Our helplines are often buzzing with our new entrepreneurs’ burning questions surrounding the company registration process. We love people calling in or sending emails.
Calling in isn’t for everybody, so we thought it would be a good idea to share answers to our most popular questions on a monthly basis.
See our other helpline articles here.
Can I get a Bank account?
If you’re going to start trading and engaging in any business transactions, you’ll need a business bank account as it’s a legal requirement. We’ve teamed up with the Royal Bank of Scotland (RBS) which offers 2 years free business banking and a £50 reward! However, we would recommend choosing a bank that has a branch near you.
The normal requirements concerning opening up a UK bank account apply. That being said, you should be good to go if you are a UK resident.
How long does it take to get a company registered?
The average company registration takes between three hours to two working days. The length of time your company registration will take is subject to Companies House workload.
Can share ownership be changed after my company has been registered?
Yes, share ownership can be changed after you’re registered. The process can be a bit tricky if it’s the first time. Below are three steps to change ownership of a share.
- Person A completes a ‘Stock Transfer Form’ transferring [X] number of shares from them to Person B
- Persons A & B submit the form to the company with the existing share certificate(s)
- The directors of the company approve the transfer, cancel the existing certificate(s) and issue a new certificate to Person B. If there are any shares remaining with Person A held on the cancelled share certificate(s) then a new certificate for the remainder is issued to Person A.
- If the amount paid for the shares is more than or equal to £1,000 then stamp duty is due to HMRC at a rate of 0.5%
- No Companies House filing is necessary on transfer, but the change in ownership must be mentioned in the next CS01 (Annual Confirmation Statement)
If you get stuck, we do offer a service to prepare the paperwork on your behalf.
At Quick we’re always happy to help. Should you have any questions please do not hesitate to contact us by email or phone. Alternatively, visit our FAQs and Guides.
Telephone: 0844 376 3333
