Company Formation

Cheylesmore Accountants are your trusted accountants for company formations services.

Starting a business is an exciting endeavor, and our company formation services are designed to make the process smooth, efficient, and hassle-free. We understand that the legal and administrative aspects of setting up a company can be overwhelming, which is why we are here to guide you every step of the way.

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Why use our company formation services?

At Cheylesmore Accountants, we pride ourselves on delivering reliable and personalised company formation services. Our team of skilled professionals possesses extensive knowledge of UK company law and accounting practices. We are committed to understanding your unique business requirements and tailoring our services to suit your specific needs.

With our expertise and attention to detail, you can confidently embark on your entrepreneurial journey, knowing that all the essential aspects of company formation are taken care of by a dedicated and trustworthy team.

What is the process to form a company?

Choose a Business Name: Select a unique and suitable name for your company. Ensure it doesn't infringe on any existing trademarks and complies with naming regulations.

Choose a Company Structure: Decide on the appropriate legal structure for your business, such as a private limited company (Ltd), public limited company (PLC), partnership, or sole trader.

Registered Office Address: Provide a registered office address within the UK where official correspondence will be sent.

Appoint Company Directors and Secretary (if required): Appoint at least one director (and a company secretary, if necessary). Directors are responsible for managing the company, and the secretary ensures compliance with legal requirements.

Shareholders and Share Capital: Determine the shareholders of the company and the number of shares each will hold. Also, decide on the initial share capital.

Memorandum and Articles of Association: Prepare these documents which outline the company's constitution and rules. The memorandum states the company's objectives, and the articles set out the internal regulations.

File Incorporation Documents: Complete the necessary incorporation forms, including Form IN01, providing details of directors, shareholders, and the company's structure. Submit these documents to Companies House.

Pay the Registration Fee: Pay the required fee for company registration. The fee varies based on the method of application and the type of company being formed.

Wait for Incorporation: Companies House will review the application. Once approved, you will receive a Certificate of Incorporation, confirming the company's legal existence.

VAT and Corporation Tax Registration (if applicable): If your company is eligible for VAT or corporation tax, register with HM Revenue and Customs (HMRC) accordingly.

Set Up a Business Bank Account: Open a business bank account in the company's name to manage finances separately from personal accounts.

Compliance and Ongoing Requirements: Ensure compliance with statutory requirements, such as filing annual accounts and confirmation statements with Companies House. Comply with tax obligations, employment laws, and other relevant regulations.

Setting up a UK bank account for your newly formed company is essential for several reasons

Legal Requirement: It is a legal requirement for a UK company to have a separate business bank account. This separation ensures clear distinction between personal and business finances, which is crucial for legal and financial purposes.

Financial Management: Having a dedicated business bank account makes it much easier to manage the company's finances. It allows you to track income and expenses related to the business separately, making accounting and bookkeeping processes more efficient.

Professionalism: A business bank account adds a level of professionalism to your company. When dealing with clients, suppliers, and partners, it conveys that your business is well-established and trustworthy.

Payment Processing: Having a business bank account enables you to accept payments in your company's name. This is important for credibility and builds trust with your customers and clients.

Compliance and Taxes: A separate bank account simplifies compliance with tax regulations. It helps you accurately report business income and expenses for tax purposes, making it easier to file tax returns.

Now, as your accountancy company, Cheylesmore Accountants can assist you with the UK bank account setup in the following ways:

Guidance and Advice: We will provide expert guidance on choosing the right bank and type of account that suits your company's needs. We'll consider factors such as fees, services offered, and accessibility to help you make an informed decision.

Documentation and Application: We'll assist you in preparing the necessary documentation required by the bank to open the account. This may include the Certificate of Incorporation, Memorandum and Articles of Association, and identification documents for company directors and shareholders.

Liaison with the Bank: Our team can act as an intermediary between your company and the bank, streamlining the communication process. We'll ensure all required documents are submitted correctly and address any queries or issues that may arise during the account setup.

Bank Account Features: We'll help you understand the features and benefits of the business bank account, such as online banking, overdraft facilities, and credit card options, so you can choose what suits your company's financial needs best.

Integration with Accounting Systems: We can assist in integrating your new bank account with accounting software, making it easier to reconcile transactions and maintain accurate financial records.

UK Bank Account set up

We understand just how crucial a dedicated business bank account is for your company's success, compliance and formation. That's why our expert team is here to make the process a breeze. We'll guide you through selecting the perfect bank and account type, handle all the necessary paperwork, and even communicate with the bank on your behalf. With our in-depth knowledge of the UK banking system and financial regulations, you can trust us to deliver a smooth and efficient account setup tailored to your unique business needs. So, while you focus on growing your business, rest assured that we've got your back, ensuring a solid financial foundation with our reliable and professional bank account set up service. Let's kickstart your company's financial journey together!

Begin your journey with Cheylesmore Accountants

Cheylesmore Accountants offer comprehensive company formation services in the UK. From guiding you through the business structure selection to handling all the legal documentation and registration processes, we ensure a seamless and hassle-free setup. Additionally, our expert team assists you in opening a dedicated UK bank account, essential for financial management, compliance, and building a professional image. With our unwavering commitment to your success, you can confidently embark on your entrepreneurial journey, knowing that we've got you covered every step of the way. Let us be your trusted partner in establishing a strong foundation for your business growth and prosperity.