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Frequently Asked Questions

How long does it take to open a limited company?

It only takes about 6 working hours (weekdays between 9am and 5pm) to open a limited company through EasyLimited. EasyLimited is electronically linked to Companies House, so the company incorporation request is instantaneously logged at Companies House. We incorporate a brand new company with the company name of your choice. No ‘off-the-shelf’ companies with previous directors.

The time consuming part of opening a limited company is opening the business bank account. You can only start trading through your company once your company’s business bank account is open. EasyLimited has a good relationship with HSBC, so we can assist you in opening a HSBC business bank account. (We can also assist you in opening a personal bank account at one of these banks if you need one).

It usually takes about three business days to open a business bank account through HSBC, but we cannot guarantee this as we have no control over this process. In some exceptional circumstances it could take between seven and fourteen days to open the account, however this is very uncommon and highly unlikely.

Do I need a business bank account?
Yes you do. You cannot trade through a limited company without a business bank account for your specific limited company.
Can I use my personal bank account for my limited company?
No, by law you need a business bank account for your limited company.
Do you have access to my business bank account?
No we don't. You are the only signatory on your account. We have no access or signing power on any of your accounts.
Can I open my business bank account at any bank?

Yes you can. In most cases we'd recommend that you open your business account at the same bank you have your personal account. However, we can only assist you in opening a HSBC business bank account.

For all other banks we'll provide you with the necessary limited company documentation to open your account, but you’ll have to go into the bank yourself and complete the bank’s specific documentation. This could lead to delays in opening your business account.

Do you charge a closing-down fee?

No we don’t. The day you decide to close your company we immediately cancel all standing order. You will not be invoices again.

There is however a £10 fee payable to Companies House. Companies House charge this fee to strike your company off the register.

What if my contract ends or I go on holiday, do I have to continue paying accounting fees even if I'm not using my limited company?

The statutory legal filing responsibilities of your company stay exactly the same, whether you're contracting through your company or not. From HMRC's (Her Majesty’s Revenue and Customs) point of view a company is only 'dormant' if it did not receive any income and it had no expenses for the whole year. If the company traded for only one single day in the year, we, as your accountants, are still responsible for the same legal filings we would have had to submit if your company traded the entire year. That is why we cannot stop charging accounting fees when you're between jobs or on holiday.

We do however have a 'dormant' option for you IF you're not going to use your company for three months or longer. If you need more information regarding this option, please give us a call.

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