Frequently Asked Questions
An easy guide to your questions
MachFast App helps you to register a UK limited company in minutes and get an instant business bank account for your company.
Registering a company with MachFast is as easy as 1-2-3
- Choose a company name and business sector
- Tells us who will own and run the company
- Pick your Bank Account Provider and Agree T&Cs.
Your registration fee will be refunded when your company’s bank account is sucessfully opened.This makes your registration free.
You can use Companies House, but then you will not be able to instantly open a bank account and get all the other basic services for your new business. You will need to set up Government Gateway accounts and wait for your company to register until you can start taking care of banking and other bits.
Any UK resident individual may use MachFast to start/incorporate a private limited company and open a business current account for their new company.
Only UK resident individuals may use the MachFast company formation app to form a company limited by shares.
The MachFast app is available 24 hours a day, 7 days a week.
Companies House forms companies during normal business hours Monday – Friday. Sometimes, they may be updating their systems and this may cause a delay. However, you may use the MachFast app at any time and we will make sure that your company formation application is processed in a timely manner. Companies are usually formed or registered within 24 hours of application.
You can incorporate (register or form) a private company limited by shares. This company will have a share capital and the liability of each shareholder (member) is limited to the amount unpaid on their shares. Please note that a private company is not allowed to sell shares to the general public.
The MachFast app is self-service and super easy to use. All you need to do is answer a few questions about the company that you want to register or form and you are done. We can provide guidance to the process of forming a limited company. If you are not certain about the legal, accounting or financial implication about forming a company, we strongly recommend that you speak to a lawyer and/or an accountant.
To form a company with MachFast you answer a few questions about your new company. We will carry out Know Your Client (“KYC”) checks as required by HMRC. If you fail the KYC check we will not be able to create a company for you. After a successful KYC check our systems will communicate with Companies House. All company incorporation documents are subject to certain checks including those necessary to ensure proposed officers (director and secretary) are not on the ‘Disqualified Directors Register’ maintained by Companies House.
Companies House will also check various sanctions lists. Once all the checks are done, Companies House will register your company and issue a Certificate of Incorporation. MachFast will email you all the relevant documents. Companies House will make public information about your company. You can see your formed companies in the ‘My Account’ section of the MachFast app in the upper left corner.
You will need to create a 6-digit code for the app.
You can sign in with your email and password. We do use 2-Factor Authentication. Please make sure you are able to receive the 2-Factor authentication code in your email.
We do not have passwords. We have sign in codes- similar to your cash card. You will see the ‘Forgot Password’ option in the app to reset your code if you forget it.
You can use the Companies House web filing service on-line. Ideally you may want to consult an accountant who can do the filings for you. Companies House will send you an AUTHENTICATION CODE for you new company that you (or your professional adviser) will need to use to make document filings.
The MachFast application allows you to edit any information that you enter prior to completing your company creation. You will see EDIT buttons throughout the application and little arrows next to the chat boxes.
Persons with significant control are individuals who have significant influence or control over the company.
The MachFast application automatically designates persons with significant control based on the rules below.
The nature of control is determined by the person or legal entity (such as a company) meeting one or more of the following:
-holds more than 25% of shares
-holds more than 25% of voting rights
-holds the right to appoint / remove the majority of the board of directors
-has significant influence or control over the company has Trust or firm provisions
-Date of birth (only month and year are displayed on the public register)
-Country / state / part of the UK where the PSC lives
-Usual residential address (not displayed on the public register)
-What conditions for being a PSC they meet (their nature of control)
The law requires you to confirm that the requirements of the Companies Act 2006 have been complied with as part of your application to incorporate a company. You will therefore need to agree with a statement to show that you have complied with the Companies Act 2006.
You will see this statement as a tick box in the MachFast application.
You will need to confirm if all the subscribers are making the application.
On incorporation a company can adopt model articles, model articles with amendments or bespoke articles. Many companies find it convenient to rely on model articles as a default position when incorporating.
The MachFast application uses the default articles of association, but you can upload your own if you choose. You can view the model articles here.
You can always amend articles of association by filing new articles with Companies House.
We strongly encourage business owners, shareholders, directors to seek legal and accounting help when doing so.
If you decide to open a business current account with our partners then your company formation will be free. Our partners will refund the standard incorporation that companies house charges.
The standard fee is £10.45 plus VAT.
Payment can be made using a credit or debit card.
When you have entered all of the information for your company incorporation, and have reviewed the Summary screen, you will be presented with the Payment screen.
We accept the following Credit or Debit Cards – Visa, MasterCard, Visa Debit, Switch / Solo, Maestro, and American Express.
MachFast uses Stripe payment systems, a secure payment gateway, for collection of your card details. We do not store any of your payment details.
If your card does not work, the MachFast application will return you to the previous step and ask you to enter the information again. Please check that you entered the information correctly and check with your card issuer.
You will receive a VAT invoice via email that you have registered with the MachFast application.
Stripe are a card processing company.
MachFast does not retain details of your credit or debit card. The information is passed on to the Stripe system. If any refunds need to be issued, the refunds will be executed by Stripe.
Please try again and if that does not work, please drop us an email at startup[at]machfast[dot]com
In the event that your incorporation is not successful, you will receive an email from MachFast and a full refund.
If you have completed all the MachFast application steps and passed the Know Your Client checks, you will receive an email from MachFast informing you about the submission of the application to Companies House. Once the formation is complete, you will receive your Certificate of Incorporation and confirmation of the formation.
All company incorporation documents are subject to certain checks including those necessary to ensure proposed officers (director and secretary) are not on the ‘Disqualified Directors Register’ maintained by Companies House.
If the documents satisfy all the appropriate examination and company name checks, Companies House will incorporate the company, issue a certificate of incorporation and place the documents on the public record for public inspection.
Please note the incorporation does not take effect until Companies House has issued the certificate of incorporation.
Once your company is formed all the information can be found on Companies House public record.
If your incorporation application has been accepted, you will be sent an email; which will include confirmation of your company number and company name. Your certificate of incorporation and memorandum of association will both be attached to the email in PDF format.
Companies House carries out a number of checks prior to registering your company (including UN sanctions list for individuals).
The most common reasons for incorporation rejections are around address queries and the company name (e.g. it is considered to be the ‘same as’ another name on the register, or it contains a sensitive word or expression).
The MachFast application helps you pick the name that is unlikely to be rejected as we use automated checks to ensure the name availability.
All companies have to comply with trading and disclosure requirements. For example, you must ensure the company’s full name (including the name ending as appropriate, e.g. “limited” or “ltd” etc) appears on all its correspondence and business documentation. In addition, the company number, place of registration and registered office address must appear on its business letters and order forms (including those sent by email) and on its websites. You must also have a sign with the company’s full name at its registered office and, generally, at all its premises.
You must also maintain and make certain documents available for public inspection such as registers of members and directors, records of resolutions and instruments creating charges.
This information must be kept at the company’s registered office or any inspection place it uses. Any person can write to the company to request details of its registered office, any inspection place and the type of company records which are kept at that office or place. The company must issue a written reply within 5 working days of the receipt of that request.
Company registration takes 5 minutes when using our app. Companies House will then register your company within one business day (sometimes 2 business days).
You do not need a company bank account to register a company. Once your company is registered, you may want to get a company bank account right away.
You will have to have your personal information ready (such as Date of Birth) and company information (such as your business address). Please note that you have to be a UK resident and your company needs to have a UK based address.
Yes! If you apply for a bank account, during your company registration process, we will refund your company registration fee once your bank account is opened. We may receive introducer fees from our banking partners.