. A Shareholder or Director has no responsibility
for the liabilities of either the company, other Directors
or other Shareholders. With regard to Partnerships, one partner
may be held responsible for all of the partnerships debts,
and the debts of his partners, if he is the only partner with
assets to pay for them.
2) A Limited Company is a separate entity, quite distinct
from its Directors, and therefore whatever may affect the
company, does not affect the Directors, unlike both a partnership
and sole trader, where there is no distinction between the
firm and its proprietors. The Director and the Company therefore
have quite separate rights and completely separate existences.
3) Registering your name protects it against anyone else forming
a similarly named Limited Company either in sound or spelling.
The name once registered cannot be used a second time, and
where a similar name is registered, then an objection can
be raised for it to be changed.
One of Quick Access Formations services, is a monthly name
check, for an annual charge of £20 plus V.A.T.
4) Where a Limited Company does have to cease to trade, it
usually goes into liquidation, in which case the Directors
can usually leave the old company, and provided they have
not acted fraudulently or negligently, set up another one.
With partners and sole traders, as they are intertwined with
the company itself, if their Company ceases, they are liable
for the debts of the company, and even if all those are paid
off, the trauma connected with ceasing business is more than
enough. Consequently many do not recommence business, especially
if as a consequence of this cessation they have been made
bankrupt.
5) Shares can be issued, up to the level in the Memorandum,
and can be used; to raise finance, to give to new employees
with special expertise, or simply to increase the Capital
for cosmetic reasons. With regard to changes in share capital,
this does not affect the Limited Company, it still trades
on as the same entity, unlike a partnership, where changes
in partners results in the old partnership having to be dissolved
and a new partnership commenced, involving a considerable
amount of work, especially in respect to the tax situation,
as both partnerships are regarded as separate entities. With
regard to sole proprietors, obviously they can deal with their
business as they like, but again may find raising capital
difficult, without being able to offer a share of the business.
6) A Limited company is not affected by outside influences
on its Directors and Shareholders, unless there is a breach
of Statutory Regulations, i.e. a sole Director dies and one
is not appointed in his place. However, with a partnership
it can be wound up for any reason outside of the control of
any of the partners, i.e. divorce, death or bankruptcy of
one of the partners.
7) Tax is also a reason for using a Limited Company, because
with regard to partnerships and sole traders, the profits
of the Company are deemed to be those of the owner or owners,
and thus assessed for tax on the basis of income. Profits
would be assessed to tax at up to 40%
In the case of a Limited Company, Corporation tax is 10% up
to £10,000 profit, 22.5% on th next £40,000, 20%
on the next £250,000 and thereafter 32.5% after deducting
all expenses. The Directors may take out salaries, which are
taxed as personal income, and are set against the profits
of the Company. Consequently the Directors have more flexibility
over their tax payments than partners, as they can vary their
profits between profit and salary. The advice of a qualified
accountant is recommended in this respect.
FORMING YOUR LIMITED COMPANY
There are three ways of forming a Limited Company:
First, you can form it yourself, which is the hardest
and most expensive method.
Secondly, you can form it in conjunction with a Formation
Agent, which is a reasonable method, but time consuming, as
documents have to pass backwards and forward between yourselves
and the agents, causing delays.
Or thirdly, and best, you can leave it in the hands
of Quick Access Formations PLC themselves, to prepare the
company for you.
Quick Access Formations can either form your Company
with your chosen name, or if you are in a hurry, they carry
a considerable number of Ready Made Companies, for instant
transfer to you on completion of the paperwork.
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FORMED WITH
YOUR OWN NAME COMPANIES
Where you require your Own Limited Company name, we will check
this out for FREE with the Companies House Register, and advise
you to the suitability of the name itself, as it is now possible
to form companies with very similar names to those already
registered. We will help you to avoid the pitfalls that you
may not be aware of such as Trade Marks and passing off, something
we can assist with when we name check for you. Once we have
agreed your name, complete the documents and send them to
us to ensure that your Limited Company is returned to you
in 10 working days.
