Scotland is a great country to set up a business. Having blossoming industries in energy, tech, and health, it also has good tax relief schemes for start-ups and fledgling businesses. So, if you are interested in setting up a limited company in Scotland and are curious to know what it entails, here’s a brief guide for you.
What is a Limited Company in Scotland?
A limited company is a company structure wherein the people who are running the venture are considered separate legal entities from the business itself.
The finances of the business are treated as separate from the finances of the owners.
There are 5 types of limited companies —
- Private limited company (limited by shares)
- Private limited company (limited by guarantee )
- Public limited company
- Limited Liability Partnership
- Private unlimited company
Typically, you will have to register as a limited-by-shares company, unless starting a not-for-profit.
How Do I Set Up A Limited Company in Scotland?
Here are the steps to set up a limited company in Scotland.
Step 1: To set up a limited company in Scotland, you will have to register the company in Companies House, Edinburgh, Scotland.
Step 2: Before that, however, you will need to fill out Form IN01 (required) online or send it in by post.
Step 3: The company is considered as “formed” when the Registrar of Companies issues the Certificate of Incorporation.
Remember that Scottish law will apply to your company.
What Do I Require for Setting Up A Limited Company in Scotland?
You will require to fill up Form IN01 which requires the following information:
- A company name
- A registered office address in Scotland
- Details of People with Significant Control
- Details of the director/s
- Share capital
- Shareholders’ details\Guarantors’ details
- SIC codes (Standard Industrial Classification code helps to describe the company’s business)
What Are the Other Documents Required to Set Up a Company in Scotland?
Apart from the Form IN01, you will need a Memorandum of Association which states the initial names of shareholders and the Articles of Association which give the rules for how your company will be run.
Why Do I Require the Help of Formationshunt?
Needless to say, setting up a company in Scotland, for a first-timer or for a person unfamiliar with Scottish laws, Companies House, Form IN01, is quite an uphill task. They may make mistakes when filing the information.
Hence, it makes perfect sense to take the help of a company like Formationshunt, who will assist with setting up your company in Scotland for a small fee.
That’s not all, we offer a host of other services like getting you a free domain name, digital certificates, bank accounts, etc. Here is a full list of the services we offer for limited company formation in Scotland:
- Confirmation Statement
- Dormant company accounts
- Company Dissolution
- Company name change
- Director Appointment & Resignation
- Full company secretary service
- Issue of shares
- Transfer of shares
- Certification of good standing
- Apostilled documents
- Business Email
- Business telephone services
- Company Registration
- Renewals
Takeaway
The process of setting up a limited company in Scotland is not quite simple for a layperson to do on their own. They will need help from a professional to help navigate the difficult waters of filling up paperwork.
Setting up a company in Scotland is not a hassle. The registration, if done correctly, will take up to 3-6 hours.
Hence, opt for the right partner to help you set up a company in Scotland and get the work done in a jiffy!
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