Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • MoneySavingMission
    • By MoneySavingMission 19th Feb 18, 1:03 PM
    • 217Posts
    • 25Thanks
    MoneySavingMission
    timing and your experience setting up limited co?
    • #1
    • 19th Feb 18, 1:03 PM
    timing and your experience setting up limited co? 19th Feb 18 at 1:03 PM
    Asking for experiences.
    How long does it take to set up a ltd company and associated business banking account?
    It looks quick to set up on the gov website but is there a certain amount of time it needs to be established before it becomes operational?
Page 1
    • Pennywise
    • By Pennywise 19th Feb 18, 2:38 PM
    • 10,074 Posts
    • 18,701 Thanks
    Pennywise
    • #2
    • 19th Feb 18, 2:38 PM
    • #2
    • 19th Feb 18, 2:38 PM
    You get the company registration usually same day. Opening a bank account depends on the bank - anywhere between 1-4 weeks typically. Usually quicker if you can attend the bank in person with your ID documents etc.
    • MoneySavingMission
    • By MoneySavingMission 20th Feb 18, 10:23 AM
    • 217 Posts
    • 25 Thanks
    MoneySavingMission
    • #3
    • 20th Feb 18, 10:23 AM
    • #3
    • 20th Feb 18, 10:23 AM
    what ID is usually required? is it extensive paperwork? I know it will vary per bank but it will just be high st bank.
    • happyandcontented
    • By happyandcontented 20th Feb 18, 1:35 PM
    • 1,086 Posts
    • 2,130 Thanks
    happyandcontented
    • #4
    • 20th Feb 18, 1:35 PM
    • #4
    • 20th Feb 18, 1:35 PM
    Our accountant advised us to use a Cashplus account as it is much quicker. From memory, it was up and running within a few days. They organised it all for us and now it is all online banking which is quick and convenient.
    • Pugsley_03
    • By Pugsley_03 21st Feb 18, 6:53 AM
    • 22 Posts
    • 9 Thanks
    Pugsley_03
    • #5
    • 21st Feb 18, 6:53 AM
    • #5
    • 21st Feb 18, 6:53 AM
    Having set up hundreds of companies in the past I can tell you it takes no more than an hour provided the accountant has all the personal information they need on the individuals who will be appointed as directors and shareholders.

    You can do it yourself on companies house website if you want, it really isn't difficult if you read through the pages. Just be careful with the share capital pages because this is how much the shareholders have to put into the business to buy the shares...common practice is 100 shares of 1 each for a small ltd company.

    On setting up a bank account, it can vary greatly depending on banks, your personal circumstances and whether you are asking for any facilities at the same time (bank overdrafts/credit cards etc).

    Best advice I can give you is find a good accountant with reasonable rates. Watch out for cowboys but you can find experienced, but relatively cheap, accountants if you look hard enough.
    • MoneySavingMission
    • By MoneySavingMission 7th Mar 18, 10:48 AM
    • 217 Posts
    • 25 Thanks
    MoneySavingMission
    • #6
    • 7th Mar 18, 10:48 AM
    • #6
    • 7th Mar 18, 10:48 AM

    You can do it yourself on companies house website if you want, it really isn't difficult if you read through the pages. Just be careful with the share capital pages because this is how much the shareholders have to put into the business to buy the shares...common practice is 100 shares of 1 each for a small ltd company.
    Originally posted by Pugsley_03
    thanks. can you give me some more info on this structure? There will be no other directors etc just me as director.
    • uknick
    • By uknick 8th Mar 18, 9:31 AM
    • 760 Posts
    • 344 Thanks
    uknick
    • #7
    • 8th Mar 18, 9:31 AM
    • #7
    • 8th Mar 18, 9:31 AM
    What sort of extra information are you looking for regarding the share structure?

    Other than, you give the company 100 in exchange for 100 shares. The shares are usually ordinary with full dividend/voting rights. This means as you're the only share holder you a) get all the dividends declared and b) have complete control over the company.

    In you don't want to pay cash into the company bank account for the shares, it can be shown as an amount owed by you to your company in your opening balance sheet.
    • Newuser1987
    • By Newuser1987 10th Mar 18, 3:13 PM
    • 27 Posts
    • 6 Thanks
    Newuser1987
    • #8
    • 10th Mar 18, 3:13 PM
    • #8
    • 10th Mar 18, 3:13 PM
    Mine took a week to register! I was using the word Architects in my name so first needed proof from the Architects Registration Board that they are happy for me to use this word in my name. Then Companies House took 5 days to register the company.

    I went into the bank the next day to open an account and they couldn't do it yet because they couldn't get an experian report as businesses do not always show up straight away. So that added another 48hrs.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

1,709Posts Today

6,006Users online

Martin's Twitter
  • It's the start of mini MSE's half term. In order to be the best daddy possible, Im stopping work and going off line? https://t.co/kwjvtd75YU

  • RT @shellsince1982: @MartinSLewis thanx to your email I have just saved myself £222 by taking a SIM only deal for £7.50 a month and keeping?

  • Today's Friday twitter poll: An important question, building on yesterday's important discussions: Which is the best bit of the pizza...

  • Follow Martin