If you have been thinking about forming a company in the UK, then you must know that there are several myths surrounding the idea.
Registering a company in the UK, regardless if you go with Companies House directly or even an agent for company formation, doesn’t need to an onerous experience. There are many cases where a company was seen up and running in a matter of a few days.
So, what are these misconceptions that complicate the idea of company formation in the UK? Let’s find out.
1. Registering a Company is Expensive
Well, it is untrue. In fact, registering a company can cost you as little as £13 on Companies House – or £12.49 with a Formation Agent. The scenario may be different if you choose to go with a company formation agent. For instance, some agents may offer additional benefit of a complete set of statutory documents plus Company Address Services and many other legal services such as VAT registration and more for as little as £17.99.
While you may need to bear the ongoing cost of running a business, naturally, the scale of such expenses will entirely depend on the business type.
2. Registering a Company Is An Option for Everyone
Well, in some cases this might be true, but it cannot be entirely correct. There are some restrictions regarding who is eligible to be appointed as the company’s director. For instance, directors must be more than 16 years old and must not be disqualified from taking up the role of a company director and shouldn’t be an ‘undischarged bankrupt’.
3. Registering a Company Is a Time-Consuming Process
Previously, companies got registered by simply submitting documents to Company Registrar by post. The process may take weeks or months in case the documents are wrong or contain errors.
While this is now considered an obsolete method, now companies can easily be registered online. The entire process takes not more than just 15 minutes regardless if you go with an agent or Companies House. The company can then be formed in just 24 hours.
4. You Must Make Your Personal Information Public
Indeed, the corporate transparency is the biggest appeal of starting a business in the UK. The practice builds trust in various UK companies and attract customers, investors, other businesses and employers.
However, certain details can be kept private and need not be disclosed for security reasons. For instance, there is no legal obligation to disclose the home address other than the official address.
The above shared are just some of the many myths that you can get rid of once and for all by employing any of the company formation services in the UK. These professionals understand the UK’s business landscape and can guide you accurately regarding keeping the misconceptions aside and getting started with your business idea, right away.