Sapna is a content writer at Sprintlaw. She has completed a Bachelor of Laws with a Bachelor of Arts. Since graduating, she has worked primarily in the field of legal research and writing, and now helps Sprintlaw assist small businesses.
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So, you want to set up a company but don't know how long the whole ordeal will take. Even though setting up a company is a bit more complex than other legal structures, the actual application process doesn’t take very long at all. In fact, you should be done in under 20 minutes.
However, that doesn’t exactly mean you can go ahead and set up a company right this second – not unless you’ve sorted out a few other details first.
How To Set Up A Company In The UK
Although the application process for setting up a company isn’t particularly time consuming, there’s a couple of steps you need to take before you can actually get to that part of the process.
To set up a company in the UK, you’ll need to think about things such as:
- Who the shareholders of your company will be
- The directors of your company
- General company details – address, email, bank account, phone number, company name
- How you’ll be managing your company’s ongoing obligations with Companies House
Sorting out all of this and more is key, as once you get to the application process you’ll need to answer a number of questions. The more solid details and plans you have in place, the easier the actual application process will be.
How Long Will the Company Registration Process Take?
Once you’ve got all the right details sorted, then according to the Companies House, the application itself should only take about 15 minutes. Provided there’s nothing wrong with your application and it gets processed without a hitch, you should receive your approval in about 24 hours.
Once your application to register your company is approved, then you’ll receive a Company Number, which officially establishes your company. However, it’s not all done just yet! You will still need to ensure you’ve taken care of your tax obligations. If you have a unique business name, then at this stage you may want to consider getting it Trademarked.
Basically, even though the actual application process for setting up a company is important, there's a number of other things you also need to take care of to firmly set up your company.
Is It Difficult To Set Up A Company?
No, it’s not particularly difficult to set up a company. However, it’s not out of the ordinary for people to get intimidated by the process of setting up a company, before they even get started! This is understandable, as there’s a lot of details and information to sort out. Moreover, some of the legal aspects of it can get a bit confusing.
This is why it’s important to seek the help of a legal expert when you’re setting up a company. When you're making the effort to set up a company, you want to make sure it gets done right and no details are missed. Setting up a company is essentially laying the foundations for your business, so the last thing you want is for cracks to appear in your foundations down the road. A legal expert who does this everyday and knows the ins-and-outs of company registration can make sure your company is set up the right way.
You only get one chance to set up your company, therefore it’s wise to ensure it gets done well. Enlisting the help of a legal expert can ensure that your company gets set up so that its future success is encouraged, rather than hindered.
Does It Cost Money To Set Up A Company?
Yes, there’s fees associated with setting up a company. The exact fees you’ll be paying will depend on the specifics of your registration. At the moment, the fees for starting a company are £12 for online registration and £40 for postal registration.
It’s a good idea to look these up or ask a legal expert for help, as fees can be subject to change.
Next Steps
When it comes to setting up a company, the actual application process doesn’t take very long. However, the details you need to figure out before you actually get to the registration stage can be pretty time consuming and somewhat complex. It’s best to let a legal expert help you out, that way you can be assured that your company is being set up properly. To summarise what we’ve discussed:
- Setting up a company takes under 20 minutes for the application process
- Before starting the application, consider factors like shareholders, directors, company governance, contact details, company type and ongoing obligations with Companies House
- The application itself, once all details are sorted, typically takes about 15 minutes, with approval expected in about 24 hours
- After approval, you'll receive a Company Number but additional steps include fulfilling tax obligations and potentially trademarking a unique business name
- While setting up a company is not particularly difficult, it can be intimidating due to the details and legal aspects involved
- Fees for setting up a company are £12 for online registration and £40 for postal registration – it's advisable to check for updates or consult with a legal expert
- Seeking the help of a legal expert is recommended to ensure the process is done correctly and to avoid overlooking important details.
If you would like a consultation on setting up a company, you can reach us at 08081347754 or team@sprintlaw.co.uk for a free, no-obligations chat.
Sapna Goundancontent writer
