Company formation explained
In the UK the action of incorporation is named company formation, it is also sometimes referred to as company registration. Under UK and most international law a company or corporation is believed a separate entity to the people who own or operate the business.
Today the bulk of UK companies are made the same day electronically. Companies can be produced by persons, specialised agents, solicitors or accountants. Many solicitors and accountants subcontract incorporation intent on specialised company formation agents. Most agents propose company formation packages for less than £100, the cost of going through paper filing directly with Companies House is £20. This fee doesn't include the cost of witnessing documents or preparation of memorandum & articles of association for the company which would usually be accomplished by a solicitor or accountant. It can take up to four weeks to form a company via the paper filing process.
Form 12
Form 12 is a statutory declaration of abidance with all the legal demands associating to the incorporation of a company. It must be signed by a solicitor who's making the company, or by one of the people named as a director or company secretary on Form 10. It must be checked in the presence of a commissioner for oaths, a notary public, a justice of the peace or a solicitor. The fee is normally 5 pounds to the person that witnesses the statutory declaration.
Electronic process
The main difference with the paper action is that there's no Form 12 or other requirement for a statutory declaration. This speeds the process, and Companies House's record for an electronic company formation is five minutes.
The electronic process can be accessed using compatible software that works with the Companies House eFiling service and an account with Companies House. UK company formation agents have direct links into Companies House, to search for the company name, and submit the company.
