Company formation software simplifies and automates the process of establishing a new business. It provides an efficient way to check name availability, generate required documents, and submit applications to regulatory authorities like Companies House. Want to know more? Here are eight fun facts you might not already know!
Eight Fun Facts About UK Company Formation
#1 – It can be really fast
You can register a UK limited company online and have it legally formed in just a few hours. Usually within 24 hours—sometimes within just 15 minutes!
#2 – You only need £1 to start a company
Starting a business is expensive, right? Well, it can be to get all your equipment and people. But as for the legal bit, there’s actually no minimum share capital requirement to register a private limited company. You can start a business with just £1.
#3 – You don’t need to be a UK resident
Live overseas but fancy making the most of the UK’s markets? No problem! Anyone in the world can form a UK company. You don’t need to live in the UK. You simply need a UK-registered office address.
#4 – One person is enough
You don’t need an entire team to launch a UK business. The only legal requirement is that you have one director and one shareholder. And they can be the same person. So, if you’re willing to take on the work, you can start your own company solo.
#5 – You don’t need a formal office
With the rise of the internet, an ever-growing number of UK businesses are virtual. So, while you do need an official business address, you can use either your home address or a registered address service. You don’t have to have a physical shop or office.
#6 – Quirky is OK
Trying to avoid the tedious and ordinary when choosing a name for your business? Quirky is perfectly fine! As long as your business name isn’t offensive and doesn’t break trademark rules, feel free to be funny or cute.
#7 – The UK has a LOT of new businesses
Right now, the UK has one of the most business-friendly environments in the world. Companies House sees hundreds of thousands of new businesses formed every year. In 2024 alone, 846,000 new companies started up in the UK.
#8 – It’s not uncommon to register the wrong company type!
There are two main company types in the UK. Ltd and PLC. Most UK companies are Ltd (Private Limited). But if you want to sell shares to the public, you’ll need to be a PLC (Public Limited Company) and have at least £50,000 in share capital. It’s easy to click on the wrong company type when registering, which can cause troubles further down the line. Which is one of the reasons why company formation businesses are booming.
With so many new businesses launched in the UK each year, there is plenty of opportunity for business formation companies to thrive. And with eFiling, you can access the infrastructure, company formation software, and website you need to join the startup numbers and form your own company formation business!
Offering company incorporation software, eFiling can help you to launch your own company formation business. Find out more.
