Weekend Incorporations
October 31st, 2008 . by SallydThis is a query which relates to the incorporation of a company over the weekend. Please provide me the following information before I use an online service for company formation.
1. If I form a company over the weekend, would the agent be able to register the company that day and send all relevant documents to me on that same day.
2. I would want to have £1000 authorised share capital for the new company. When I apply for an electronic formation, do the application forms generally include a facility for these details to be specified before the application is sent for incorporation? What is the limit of authorised share capital?
3. I would like to use my own registered office address for the company. It is common for online application forms include these details?
4. What are the requirements to open a UK company bank account? Do I need electric copy of incorporation certificate or fully printed one in order to satisfy the bank’s code of practice?
Thank you for the information, I would be grateful to receive a reply and any suggestion you have of which company formation agent I should select.
It is generally best to put these types of questions to the incorporation agent themselves as company registration systems can differ widely in certain aspects.
However, in order to provide some idea for you to proceed I will suggest what I believe are common features among most agents. I reiterate that the individual points should be confirmed with the company you choose to register with.
The tentative answers to your questions are as follows:
1. Companies can be actually be registered on Monday – Friday 9am – 5.30 pm, however over the weekend Companies House operate a strict queuing system so that the order in which applications arrive of their system will be the order in which they are dealt with.
So if you submit an application on Friday evening it will probably be process first thing Monday morning whereas one sent on Sunday evening may not get registered until late Monday or even Tuesday depending on how many company formation requests were submitting over the weekend.
So generally, it is better to submit an application over the weekend even though it will not be registered on that day than to send it off on Monday morning.
2. By default the authorised share capital for most company formations is set to £1000 consisting of 1000 x £1 shares. This can usually be changed by you if required before the application is submitted to Companies House, but again you should check this with the individual incorporation agent.
There are some restrictions relating to electronically filed incorporation applications but these are not relevant given your question.
3. The registered office address again can generally be determined by you before the formation is sent. The usual rules apply, that is, it must be located in England, Wales or Scotland.
4. We advise that a printed certificate is taken or sent to the bank when opening a business account. In any case, it would be difficult to produce an electronic copy to the bank manager for them to verify it and unless the certificate is printed on the legally required card, it would be invalid.
I hope that I have answered your queries and you should feel free to contact us again should you have any further points requiring explanation.