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READY MADE COMPANIES
When you require your company immediately, we can help, as
we have a large number of Ready Made Limited Companies, which
can be transferred to you in a a matter of minutes on visiting
our offices, or if you return the completed Questionnaire
and Order Form with your Credit Card details we will dispatch
the company to you within 24 hours.
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PUBLIC LIMITED COMPANIES
For the person who wishes to have the ultimate Company, there
is the Public Limited Company, which we can form for you.
Because of the regard these companies are held, they have
to be substantial in their own right. To do this, the Company
must have the Authorised Share Capital of £50,000, of which
25% must be paid up. Therefore the minimum initial investment
in a PLC is £12,500. With regard to setting up a PLC, we would
be only too pleased to help.
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SAME DAY COMPANY FORMATION
If you need your Company urgently, and require to have your
own choice of name from its inception, we can supply a Company
to fit your requirement. If your order with a Credit Card,
Bank Draft or Cash is with us by noon you can have your Company
by 5.30pm that day. Owing to the fact that Companies House
have to put this on an urgent basis, the duty is charged by
them is £100, which is reflected in our price.
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HOW DO YOU ORDER?
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here to return to the Order Form
REGISTERED OFFICE
Our Companies for the purpose of speed will always be formed
with our address as the Registered Office. To enable this
to be changed, you will have to complete Form 287 to register
the change. If it is a problem finding a location to which
all legal and statutory correspondence can be sent, you can
use Quick Access Formations' office address for the purposes
of a Registered Office, receiving all documentation and forwarding
it accordingly, for a small annual fee.
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SUBSCRIBERS
Every Company must always have a shareholder. To enable our
Companies to be formed quickly we use our own nominee subscribers
whose names appear in the Memorandum and Articles of Association.
On the transfer of the Company Forms are completed to transfer
the shares to the nominated Shareholders.
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DIRECTOR
For the purposes of speed, all of our Companies are formed
using a nominee of the Formation Agency as the First Director
of the Company. On its transfer to you, this Director will
resign, and the name of your chosen Director will be entered
in his stead. You will also have to complete Form 288a to
register the change. There can be more than one Director,
although only one will take over from the First Director,
others may be appointed by the submission of further Forms
288a.
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COMPANY SECRETARY
Every Limited Company must have a Company Secretary. A Director
can also act as Company Secretary, except in the case of a
sole Director. So that the Company can be formed quickly we
use a Registrar of the Formation Agency, who acts as Company
Secretary. On its transfer, the nominee Company Secretary
will resign and the name of your chosen Secretary will be
entered in its stead. You will also have to complete Form
288a to register the change.
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COMPLETING THE ORDER FORM
Please enter at the start: your name, address and a telephone
number where we can contact you. Please complete the payment
box.
PROPOSED NAME OF COMPANY
Use our direct link to Companies House to check the availability
of names for incorporation or check our list of ready mades.
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AUTHORISED SHARE CAPITAL
Authorised Share Capital is the maximum number of shares at
the share price stated, that a Company can issue to its shareholders.
Shares can be issued in the stated denomination in any quantity
up to the maximum figure. All of our Companies are incorporated
with 1000 shares at £1 each, which is included in our Memorandum
of Association. It can be changed if required, at an additional
charge.
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MAIN OBJECTS OF THE COMPANY
All of our Ready Made Companies are incorporated with a general
Main Objects Clause, allowing you to trade in whatever business,
profession, trade you require. However, you may require your
own specific Main Objects Clause, which is something many
banks and lending institutions like to see prior to advancing
monies. It is also an advantage for Credit Referencing, where
the trade can be seen, rather than just a general outline.
Another important advantage is, with your own Main Objects
Clause you can ensure the uniqueness of your Company, a further
protection for your Limited Company Name. We can tailor make
your requirements, from over 6000 Main Objects Clauses already
on file.
