A limited company as the name suggests has limited liability, limited capital, limited owners who are the directors of the company, and also limited area of work. It is basically a private company, where it is the responsibility of the owners of the company to pay off the company’s debts. The liability of each owner or director is only limited to their respective share invested in the company’s capital.
Limited company is different from sole trading, where if you do business under sole trading format, your company doesn’t gets a separate entity position, and you become completely responsible for all the profits and loss your business makes. But while you register your business as a limited company, your company gets a separate legal entity, and your liability becomes limited to the amount invested under your name. The major benefits of a limited company include saving tax and attracting small time investors to the company. Besides this, there are other advantages of setting up a limited company, let’s take a close look.
Benefits of setting up a limited company
You need to take a closer look at the line of benefits that originate from a limited company;
- Tax Saving– Limited companies are a great way to save tax on business. You need to pay corporation tax which is charged at a lower rate as compared to income tax format.
- Investment– With limited company your business scope expands as you get the opportunity to sell shares and collect investment for your business.
- Limited liability– This is the utmost important benefit of a limited company, the liability of an investor, owner or director is limited to the amount invested in the company. And hence, for the losses, no person can be held responsible beyond their share.
Who can set up a limited company in UK
Almost every person can set up a limited company in UK. With the ease of business in United Kingdom and the flexibility to add as many directors as you want in the limited company, large number of business enthusiast in UK plan to set up a limited company.
- If you are of a minimum 16 years of age, you can set up a limited company in UK.
- If you are never disqualified as a director in any of your previous companies, you are eligible to form a limited company
- If you have never been declared as undischarged bankrupt, you can set up a limited company in UK
- If even you are not a resident of UK, you can still set up a limited company in UK, and that’s amazing news.
Requirements to form a limited company
To form a limited company, you will need the following;
- Name at least one director and one member to form a limited company.
- Supply a registered office address for your limited company.
- The said address should be located in the same jurisdiction as the location of your office, and all other official documents after this shall be posted on this address only.
Setting up a Limited Company in UK
Setting up a limited company in United Kingdom isn’t a daunting task, and if you get assisted with the best business support solutions, your work becomes even more convenient. The real task lies in finding the most competitive business support, and hence we bring to you Icon Offices. Icon Offices Business Support Solutions guarantee free UK Limited Company Formation service, and that’s where you get the deal.
Here’s the simple step by step method to for UK limited company formation;
- Select a name for your company
- Provide the registered office address for your setup, where all the related official documents could be sent.
- Provide details related to the nature of business activities. Also mention details about your business operations.
- Further, you need to also provide the details of the directors for the company. Directors name and addresses.
- You also need to provide the details of the members including their name and addresses.
- Further for your UK ltd company formation you need to file memorandum and articles of association.
Now comes the deal, if you apply for company formation in UK through a business support service you might get approval from companies house in as less as 3-6 hours and that is where icon offices come in action. This business support service does it all for you, they have a deal both for UK and non UK residents.
Deals for UK and non UK residents
UK residents– If you are a UK resident, here’s a great deal you won’t believe, yes, icon offices provide free company formation services via Cash Back. And besides this, you shall also get free gifts accompanied with the services. Now that is something unbelievable.
Non UK residents– For non UK residents, the deal isn’t less amazing. Icon Offices provide the cheapest UK Ltd company formation, and they guarantee the cheapest services to their non UK resident clients. The package price offered by this business solution service starts with £5.99 flat, promising no hidden charges attached. The offer doesn’t ends here, besides company formation; you also get free gifts worth the value £200.
Setting up a company in UK isn’t a task anymore. All that you need to do it plan to hire business solution services, as they are experts in aiding company formation. If you plan to do it independently, you might have to spend some extra bucks, and also wait for a longer time to get approval. Expert business solution services will attain results in shorter period of time, and they plan the papers proficiently to get approval in a matter of few yours. So what are you waiting for, set up your limited company in UK, and get going with your business plans.