1st Formations Review & Step-By-Step UK

[@business4beginners]

Any questions about the formations process, post below! If you've used 1st Formations, let us know how you got on.

[@rosekate965]

Hey I wanted to if the address is suitable for opening PayPal in the sense that is it P.O Box ?

[@business4beginners]

@@rosekate965 Good question. It isn't a PO Box address no, so I assume PayPal would be OK with it.

[@rosekate965]

Is the address in the form of P.O Box ? Or there zip code

[@business4beginners]

@@rosekate965 No, as I say, it isn't a PO Box. It looks like a normal street address complete with post code.

[@rosekate965]

@@business4beginners sorry I posted the questions at the same time thanks for your reply. I want to ask about the phone number they will give me as an a non uk resident . How do I receive my texts , calls etc ?

[@elliesmithyoga]

Exactly what I needed. Just submitted as a non-UK resident and now waiting to hear back if successful or not. Thank you so much for this and all the other videos. I'd have gotten myself in a right state without them.

[@business4beginners]

Fantastic, thank you so much for your kind words. I wish you the best of luck with your business venture!

[@zuybello8106]

I am considering using the Non-Residents Package. I know that this package includes three free services: Registered Office Address, Service Address, and Business Address. I want to inquire about what happens after the initial year of free usage for these three addresses. If I choose not to renew, which address will I be required to provide? As a non-UK citizen, can I use my country of residence as the Forwarding Address? If so, are there any additional costs associated with mail delivery to an address in my country of residence? Thank you!

[@business4beginners]

These are good questions and should be directed at 1st Formations customer support to ensure you get the most accurate answer. However, some things like the Registered Office address have to be a UK address. You wouldn't need to continue using 1st formations for this but would need an alternative solution and would need to update your company details accordingly. In terms of mail forwarding, you usually will pay postage fees + a fixed amount per item, so yes it would be more expensive to forward to an address abroad. There are also digital options too, where your mail is scanned and sent to you as a PDF instead to remove the postage costs. I would strong recommend talking through the various options directly with 1st Formations.

[@zuybello8106]

@@business4beginners Thank you for your support. I have asked them on KZbin but have not received a response yet. Maybe I should email them. Also, do you have any instructions for registering a Wise account and a PayPal account using UK company information?

[@business4beginners]

@zuybello8106 Yes I'd definitely contact their support team via their website. It may be that the people managing the social media accounts aren't customer support agents. Sorry we don't have anything on Wise and PayPal accounts

[@MuneebAhmad-js5gf]

Hi, hope you answer me ASAP. As a non-resident looking for Amazon business, should I go for Non-resident package or E-Seller package?

[@business4beginners]

I'd suggest the non-residents package will suit you best as it works well for e-selling too.

[@MuneebAhmad-js5gf]

@@business4beginners Thank you for your reply Can you kindly elaborate why this will suit me better?

[@business4beginners]

@@MuneebAhmad-js5gf The non-residents package comes with several services the eseller does not (for example the company secretary service, VAT registration, international business tracked delivery, meeting room space, etc). That said, if you are running a simple ecommerce operation on Amazon and don't feel you need these extras then the eSeller should be good enough for you.

[@MuneebAhmad-js5gf]

@@business4beginners Ok thank you very much

[@yen802]

Yes, a lifesaver for a foreigner looking to create a company in the UK. I'm glad I searched for this online, or I might have run into trouble with natural control and shareholding issues.👍👍😅😂

[@business4beginners]

Glad it was helpful!

[@ahmedthegreat3973]

Can I use one the LTD packages as a non resident?

[@ahmedthegreat3973]

Can I Use The First 5 Litmited Company Formation Packages As A Non-resident. I am starting a shopify dropshipping store? Also How Does 1st Formations Compare to Your Company Formations?

[@business4beginners]

You can use any of the LTD formation packages as a non-resident, providing you are able to provide all the necessary requirements yourself such as a UK registered office address and UK business bank account. If not, we recommend using one of the packages specifically for non-residents as they will ensure you meet all legal requirements for registering a UK company. In terms of how 1st Formations compare to Your Company Formations, we have reviews of both on our website: www.business4beginners.co.uk/1st-formations-review/ www.business4beginners.co.uk/your-company-formations-review/

[@ahmedthegreat3973]

@@business4beginners Thanks so much

[@NexGenUltra]

If I'm a non-resident of the UK and I choose the Prestige package, what problems might I encounter in the future regarding the company?