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OPTIONAL EXTRAS
There are many optional additions to the basic package:
CHANGE OF NAME
Where a Limited Company is required immediately, but the purchaser
requires his own specific name, we have a selection of Instant
Start Companies that give Limited Company Protection from
the outset, and the name can be changed in seven working days.
Trading as a Limited Company can start immediately, and the
Company will have its chosen name for Letter Headings, Bank
Accounts etc. The alternative to this is the Same Day Ready
Made Company, but this is mainly for the person who wishes
to have his own name from commencement. However our charge
for this is £230 + VAT which includes the Companies
House charge of £100 duty. A Ready Made with a change of name
is the cheaper option.
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CHANGE
OF SHARE CAPITAL
All of our Companies have an authorised Share Capital of £1000
(1000 shares of £1 each), but where required this authorised
Share Capital can be changed. Such a requirement must be indicated
on the questionnaire, and by extending the price in the appropriate
column of the Order Form.
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CHANGE OF MAIN OBJECTS CLAUSE
All of our Companies are formed with a general Main Objects
Clause, which allows the Company to carry on any trade. However,
many banks, finance houses etc like Companies to have a Main
Objects Clause pertaining to their particular business. Also
there is the advantage of making the Company unique in itself
affording it more protection, allowing for complaints against
newer similarly named companies in the same business. As we
carry a stock of over 6000 Main Objects Clauses on our computer,
we can usually tailor make the required clause for most companies,
and if you require this please indicate so on the Order Form.
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COMPANY SEAL
Although it is no longer a requirement for a Company to have
a Seal, as documents no longer need to be sealed, many Companies
do like to have the Seal available should it be required by
a pedantic lender or for leases, licenses etc. If you wish
to have the seal, please indicate in the appropriate place
on the Order Form.
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Order Form
HARDBOUND COMPANY REGISTER
Every Company must have Registers of: Directors, shareholders,
debentures and Mortgages. These together with Share Certificates
and a Minute Book have all been cleverly combined into one
Hardbound Register. If required, please indicate accordingly
and the amount should be extended into the end column.
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ADDITIONAL BOUND COPIES OF MEMORANDUM
AND ARTICLES OF ASSOCIATION
While the basic company gives you two copies of the Memorandum
and Articles of Association, one for yourself and one for
your accountant, obviously additional copies may be required
for the Bank, Shareholders, Inland Revenue, Customs and Excise
etc, and therefore we would advise that a further three copies
be obtained. However, we can supply more if required. if you
do require additional copies, please indicate the number in
brackets and extend the amount into the appropriate column.
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MINUTES OF FIRST MEETING
Every Company must have a first meeting, transferring the
Registered Office to its new situation, the Directorship and
Secretaryship to its new Director and Secretary, and the shares
from the nominee subscribers to the new Shareholders of the
Company. We can provide the minutes, which comply with the
requirements for the First Meeting of the Company, and transfers
the Company from Access Company Formations to yourselves with
ease. Please indicate as required.
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STAMPED STOCK TRANSFER FORMS
In order that the Company is formed simply and quickly, 2
nominee Shareholders have stood in your stead and their names
appear on the Memorandum and Articles of Association for this
purpose. To enable the Company to be transferred, Share Transfer
Forms are provided. These are completed so that you can transfer
the shares to any persons you wish to be shareholders of your
company. When these transfers are completed, they may, if
you wish, be stamped by the Inland Revenue, the stamping fee
being £5.00 per form.
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REGISTERED OFFICE
Every Company by law must have a Registered Office for the
receipt of legal and statutory notices, situated in either
England or Wales. It should be easily accessible and one that
is not likely to change regularly, as this causes problems
in respect to legal documents tax letters etc that are sent
to the Registered Office where they remain unanswered due
to their not being correctly forwarded on. Where finding a
Registered Office is difficult, our own office can be used
for that purpose, for a very small annual payment. If this
is required, please tick appropriately on the Order Form.
