Introduction
When setting up a business, entrepreneurs face the tough decision of doing it themselves or hiring a formation service. The method you decide to choose doesn’t matter; when you register a company, you need to meet several requirements for proper and legal company formation.
It’s possible to register a company yourself or decide to use a formation agent. Each method has its positives and negatives. This article will help you compare these positives and negatives, offering insights to help you make an informed decision in terms of company formation.
DIY Company Formation
You can register a company yourself by communicating with the concerned authority directly. But the process can be daunting if you don’t have the right skills and enough experience. Sometimes, it can be an exciting one since you’ll learn many things and unearth more as you go through different stages.
If you don’t have a grasp on the company law jargon or some sort of legal experience, it can prove to be a confusing and complicated task. To register a company yourself, you’ll need a few things, which include the following:
- One company director
- Shareholders
- A unique company name
- Form IN01
- Memorandum of association
- Articles of association
- Enough time and funds
While you can be sure of a legit company creation process, several things should be considered. You need to decide on your company’s foundations, how it’ll be operated, its name, how stocks will be distributed, and the location of your business. Once you have done that successfully, download the IN01 form from the official website. Remember, the articles and memorandum of association are a separate matter.
You’ll be required to draft these documents correctly. Considering the legal nature of these documents, you need to ensure they contain correct information, laid out correctly. If you fail to get anything right, your company registration can be easily rejected. You need to make sure you obtain your forms from a reliable source, and they must be up-to-date.
After that, the next step is to make sure that the proposed company directors sign appropriately before you can submit your articles and forms to the registrar. To ensure your forms reach the registrar on time and without getting lost, send them in by secured or recorded post.
Once the registrar receives that, wait anywhere between eight and ten weekdays for the registration to be processed as long as you have paid the required fee. If you consider all these things, a DIY company formation can take a lot of time, not to mention the intensive research surrounding the articles and memorandum of association.
Company Formation Service
You can avoid a stressful company formation process by partnering with the best agent. You’ll enjoy various benefits when you use a top-rated company formation service provider. From costing you less in money and time to having no grasp of the legal company formation rules, here are more benefits:
- Online formation: You can do it from anywhere, anytime.
- No paperwork: You only need to fill out a simple online form, and the company formation service will handle the remaining part.
- No postage expenses: With electronic formation, there is no need to worry about postage expenses.
- Going the extra mile: Company formation service providers mean much more than just offering formation services. They stretch their services to provide you with everything you might require to get your business on the right path. From VAT registration and domain registration to logo design and more, they ensure your business is running smoothly.
Do you want to register your company in a stress-free and cost-effective way? If yes! You should partner with a top-rated service provider. You’ll have peace of mind knowing that your company formation process is being handled professionally.