Company Formation with Bank Account

When you are incorporating a company via the Government body Companies House, it is common for Forms 10 and 12 to be required as part of the documents which comprise registration – particularly if a person is attempting to establish a publicly or privately limited company. In this report, we are going to look a lot closer at what the purposes of these two forms are.

The first document, Form 10, is usually one of the main documents which provide the database with the details of the staff who may be involved with the process of running the company on a day-to-day basis. This can include any directors that the company may have, as well as their secretaries.

The specification outlines that Form 10 has to include the date-of-birth of at least two company directors (if you are applying for a particular company status), as well as their nationalities, job and any experience that they may have had of being a director in the past five years. From this, the authorities can ensure that those who are listed as part of the managerial team of a company are legally entitled to do so.

The details of secretaries are also required in this form, and similar information needs to be supplied for each of the secretaries which are being employed. One fundamental difference is how a secretary of a director must be accredited with some recognition of their accounting capability, in order to guarantee that the accounts which are filed will be in line with the requirements of Companies House.

Form 12 is another form which confirms that the company adheres to all of the different rules and regulations that are set because of the Companies Act 2006. This ensures complete transparency with the activities of any institution, and the declaration is legally binding. In its full name, it is also known as The Declaration on Application for Registration.

The agreement can be signed by one of the directors of the company, or one of the secretaries which have been specified in Form 10. Alternatively, a solicitor who is representing the interests of the company can also be entitled to sign it if the need arises. Unless the process of registering a company is completed online (meaning that Form 12 is not required), an external witness needs to witness the signing, with an additional £5 being levied onto the price of registration for this.

These two forms reveal some of the more intricate details of the company, and it can be vitally important that all of the information is filed and processed correctly in order to prevent any embarrassing scenarios from mistakes which were made. In these examples, an entire batch of paperwork may need to be re-done in order to guarantee that all of the data Companies House has is completely correct, as this information is going to be placed on a database and made available to the public. Downloadable online, filling out the forms is not as complicated as one may think.

I first set up a company a few years back. I had just got a quote from my accountant – £200 for a brand new company.

So I was shocked when I looked online and found hundreds of companies out there, offering to setup my company for as little as £20. I did some research and these companies are all legit.

In fact, they’re called “formation agents” and they basically register your new company for chump change.

The way they do it is by liasing with Companies House (the UK government service), and processing your application via their “e-filing service”.

They can setup your company quickly – often within a few days.

Some even offer fast-track services and can do it in as little as a few business working hours (but ask your agent if they do this).

So, your company can be registered right away. Just choose a name, search “buy limited company” or “company formation” or somesuch – and pick one.

There are hundreds of thousands of limited companies setup each year in the UK.

But there’s still a perception that setting up a limited company is a difficult process, which takes time and costs a lot of money.

But it most cases, that just isn’t true.

There are dozens of formation agents out there, who will make getting your company setup very quick, cheap and easy.

These agents liase with Companies House (the UK government service), and unless there is a problem your limited company will be setup in just a few hours.

Getting your bank account is also simple in many cases.

Some formation agents can fast-track your application – and many banks will walk you through the process.

Today it isn’t a major hassle getting a UK limited company formation with a bank account.