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giles s

Setting up a ltd company

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Hi,

I’ve read lots about the pros and cons of investing through a ltd company, I’ve decided this is the right set up for my goals.

My question is about physically setting up the company (not benefits of). Do I literally just go onto companies house and fill in a form? Is there info I should have to hand in order to do this? What are the codes to use to make sure it’s seen as an SPV rather than a standard ltd company (if there is a difference)?

After this is set up, Will I need a business bank account or can I use an already existing personal one (specifically for this). 

Finally once I’ve set these up do I just transfer some money in, record it, tell the accountant then take it back at a later stage as a directors loan?

thanks in advance

Giles

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When we do mortgages at Bespoke Finance we set the companies up for our clients.

You will mainly need your personal information (and that of any other shareholder/director), an address to use for the Company and a name for the compamy.

At one point it will ask you about company activities or SIC Codes, you just need to use the following:

  • 68100 - Buying and selling of own real estate
  • 68209 - Other letting and operating of own or leased real estate

A common website for the ease of use for setting up companies is https://www.companiesmadesimple.com/

Hope this helps....

Yes you will want to set up a Bank Account as soon as possible, prior to a full mortgage application.. There are some great online banks such as Starling Bank, that you can set up within a few hours.


:wub: Get Mortgage Advice from my Team at Bespoke Finance on 08009202001 or email hello@bespokefinance.info 
:ph34r: 
Please don't take my messages on Property Hub as Personal Financial Advice, just a rambling guy passing time on a Coffee Break.
 

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On 1/8/2020 at 1:56 PM, Adam Hosker said:

When we do mortgages at Bespoke Finance we set the companies up for our clients.

You will mainly need your personal information (and that of any other shareholder/director), an address to use for the Company and a name for the compamy.

At one point it will ask you about company activities or SIC Codes, you just need to use the following:

  • 68100 - Buying and selling of own real estate
  • 68209 - Other letting and operating of own or leased real estate

A common website for the ease of use for setting up companies is https://www.companiesmadesimple.com/

Hope this helps....

Yes you will want to set up a Bank Account as soon as possible, prior to a full mortgage application.. There are some great online banks such as Starling Bank, that you can set up within a few hours.

Hi Adam/and all - 

I am intrigued as to other people's experiences setting up a Starling business account - as i have had nothing but nightmares with them the past couple weeks.  

Brief background - i have a new SVP setup in Jan and applied for Starling business account for said SPV, however after many back and forwards emails with Starling (focusing on them not understanding the concept of the SVP purpose - and having them tell me they see my application as a "money lending business" instead of a "BTL business"), they have now informed me my application is cancelled as the SPV company doesn't fit their T&Cs for appropriate businesses. 

Is there anyone who has had similar experience, and if so, have overcome it? 

thanks all,

Adrian 

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