Benefits,and,Risks,Off-The-She business, insurance Benefits and Risks of Off-The-Shelf Companies in UK
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Whenyou want to start a company in the UK, you have two choices. You caneither form a brand new company or you may choose to buy an off theshelf company. An off the shelf company in the UK refers to a companythat has been incorporated with the Companies House with certaincompany secretaries, directors and other officials. The company wouldhave been registered too. However, it would be a virgin company inthe sense, it would never have traded in any business activity. Somepeople prefer to form a brand new company because they are in chargeof every facet of the new company from the name of the company to theselection of officials etc. However, when you buy an off the shelfcompany in the UK, it would already have a business structure andname. These would have to be changed to suit the proposed structureof the new company. Offthe shelf companiesinthe UK are very useful for businesses that need a legal presence inthe UK without any delay. They were particularly beneficial beforethe advent of online processing. Even today, by buying an off theshelf company, business owners can avoid the process of filling formsand submitting the same to the Companies House. Thus, there are nodelays or expenses caused by such processes. However, the new companywill have to change existing company secretaries and directors beforeit can be operational. Afterthe advent of facilities like same-day registration and onlinecompany formation, the perceived benefits of off the shelf companiesin the UK are limited. Only businesses that need a company that hasbeen incorporated in the distant past stand to gain anythingsubstantial. However, officials scrutinizing the forms can easilymake out that the company has been dormant for a long time. That isthe reason why most off the shelf companies are formed in the recentpast. Anotherrisk factor associated with off the shelf company in the UK is thepassing on of history. When you buy an off the shelf company, you areeffectively inheriting the past history and the designated officialsof the company. Since the company has never traded before, the risksassociated are very limited, almost nonexistent. But prospectivebuyers would do well to keep this factor in mind at the time ofpurchase. Manycompanyformation agentsofferoff the shelf companies for ready business in the UK. These companiesneed to be completely Companies House compliant. It is important thatyou carefully scrutinize the papers to verify that everything isavailable and up to date before you purchase an off the shelfcompany. A buyer has the flexibility to buy an off the shelf companyand rename it, if they so wish. Article Tags: Shelf Company, Companies House, Shelf Companies
Benefits,and,Risks,Off-The-She