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FreeTime First Time Service
This service is for people who are just starting out and need
help sorting out the administration and ongoing running of a company.
Forming the Company
If you decide to use the FreeTime First Time service you will require a
Limited Company.
The company is generally formed prior to
you coming on board. This allows us to offer you a speedy service so that
you can own your own company with the minimum of fuss.
Prior to signing your first contract you need to own a company and be
appointed as Director. We recommend that you contact us as soon as you are
committed to contracting via a Limited Company. This point may vary from
weeks in advance for the utterly committed to a few days for the wary
individual waiting until work availability has been clearly established.
Under the FreeTime service, the companies are registered in and
governed by the laws of England. This does not prevent you accepting
contracts in other countries.
To purchase your Company
£100 plus VAT (£117.50 inclusive of VAT at current
rate)
SumIT will be the company’s initial subscriber, shareholder and
Director with SumIT (Company Secretary) Limited the initial Company
Secretary and the registered office is at their offices.
In order for us to offer you an efficient service in FreeTime it is
proposed that we remain as company secretary and keep the registered
office at the same address.
(to be agreed with you in our contract).
SumIT sets up all companies with standard Memorandum and Articles of
Association prepared. These outline the rules governing the running of the
company. Although unlikely, if required, these can be amended subsequently
by a Special Resolution.
Authorised Share Capital: the company will have an authorised share
capital of £1,000 divided into 1,000 shares of £1 each. The initial
shares issued to the subscriber is one. Once you have purchased the
company you can choose to allot and issue additional shares.
Once we have received your order we will send you the following for
completion
- Companies House Form 288a (appointment of director and secretary)
- 2 copies of our FreeTime contract for your approval.
- A supplementary questionnaire. This will help us prepare Board
minutes and to submit PAYE and VAT administration and banking
arrangements
At the start up stage, all you have done is to purchase your own
company. After this we will initiate the process of providing contracts
and setting up the infrastructure to provide you with the ongoing FreeTime
service.
Documentation provided on start up
SumIT (Company Secretary) Limited will act as Secretary
so the official records will be kept at their registered office until
instructed otherwise. Copies of the following documents will be sent to
following your appointment as director of your company.
- 1 Bound copy of Memorandum and Articles of Association
- Certificate of Incorporation
- Certificate stating that the company has neither traded nor incurred
any debts
- Certificate of Renunciation of Subscriber Shares
- First Board meeting minutes
- Form J10 – stock transfer form
- Form 288b – Resignation of SumIT (UK) as director
- Form 288a – Completed, appointing you as a director
- Form 288a – blank, for future use
- Form 225 - notice of accounting reference date
- Form 88(2) – return of allotment of shares
We will also supply you with the 2nd Board meeting minutes
for your approval confirming the appointment of SumIT (Company Secretary)
Limited as Secretary and awarding SumIT (UK) Limited the management
services contract. This will need to be approved prior to opening bank
accounts.
Prior to owning your own company we recommend that you read the
information about Responsibilities of Directors.
These are outlined in the
Companies House Guidance Booklet GBA1/V1 www.companieshouse.gov.uk
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Call us on 0190 864 9895
