Now it’s easier than ever to start your company in the United Kingdom. 1Office offers now a unique solution where creating a company,
adding banking solution from TransferWise, ordering address service and accounting can be all done online, in one place and within
20 minutes. This option is available for both local and foreign entrepreneurs.
With thousands of new businesses opening in the UK every year and over 5 million businesses registered in total, UK is one of the most attractive markets for starting a business. It’s even possible to start your company fully online which makes it perfect for foreign entrepreneurs.
In addition, UK is also popular for new entrepreneurs because of its minimum authorised share capital of £1, a variety of helpful tax benefits, international market with many investment option, large number of talented employees attracted there and of course suitable language and time zone.
What types of corporate entities are in the UK?
UK has three main forms of corporate entities:
Sole trader – mostly used by “one man” businesses, easiest to start but be noted that you are taxed together for your personal and business tax liabilities which means that your personal risk is very high.
Partnerships – the least common structure, which is quite easy to start but you still share full responsibility for your business’s debts.
Private limited company – registering is more complex but company is separate corporate body from the individual so personal assets remain separate and your personal risk is minimal. Liability for payment of the debt stops with the company.
We at 1Office offer mainly private limited company registration but of course you can get help with registering other corporate entity forms too.
Company in the UK + IBAN account from TransferWise only £29
1Office Group, a company operating in 6 different European countries, have launched a Company Formation Portal for entrepreneurs interested in opening a company in the UK. It’s a fully online platform with simple forms and logical process taking you from nothing to owning a company with IBAN account, address and accounting in less than 20 minutes. Starting a company inside the portal is much easier than in Companies House – just fill in some information about yourself and your company, add additional services and you are done! Fully online and without any extra hassle or complicated forms.
Company registering process in Company Formation Portal
Starting a company in the Portal is very easy and inexpensive. Registering a company with TransferWise IBAN account will cost you only £29. Portal is suitable for both locals and foreigners as it is possible to do everything online. Here’s a little step-by-step guide how to do it:
- Step 1 – Go to the Portal (linked) and choose a suitable name for your company
- Step 2 – Create an account and log in.
- Step 3 – Fill in the application with some information about your company and yourself. It takes only 20 minutes to fill the application and your company will be registered within 2 business days.
- Step 4 – Add TransferWise IBAN account to your order with one click. After filling the application you get a choice to add TransferWise account to your order (account includes IBAN and debit card). Just mark the option and exact instructions about your account will be sent to you after the company is established. You will then need to wait for your account to be verified by TransferWise team (can take up to 3 working days).
- Step 5 -You can add additional services like address service and accounting with one click. You can read more about address service and its prices below.
- Step 6 -We will do everything else for you and you just have to wait for the confirmation email from Companies House. Your company will be officially registered in 2 business days.
Is TransferWise business account suitable for your UK company?
Founded by the first employee of Skype and used by over 4 million customers, the TransferWise multi-currency account gives you access to unique bank account details for the UK, Eurozone, US, Australia and New Zealand. TransferWise is a better alternative to international business banking. You can open your free multi-currency account to send, spend and receive in over 40 currencies, with the real exchange rate. International payments are up to 14x cheaper than PayPal and you can receive international payments with zero fees.
Adding TransferWise IBAN account directly from the Portal makes it much easier to start your business activity fully from the distance and without any hassle – no need to come to UK and visit different banks.
With TransferWise account you can:
- Hold 40+ different currencies within the one account and convert between them at the mid-market exchange rate
- Only cost is a small, upfront fee on the value of transfer
- Pay invoices, buy inventory and handle payroll with the real exchange rate in over 70 countries
- Receive international payments with no fees
- Manage your payments online and on mobile
- Global customer support via phone, email and chat
- Made for business owners doing business across borders
TransferWise account is not suitable for you if:
- you are from certain countries where the account is not available. Full list of countries and more information is available here.
- you are not from European Economic Area and need debit card because debit card option (for business users) is currently only available within the EEA. More information is available here.
Why should you use 1Office rather than register the company yourself?
- No frustrating bureacracy
- You can use our simple portal (no complicated applications like in Companies House)
- We will do everything else that is needed for registering the company
- We are there for you with everything you might need in your following business activities – we offer address service, monthly and chartered accounting, annual report and we can help you with tax registrations, legal issues and secretary services.
- And what’s most important – with us you can get TransferWise IBAN account without any hassle. Every client coming from 1Office is treated as a trustworthy entrepreneur and therefore opening your account is easier and faster.
Why and when do you need address service in the UK?
There are 2 address services that entrepreneurs most commonly need:
- Registered address is legal address for the company. This address is publicly available to everyone and all the legal documents from Companies House and HMRC (addressed to the company) will be sent there.
- Directors service address is legal address for directors and partners of the UK company. This address is publicly available to everyone and all the legal documents from Companies House and HMRC (addressed to any of the directors) will be sent there
Address service is a good opportunity to keep your home address private from customers, suppliers and other third parties. 1Office address service also includes forwarding all incoming letters to company owners email address.
Registered address costs £150 per year e.g. £12,5 per month.
Address package including both registered address and directors’ service address (up to 3 directors) costs £250 e.g. £20 per month.
If you have any additional questions about starting your company or ordering a banking solution we are more than happy to answer them: firstname.lastname@example.org