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How long will it take me to set up a limited company?

by Kobus Van den Bergh | Jul 24, 2017
  • As a contractor, you may have thought about making the move and setting up a limited company. The good news is that with the right help there is no need to be concerned with the admin and time it will take to get your new company incorporated. Here’s a quick guide that explains what the process entails, and how you can get set up in the most stress-free way possible.
    Man and clock

    Why you want to set up a limited company

    Limited companies allow contractors to structure their earnings in a more tax-efficient way than self-employment allows. The limited company structure also provides you with limited liability, a professional image and the ability to receive tax relief for qualifying business expenses.

    How do I set it up?

    There’s loads of information online about setting up a limited company. As such, it can be difficult to know where to begin.

    Firstly, you will need to decide who the Director of the company will be. Then you’ll need to decide on the Shareholder agreement and who the Person of Significant Control (PSC) will be.

    After you’ve made all these decisions you’ll need to file a Memorandum of Association at Companies House. This will require you to have a UK address listed as the company’s Registered Office Address. Once registered with Companies House you will need to sort out your Corporation Tax.

    It’s important to be aware that even if you don’t start trading straight away, there are annual filing obligations and taxes due after your company’s first year. These include Annual Financial Accounts and a Confirmation Statement, both of which need to be sent to HMRC.

    The lengthy forms and legal jargon can make this process seem daunting, but there are numerous ways you can make your life much easier.

    Enlisting help

    As with running any company, a limited company comes with a substantial amount of admin, and the responsibility of meeting your statutory filing and tax obligations.

    You can choose to do this on your own, or use an accounting company who will provide you with a formation package which will help you set up your company and handle your taxes and, if needed, your payroll.

    An accountant can provide invaluable advice that will help you grow your company. If you choose to go with an accountant, they can set up your company within 24 hours, saving you valuable time so you can focus on running your business.

    Our accountants provide comprehensive accounting services and advice, tailored to your specific needs. Get in touch with us on +44 (0) 20 7759 7553 or send us an email on

    We are a professional services company that specialises in cross-border financial and immigration advice and solutions.

    Our teams in the UK, South Africa and Australia can ensure that when you decide to move overseas, invest offshore or expand your business internationally, you’ll do so with the backing of experienced local experts.

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