How a UK Shelf Company with Bank Account Can Help Your Business Grow
Business setup is really a complicated process. It starts with the incorporation of a new company, then followed by opening its bank account. A UK shelf company with bank account provides an effective solution and saves much time for entrepreneurs. They can start off immediately on solid ground and a running bank account. It is the case of expanding one’s business or saving some time. You can us it as a great option to make things easier. What is a UK Shelf Company with Bank Account? A UK shelf company or readymade company, is a pre-registered limited company that has been incorporated but remains dormant. That means it hasn’t conducted any business activity. When you purchase a shelf company, it typically comes with a bank account. It will allow you to start your business immediately. Here we are mentioning how you can do that: Choose a Provider There are plenty of companies that specialize in selling readymade or shelf companies. Find one that is offering a company with an existing bank account. Check the Details Make sure the company has never traded and is up to date with Companies House. The bank account should also be in good order. Ownership Transfer Once satisfied, the supplier will transfer the ownership of the company and bank account in your name. This process will usually take a few days. Update Company Details You would need to notify Companies House regarding the change of details post-transfer. This would involve renaming the company, as and if needed, and registering new directors and shareholders. Why Buy a Shelf Company in the UK with a Bank Account? Buying a UK shelf company with bank account can bring you a number of advantages. They will subsequently provide you with fast business development: Instant Operations: With the pre-registration of a shelf company, you can immediately start your business. You don’t need to wait for months to register your business officially and open the bank account. Established Credit History: Shelf companies are all with previous credit history. It makes it relatively easy to get loans, lines of credit, and better terms with suppliers and other financial institutions. More Credibility: Sometimes, an older company will seem more legitimate and trustworthy in front of prospective clients, partners, or investors than some newly registered company. Simplified Compliance: Many of the initial compliance paperwork is already dealt with when buying a UK shelf company with a bank account. Thus, this cuts down some of the administrative burden on you. The Risks of Using a Personal Bank Account for Business Using a personal bank account for business may lead to various problems, including: Tax Complications: It is beneficial to separate your personal and business finances in reporting your taxes correctly. Mixing these two types of funds may result in errors and possible penalties with HMRC. Legal vulnerabilities: If your business is prone to some legal issues, having separate accounts will keep your personal property safe. You open yourself to personal liability when you breach this boundary with a personal account. Professional Image: A company need to have its own account. It may appear unprofessional for clients and other partners who deal with a personal account. Can a UK Limited Company Have a Foreign Bank Account? Yes, a UK limited company can easily maintain a foreign bank account. This could prove highly useful for businesses involved in international trade, operating in a number of different currencies, or enjoying superior banking terms elsewhere in the world. Nonetheless, you should obey all relevant UK taxation laws and regulations. You can also count declaring the foreign accounts with HMRC to avoid possible legal consequences. Benefits of Buying a Limited Company with Bank Account: It simplifies the incorporation process by purchasing an already established limited company with an account in the bank. Hence, you can get all the financial facilities that come with it. Consequently, your business will immediately start trading without wasting any time. You will enjoy the added advantage of having a pre-established bank account for its transactions, payroll, and other from day one. Other FAQs on UK Shelf Companies with Bank Accounts Conclusion A UK shelf company with bank account is a superb option to happen in style when needing a quick and efficient start for their business. Having built up an entity and bank account already prepared for use, it will be convenient on both sides for foreign investors and local businessmen. Allow us to make your company formation in the UK easy, and we will have you up and running in no time. Are you ready to start your business? Check our UK shelf companies with bank accounts and take a step towards success today!