[@business4beginners]

This is one that would be best answered by a specialist accountant or an expert in your resident country. Sorry I can't help.

[@ahmedthegreat3973]

How does this compare with your company formations? They offer some services in their cheap packages that I want like Company Deletion?

[@business4beginners]

Company dissolution services are offered by most of the company formation agents, though Your Company Formations is slightly cheaper for this service than 1st Formations. You can compare all the formation agents we have reviewed, here: www.business4beginners.co.uk/company-formation-agent-reviews/

[@ahmedthegreat3973]

@@business4beginners Thanks so much. I think YCF has company dissolution for free in their privacy package

[@business4beginners]

@@ahmedthegreat3973 Yes, the free cancellation service is included in all packages at Your Company Formations, though it only applies for the first 12 months. 1st Formations have the same but only in their All Inclusive, Non-Residents, and eSeller packages.

[@ahmedthegreat3973]

@@business4beginners yeah, I am just trying to open a shopify store as cheap as possible already made the website and stuff, just need a UK address to use shopify payments. Shopify Payments isn't supported in my country

[@ahmedthegreat3973]

@@business4beginners and I am not sure if my business would fail or succeed

[@MrEagle2050]

Hello , i've an online store and i'll use the privacy package so my question is : My website is default currency's US dollar so when i use a UK bank account can i leave it as it US Dollar rather than GBP ? thank you

[@business4beginners]

That would depend on the bank. Most give you a GBP account and will automatically convert foreign currency transactions to GBP at the bank conversion rate at the time. However, some banks do offer multi-currency accounts so you can keep foreign transactions in the source currency. This is more common with online banks.

[@MrEagle2050]

@@business4beginners I reached out to wise but they said that they paused the new accounts even for business for UK and others , so what about Airwallex can i still leave my default currency as it's or when i use this multi currency account each currency will be sent to that account , it's all news to me , thank you

[@AhmadAhmad-s4l5t]

When the residence address is requested to be documented and the residence documentation is requested to include the name of the company, should I put the company name with or without the ending “limited”?

[@business4beginners]

You should use the 'limited' ending.

[@AhmadAhmad-s4l5t]

@@business4beginners I will resubmit the request for proof of address with the addition of Limited thx bro❤️

[@shaunsilva9760]

Very informative video!- one question I did have- do they register a domain name/business email for you? Or would you have to do that separately through a company (go daddy etc)? Thanks in advance!

[@business4beginners]

All formation packages come with a free .com or .co.uk domain name. After incorporation you'll get a voucher you can use at Names.co.uk to claim your free domain name.

[@WebSolven]

being a non-resident planning to run a web design agency, I find that the Professional package is something im interested in. Is it compulsory for me to go for the Non-Resident package as I am a non resident or would the Professional Package work just fine?

[@business4beginners]

It's not compulsory but you may find some services (such as a bank account) are more difficult if you opt for a package other than the non-residents one. I'd recommend talking to 1st Formations support to get their advice on your specific situation.

[@WebSolven]

@@business4beginners I already have a bank account where I reside

[@business4beginners]

@@WebSolven I'd still recommend checking with 1st Formations that the Professional package will suit your needs 👍

[@franklin499]

hey i hope you can answer me asap! if i want to create a wise business bank account and im a non resident, should i get the package with the business address?

[@business4beginners]

I think that depends on the terms of Wise. Might be worth checking with them what their requirements are. If they only need the business to have a UK address then yes, I assume that would be fine.

[@-Amaterasu1]

When i made all this they asked to pay for business adress three time 26 * 3 known that i choosed package includ adress

[@business4beginners]

Have you reached out to their customer support about this?

[@motivationworld571]

Hi Mr.Paul ! How long does it take for my information to be approved to open a company account? I asked because with that being said, porbably it would takes between 3 or 6 working Days, is that correct ???

[@business4beginners]

If you use a company formation agent, it's usually only a few hours - though it can take up to 1 working day.

[@motivationworld571]

@@business4beginners it is being written "submitted" on my status. How can I take information from the company???

[@business4beginners]

@@motivationworld571 Did you use 1st Formations (or another formation agent)? If so, you'd be best off contacting their support so they can check the status of your formation.

