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Starting a limited company

From kirsty

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by mskirsty

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	Starting a limited company Jun 12, 2008
Hi everyone, I am just in the process of starting a new company so I am going to write about the step by step here from my experience. I hope it helps others and perhaps it will encourage people to give me advice along the way. Look forward to seeing how this all works out. KIrsty
Posted by mskirsty Jun 12, 2008 7:02 AM GMT Report Abuse

6 Comments


	Thoughts ... It's pretty difficult to make the right decisions up front about starting up. The tax system in the UK is really confusing. Based on the requirements of my first contract I have had to set myself up as a Limited Company straight out. This seems to have been fairly hassle free and I managed to do this within 48hours of first contacting an accountant. What is worth noting is that as of April 2008 it is no longer a requirement to assign a Company Secretary. I have discovered a problem with this though - most bank accounts still require 2 company officers to be assigned in order to open the account - 1 director and 1 company secretary. Even HSBC's Business Direct account that seems the most appropriate for a small enterprise like me doesn't allow me to apply online without 2 officers assigned. I have actually now gone back to Companies House to add a Company Secretary as it seems to make the admin easier. Next steps * Bank Account * VAT Registration


	HSBC have come back to me to say they are aware of the business direct account not allowing just one company director - it is a known issue to them (actually I have noticed people mention this on other blogs) They are resolving this and seem to be pretty helpful if you phone instead. The fix is due within the next three months.


	Hi KIrsty, I also just started my ltd company. As far as I know, the company secretary can be your accountant for example. I also had to return a form to HSBC with the signature of my company secretary. What sort of business are you into ? I am a web developer and plus I run an internet portal for jobs in the EU. It has been running for 3 years, but now I am basically starting to commercialize it. have a nice day. Marco.


	Hi there, I also setup a Ltd company recently without the need for a company secretary, and had no drama's setting up a business bank account. That said, I did go into a branch to do this. I didn't do this online as felt I needed to speak to someone about this, who could also highlight any issues there might be, of which there were non. The Business Manager at HSBC was really helpful and whizzed through the process, she was aware of the no need for a company secretary. I'm sure my accountant explained to me, but do you know what the purpose of this change was for and if there are any 'catches'? I must admit I haven't tried logging online to administer my account yet as it seems a little scarey - I was given a tag with a code etc... I guess I should check it out pretty soon, to make sure payments are going in!


	Thanks Skyliu and Marco - I have managed to open the account now. As you say just needed to do it over the phone and in branch and have the company secretary witness the documents. I think HSBC are planning to update the form shortly online so it will all seem a bit more straight forward. I haven't logged on online yet either. The tag with the code slightly freaked me out too but just need to sit down and go through the docs. Marco - I am still defining my company structure but essentially I provide plug in project management solutions for digital projects and marketing consultancy to SMEs. Once my website is up and running I will post it up here to see what you think. Kirsty


	Hi KIrsty, So I wish you the best with your new business. We could have a chat eventually about collaboration possibilities if you are interested. I have been in web development over 10 years. I have been also into sales and consulting. If you want we could have a chat about it, my email is on my website at www.mpisltd.co.uk The HSBC online banking is just great. If you fill in and send a form they will also enable you to make wire transfers to other countries. You can do both normal and same day payments to uk accounts. Is just perfect. Trransfers within HSBC accounts are working even on non banking days. have a great day. Marco.

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