Setting up limited company

**lost_paul** · 2 May 2006, 19:18

I recently set up a limited company and setting up the company itself does indeed only take a few hours. I registered my company online at around 8pm and recieved my certficate of incorporation the next day via email at 11.30 am.
You will then need to setup a business bank account and register for vat (if applicable). I set my bank account with Natwest and this took three days to setup. You will need the bank account before you can fill out the form to regisetr for VAT. Vat registration currently takes 4 - 6 weeks.

Hope this helps.

**Hogan** · 2 May 2006, 19:32

That's great to know - thanks for the info !

**TheMonkey** · 2 May 2006, 19:48

It really is that easy. Watch out for banking costs though - they can be very expensive. I bank with HSBC Direct business which costs .... nothing! (and the people on the phone line speak English).

**Chappo** · 3 May 2006, 11:02

natwest also off free direct 18 months business banking - goto the website www.natwest.com - you can also do online banking with them as well.

**Ivor1** · 3 May 2006, 11:20

Originally posted by lost_paul

I recently set up a limited company and setting up the company itself does indeed only take a few hours. I registered my company online at around 8pm and recieved my certficate of incorporation the next day via email at 11.30 am.
You will then need to setup a business bank account and register for vat (if applicable). I set my bank account with Natwest and this took three days to setup. You will need the bank account before you can fill out the form to regisetr for VAT. Vat registration currently takes 4 - 6 weeks.

Hope this helps.

Question when you set up your Business Bank account did your company secretary have to sign the application form ? Natwest wants mine to, but I dont want the sec having any access to the account

**ASB** · 3 May 2006, 11:29

Originally posted by Ivor1

Question when you set up your Business Bank account did your company secretary have to sign the application form ? Natwest wants mine to, but I dont want the sec having any access to the account

Signing the form and access to the account are two entirely different things. Just dom't make the sec a signatory on the account.

It's normal (possibly a legal requirement) for the application to be signed by the minimum of 2 officers.

**BillHicksRIP** · 3 May 2006, 11:46

Gah. Would like to know the answer to that one. I'm the sole director and I don't want the company secretary (a relation) or the wife having to sign their names on anything....

**Pondlife** · 3 May 2006, 11:59

Company Sec is not (necessarily) an employee or share holder. Even though they have to sign the form to open the account they don't automatically get the ability to post transactions or access the account.

**ASB** · 3 May 2006, 12:02

Originally posted by BillHicksRIP

Gah. Would like to know the answer to that one. I'm the sole director and I don't want the company secretary (a relation) or the wife having to sign their names on anything....

Then you're stuffed. There are a couple of things a year that the co sec is legally required to sign. If it's that desperate ask the accountant to act as secretary, they will probably do this for a reasonable fee.

Also check companies house/dti website. There are movements to allow 1 officer companies, but I don't know if it was april just gone or next april.

Setting up limited company