In most parts of the world you need to register, form or incorporate company in order to legally conduct your business. The process and requirements of forming a company will differ from country to country. Every country has forms and requirements that should be handed in as well as requirements for specific businesses. To form a LTD company in Wales, one can enlist help from a Wales company formation agent or choose to do it on their own. There are specific laws and requirements governing the formation of a company in Wales and the only way you can form a company on your own is if you clearly understand these. If these are not so clear, you have a better chance in engaging the services of an agent.
Those who decide to do it themselves will need to begin by checking whether their chosen business name is available for registration. This is a process that takes about two hours involving either calling or visiting Companies House. It is also possible to check this through the Companies House website which is wck2.companieshouse.gov.uk. The company directors and secretary will then need to fill out and sign the required documents and forms. Memorandums and Articles of company formation, form IN01, certificate of incorporation and other documents specific to the business are the most important documents in this process. Once these documents are filled and signed they can be submitted through post, courier or online. Fees paid for the different processing methods are different and exact rates can be accessed through the Companies House website. Online processing is usually the cheaper and faster option.
A more popularly used option of company formation in Wales is through the use of companies that offer the service. This option offers both the government agents processing the applications and the business owners numerous benefits. The first benefit from this option is time saving. The transaction can be done in one sitting since the service provider equips you with all the required forms and requests all the documents you require at once. Time is normally wasted going back and forth in the transaction due to individuals forgetting certain details or documents which is eliminated in this option.. The government officials involved in processing the application as well as the business owner can be gravely inconvenienced by this. Company formation agents also benefit you in that they are well versed in the process and can therefore dully advice even on the legal obligations of the directors, secretary and other key positions in the company.
Forming a company in Wales is not a complicated process and is open to both citizens and non citizens. Foreigners looking to form a company in Wales have totally different requirements from those of citizens and are therefore advised to go through the agencies. Once you complete the process successfully, you will legally be a company director. From here you can begin operating your business as long as you have met all other legal requirements relating to the industry you are involved in.
Photo by Sean MacEntee