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If you’re an entrepreneur in the UK you may be wondering about how to set up your business and formally incorporate a UK company before you start to trade.
Incorporating a company is the official process of registering your business as an entity separate to yourself as an individual - and usually one of the very first steps you’ll take on your journey as an entrepreneur.
To make life easier, companies like Tide offer company formation services which help to walk you through all that’s needed, from registering your business to opening a business account. This Tide company formation review covers how it works - and also touches on Wise company formation as an alternative for comparison.
Set up your limited company
with Wise 🚀
So - how do you use Tide to set up a company?
You’ll be able to use Tide to register a company, set up a virtual office, and get a business account up and running - all online, and often in just a few hours.
Tide is a Companies House authorised formation agent which means you’ll just need to use their tools to check your business name is available, enter your personal details, and get your company registered securely. We’ll walk through the steps you need to take in a moment.
There’s no fee when you set up a Tide limited company, and you’ll also automatically be offered a Tide business account as long as you’re eligible for the service.
Tide business accounts don’t have ongoing or maintenance charges, but there are transaction fees to pay. Plus, if you use other services from Tide - such as their virtual office service, you may find there are additional costs.
To register a business in the UK you’ll need an address. You can choose to use your own UK residential address for this, but many people prefer to use a virtual office. There’s a Tide virtual office² service which you can choose to add on when you use the Tide company formation service, which means you can instantly use a central London address for your business, and get helpful services like mail forwarding.
People choose to use a virtual office address to keep their own residential address private. It’s also handy because it can remain the same even if you move home, so there’s less paperwork to worry about if you travel or relocate in the UK. However, there are fees to pay to get a virtual office.
The Tide virtual office fee isn’t available online, but it’s useful to note that in a Tide business education blog, the average cost quoted for virtual office services is 20 GBP to 70 GBP a month³, depending on the provider you use.
To create a Tide limited company you’ll need thee following:
- A unique company name - Tide has a handy tool you can use to check your preferred name is available
- An address - you can use your home, or a virtual office like the Tide virtual office if you’d prefer
- Director and shareholder information - including name, nationality, date of birth, occupation and address
You can only register one director with Tide, but you may be able to add in more directors or shareholders once your company is set up, if you need to.
The step by step Tide company formation process is pretty straightforward¹:
You’ll also get a Tide business account at the same time so you can start to transact.
Tide isn’t the only option out there if you want to set up your own UK business. You can choose to create your UK company yourself without an intermediary service, or pick an alternative - we’ll look at one option from Wise in just a moment.
To help you decide if Tide company formation is right for you, here are a few pros and cons to consider:
Key features:
Considerations:
For a low one time fee, the Wise company formation process lets you register a business in the UK and get all the tools you need to manage your international business finances all in one go.
Set up your single shareholder company with Wise online in just a few simple steps. You’ll also be able to open a multi-currency account with Wise Business which lets you hold and exchange 40+ currencies, send money to suppliers, contractors and staff in 160+ countries, and get paid with local bank details in up to 9 currencies. That’s perfect for any business that has global aspirations.
Wise Business account have no ongoing fees, no minimum balance requirements and no hidden costs so you’ll be able to simply use your account as you need to without unnecessary charges.
💡Learn more about Wise Business
Pricing/fees: Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.
Setting up your UK business is an exciting thing - but you’ll be busy, and with so much going on, using an agent to help you through the process can be an attractive option. Use this guide to Tide company formation to see if their services are right for you - and don’t forget to also compare your options from Wise Business, for company formation and a powerful international business account all from the same place.
Sources used in this article:
Sources last checked October 27, 2023
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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