[@Kingphesto]

Do they provide an EIN/Tax ID number? And if so how long would it take to get that EIN

[@business4beginners]

UK companies technically do not have EIN numbers. What you'll get is a UTR (Unique Taxpayer Reference) along with your CRN (Company Regsitration Number). The CRN number will be shown on your company registration certificate which is sent to you by 1st Formations once the company is successfully registered at Companies House. However, I suspect the UTR is more the number you're talking about since this is specifically to do with tax. The UTR is issued by HMRC rather than the formation agent and it will be sent to your Registered Office address shortly after the formation is completed. The only time 1st Formations would be involved in this is if you've used their Registered Office address as they'll need to forward it to the forwarding address you provided during the company registration process.

[@meldaily561]

are documents that company will send us all digital or are they gonna send us with cargo?

[@business4beginners]

Depends which package you go for. The cheapest package is a Digital package where documents are all digital. The Professional package and above all come with physical hard copies of your key documents.

[@meldaily561]

@@business4beginners privacy package?

[@business4beginners]

@@meldaily561 Privacy package is still digital documents I believe.

[@graemedonnelly2039]

Great video Paul - very helpful!

[@business4beginners]

Thanks Graeme!

[@usmantariq6975]

Best company registration package ,for non resident digital marketing agencies?

[@business4beginners]

The type of business you want to run isn't so important, if you go for the non-residents package that will most likely cover what you need for any type of business.

[@hudaykilinc3338]

which is the best and cheapest package for shopify

[@business4beginners]

Take a look at the eSeller package, that will probably work best for you.

[@khy5387]

Great video

[@business4beginners]

Thanks! Glad you enjoyed it.

[@sasht775]

How do I cancel an annual renewal?

[@business4beginners]

You can contact 1st Formations and they'll be able to cancel it for you.

[@Wind-breaker3]

Can i create uk paypal account and stripe?

[@business4beginners]

Yes, once you have a registered business processing accounts should be relatively straightforward.

[@levanoluicer]

Does they send ur tax id once ur register and which cheaper package is good this year?

[@business4beginners]

Tax IDs are issued by HMRC automatically so this wouldn't be provided by 1st Formations (or any other formation agent). However, depending on whether you're using any address services, you may need to wait to have the letter with the UTR forwarded to you.

[@levanoluicer]

But how about the tax id those they send it to you after ur register and which package they send it to on it cuz I already registered on gov.uk but they haven’t send me my tax id even I registered for UTR number but they haven’t send it to me it’s been 30days

[@business4beginners]

The tax ID (UTR) you're referring to is issued by HMRC, not 1st Formations and is issued after you have registered for Corporation Tax. Remember, if you're not using your own address as your official address you may have to wait for it to be processed and forwarded by the address service. You should, however, be able to see your UTR on your HMRC account if one has been issued. If not, you can request a new one here: www.tax.service.gov.uk/ask-for-copy-of-your-corporation-tax-utr

[@neverlazy4111]

I am having problems in the check out

[@tebebayele3582]

Is it it one-time payment, annually or monthly?

[@business4beginners]

Great question Tebeb. The company formation is a one-time fee. However, if you opt for a package that includes any of the address services (registered office, directors service address, etc) these services will need renewing annually. I cover this in the video around the 5:32 mark. You just have to hover over the 'i' icon next to any of the services on the packages page to see if there are any annual fees to pay and what the costs are. Worth noting that you're not tied in for more than a year. When you reach your renewal date, you can choose to move to another service (or use your own address) but you will need to update the records on Companies House, etc.

[@ahmedthegreat3973]

@@business4beginners is it the same for Your Company Formations

[@startuphiveuk]

@@ahmedthegreat3973 yes, pretty much all company formation agents work in this way.

[@neverlazy4111]

Its appearing decline reference ....Do not honour

[@business4beginners]

We'd suggest contacting 1st Formations support team for this one, they can hopefully sort it for you.

[@dewayneharvey1143]

Very creative!!! Easy video ranking - Promo-SM !!!

[@business4beginners]

Glad you liked it!

[@DigitalriseAcademy]

hello i am from georgia and i want to register company on my mother's name and my friends said to me he is from bosnia and herzogovina and registered bussines on 1stformations and he said i have to buy Privacy package and when i emailed 1stformationss they said first i have to buy non-residents package and then all inclusive and then prestige package and what can you tell me is it ok to buy Privacy package to create Stripe account and link it on shopify?thank you for attention waiting for answer

[@Blackfeet]

Perfect video.

[@business4beginners]

Thank you very much!