Company formation agents can be defined as independent agencies that offer professional incorporation or registration services to business owners. Along with facilitating online registration abiding with the 2006 Companies Act, incorporation companies offer dedicated support and assistance during the entire application procedure.
The services of company formation agents enable new as well as current business owners to establish companies with minimal stress. In addition, they can manage a huge part of the administrative burden from the registrar. You can therefore enjoy fast, simple, and cost-effective registration using a company formation agent.
Benefits Of Using A Company Formation Agent
Under the guidance of an experienced company incorporation agent who is eligible to file incorporations digitally offers numerous benefits. By managing the time-consuming and complex application process, company formation agencies can streamline and minimise the whole registration process, making life easier for everybody involved.
1. Save Time As Well As Money
The services of company incorporation agents are likely to cost less (starting from £12.99 + VAT) than completing the process independently with the registrar or enlisting the help of an accountant who will usually charge anywhere from £200-£300.
Plus, company formation brokers are likely to get your applications approved within a very short amount of time; typically within 4-5 working hours. The primary reason for this is the simple fact that company formation brokers take on most of the support and administrative operations that may otherwise come to Companies House.
2. Easy Application Procedure
Choosing a company incorporation agent will only require you to dedicate a couple of minutes to enter some basic information on the application form. You will not be required to deal with any technical language and you will also be guided by a dedicated staff who’ll assist you throughout the entire procedure.
On the contrary, registering a company independently will require you to complete form IN01, either online or by post. This form, which consists of 35 pages can be very time-consuming and complex to most people. Many also find the language used on the form quite difficult to understand. This often results in mistakes and rejected company registration applications.
3. Increased Odds Of Getting Your Application Approved First Time
After filling out a simple application form, the incorporation agent will thoroughly review the details you provided on the form, and check if there are any minor errors, spelling mistakes, missing details, or other irregularities that could create issues in the long run or allow the registrar to reject your application.
Once the pre-submission review has been completed, your application is likely to be finalised on form IN01 and submitted to Companies House for approval. Since the form is filed digitally, you can be assured that all the sensitive data will be safeguarded in the best possible manner.
4. Professional Support And Assistance During As Well As After The Company Is Registered
A trustworthy company incorporation agent is likely to offer expert guidance throughout the registration process, as well as providing ongoing help during the entire time your company stays active.
They will help you understand all of the necessities, which include company name guidelines, office addresses, the appointment of company directors, and distributing shares. In addition, you can also receive assistance when it comes to structuring your company so that it best meets your needs.
Once the company is incorporated, the agent can help in filing as well as reporting obligations along with other related services or queries you might need to operate your company successfully. Often, you’ll gain free access to the online portal enabling you to modify and maintain the details of your company with the registrar.
5. The Ability To Register Any Type Of Business Online
The majority of company formation agents offer a wide variety of incorporation packages allowing you to register almost any type of business online. These include:
A private firm with several classes of share
A company with bespoke or modified model articles
A company limited by guarantee
The above options will not be available if you prefer DIY formation as the registrar only offers for the digital registration of companies limited by shares with model articles and ordinary shares. For setting up other types of business, issuing several classes of shares, or adopting bespoke articles, it’s obligatory to register your firm using form IN01 by post.
Applying by post will take a minimum of 8 to 10 days for processing and approval. Of applications received by post, 53% are disapproved, as opposed to only 11% that are rejected if you apply using the internet.
The fee for Companies House paper registration is £40.00. This is far higher than the fees of a company formation agent.
6. Additional Services
A number of company incorporation agents like to offer additional services, which include help creating a business account in a bank, business telephone facilities, registering VAT, preparing Confirmation Statement, an online portal for managing your business, plus several other essential services along with referrals necessary to successfully run a company.
Therefore, by using the services of an expert company formation agent, you can minimise the workload that you would otherwise have to carry on your own shoulders while running your business.