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BUSINESS ADDRESS
Where the business hasn't yet established a permanent place
of Business, (as opposed to a Registered Office,) or wishes
to have a more prestigious address than they already have,
we have available our own address The Studio, St. Nicholas
Close, Elstree, Hertfordshire, WD6 3EW so that there is a
regular office with which to communicate, that can take all
of your letters and messages, with a fully manned switchboard
from 9.00am to 6.00pm, something that can be invaluable to
the small one man company, and at a most reasonable cost per
annum. If you require this service, please indicate accordingly
on the form.
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NOMINEE SHAREHOLDERS
It
is best for every Company to have at least two Shareholders.
This can cause problems, where only one person is available
to act, and in such a case a nominee shareholder can be provided
for the purposes of maintaining the statutory requirement.
All documentation will be dealt with by us to ensure that
Shareholdings can be transferred with ease at any future time.
If this is required, please indicate accordingly on the Order
Form.
We can also supply if required, a Single Member Company which
allows the Company to trade with one Shareholder only, and
the Articles of Association will be amended accordingly. If
this is required instead of Nominee Shareholders, please indicate
accordingly.
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NOMINEE DIRECTOR / NOMINEE COMPANY
SECRETARY
It may be that you do not have a second person whom you wish
to be Company Secretary or even Director, and this can cause
problems in both completing all of the documentation and maintaining
the Company. However, to overcome the problem we can supply
a Nominee Director or a Nominee Company Secretary, allowing
you to trade without contravening any laws. However, each
will only act strictly for the running thereof, and the actions
of the Company itself, while they are Director or Secretary.
If you require either of these, this can be dealt with by
entering the relevant amount in the order form.
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INTERNATIONAL COMPANY FORMATIONS
International Company Formations Limited is the offshore arm
of The Access Group of Companies Limited and was set up after
year of painstaking research into the array of offshore jurisdictions
throughout the world.
One of the main reasons for the setting up of an offshore
company is to take advantage of the tax benefits that it can
bring. However this once again brings about its own problem
in as much as the tax authorities anywhere in the world are
obviously very reluctant to let anybody to take advantage
of such benefits. Therefore the assessment of your situation
in respect to having an offshore company is very complicated
and requires a specialists overview in assessing how to obtain
the benefits that are available.
Once it is apparent that an offshore company would be of benefit
to you and that we could go ahead, the selection of an area
is the next problem. This field is a most complex one, in
as much as each area has its own distinct characteristics.
One area may accept Bearer shares another one will not. One
requires payment of the annual tax up front, another will
wait a year and another wants payment on specific dates. Some
areas require annual returns, others do not. These are just
some of the confusions that make the examination and selection
of the right jurisdiction difficult but one in which we would
be pleased to assist you.
There are over 40 areas of the world that have set themselves
up as Offshore centres and selecting the right one is a very
specialist subject. In fact through our extensive involvement
in this work we ourselves have managed to restrict our own
list of areas to those that are the best value, the easiest
to deal with, or the most well established, therefore the
most popular. They are: The Bahamas, the British Virgin Islands,
Cyprus, the Isle of Man, The Republic of Ireland, Jersey,
Gibraltar, Guernsey, Liberia, The Marshall Islands, Nevis,
Panama, The Seychelles, The Turks & Caicos Islands and Delaware
in the United States.
However, should you have a specific requirement for an area
we have not listed, please do enquire as we are usually able
to obtain companies anywhere in the world. The reason that
they are not shown is that they probably have more complicated
requirements and we would obviously need to explain these
to you.
These Companies are more expensive than their English counterparts
and start at £150 which includes to duties and the costs of
our associate in Incorporating the company in the jurisdiction.
To this are added the cost of Nominee Directors which are
£150, Nominee Company Secretary £100 and Nominee Shareholders
£100, and the provision of a Registered Office and a local
agent is £400. The incorporation costs vary for each jurisdiction
and we would be only too pleased to send you our price list.
If you feel that you would like to discuss this further, please
contact us
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