We live in a world where starting a business is easier than ever. But, if you want to conduct business activities legally, then you have to set up a company. Even though this process is not very expensive, there are still some expenses involved and that’s why many people are looking for an answer to one simple question – how much does it cost to set up a company?
Learning more about the cost of company formation
The question we’ve mentioned before is not a surprise for us because very often people have limited funds and want to work out with their expenses in the nearest future. So, let us reveal the expenses and prices. In order to register a company, the Companies House charges only £12, but the Companies House provides only the Certificate of Registration. So, if you live in the UK and you want to use your own residential address for company registration (which is not secure and recommended by experts) and have free time to find information and complete the paperwork you can visit https://companieshouse.gov.uk and form a company yourself. However, not many people do that because the company registration form contains specific information which can be quite confusing for ordinary people. If you want to use a company from the Company Register, for example, our company, you should know that we highly recommend you to take a registered address provided by a formation agent. It does not cost much (for example, we charge only £30 including the registration address) but brings you many benefits. If you are in the UK, you can go to a bank to open a company bank account and this account will be active after 24 hours without having anything in your hands because the bank will be able to check the registration online.
Another situation that often occurs is when people are based abroad and they want to set up a company in the UK. In cases like this, you need a full package of documents including a memorandum, the first minute, and a share certificate which can be provided only by a company registration agent (we provide all the necessary documents for the same price of £30). Before you take the documents and bring them to an overseas bank they must be apostilled (which means an additional £90 fee). The apostille means that they are certified by the UK Government and the last expense you have is postage which really depends on your country. Normally, all the documents are sent by special post.
Keep in mind that before sending documents to apostille, a company provider will send them by email so you can check them for any mistakes and only after your confirmation they will be submitted for apostille.
It takes 24 hours to obtain an electronic version of documents (you can start trading right after receiving it) and it takes 5 working days to obtain an apostille.
We are always happy to answer all your questions so don’t hesitate to contact us at any time!