What does the MachFast App Do?
MachFast applications enable entrepreneurs to easily start companies in the United Kingdom, get a business current account and a domain name in less than 10 minutes.
How do I form or register a UK Limited Company?
- Find a Name for Your Company– Machfast app does this for you in seconds.
- Secure Sign Up– Sign up with 2-factor authentication to make sure your data is secure.
- Pick Your Industry– MachFast quickly finds the right activity from over 700 industry codes.
- Create Shares– Tell the app how many shares you want to own in the company. Don’t worry, if you don’t know, the app will create shares for you automatically.
- Director(s) & Shareholder(s) Details– Shareholders and directors own and manage companies. UK Companies House and HMRC require this information to form your company and for Anti-Money Laundering checks.
- Model Articles of Associations – Articles of Associations are the rules and procedures on how to run your company. The MachFast App will provide you with Model Articles as published by Companies House. You can also upload your own cutom Articles of Association.
- Terms & Conditions, Compliance and Anti-Money Laundering Checks– You confirm that you are happy to be the Director of your company; comply with UK laws and agree to Anti-Money Laundering automated checks.
- Formation Fee- You pay £ 10.45 fee to form a company +VAT (you can pay a little more for a same-day formation). If you decide to set up a business current account with our partners, CashPlus, your formation is free. CashPlus will refund your regular (not same-day) company formation fee when your account is opened with them.
- Finish Line– You are done, just sit back, relax and Companies House will work hard to form your company within 24 hours. We will notify by email when your company is ready. If you paid for an expedited formation, Companies House aims to form the company within the same day. Due to Covid-19 timings may be different.
- Business Current Account Application– After your Company Formation application, you may choose to apply for a Business Current Account with Cashplus. Cashplus can usually confirm your account opening within minutes of your company being formed, saving you weeks if not months! (Terms & Conditions Apply).
Why can’t I just use Companies House to register my company?
A great question – you can. They don’t have mobile apps and you will not be able to apply for a business current account for your company within a few clicks. We also think you will do it much quicker with our app than Companies House. Oh, and with MachFast, your company formation is free if you open a business current account with our partners.
I need help forming or registering a limited company
We like to keep life simple at MachFast. Starting a company is a big pain – you need it but really don’t what the hassle. We agree. Our company formation app makes life simple. You answer a few questions and with a few clicks you are done. Please see above the 10 steps for forming or registering a company.
Who can use the MachFast company formation and registration service?
Any UK resident individual may use MachFast to start/incorporate a private limited company and open a business current account for their new company.
Does the MachFast app have any limitations?
Only UK resident individuals may use the MachFast company formation app to form a company limited by shares.
When are the MachFast opening hours for company registration?
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.
What type of company can I register or form with MachFast?
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.
Can MachFast help me form or register a limited company?
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.
What happens when I use MachFast to form a limited company?
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.
How do I register for the MachFast service?
Download the app and find the name for your company that is available.
After finding the best name for your company, you sign up with your phone number and email to create a secure account.
You will receive a 2-factor authentication code that will confirm your phone number.
What are MachFast password rules?
You will need to create a 6-digit code for the app.
How do I sign into MachFast?
You use your mobile number or email to sign in. You will receive a 2-factor authentication code and will need to enter your passcode.
What if I forget my password, how can I reset it?
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.
After I register the company, how do I file other documents for my new company?
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.
How do I edit or remove Subscriber information?
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.
How do I set persons with significant control (PSCs)?
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
What individual persons with significant control information is required?
-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)
What is the Statement of Compliance?
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.
Who needs to agree with the statement of compliance?
You will need to confirm if all the subscribers are making the application.
How can I check the content of the company’s Memorandum of Association before I agree with the Statement?
You can view the draft Memorandum of Association by clicking the view button. You can also email the Memorandum of Association to yourself and anybody else.
Does MachFast create the memorandum of association?
MachFast will create your memorandum of association automatically from the data you enter; and you will be invited to view a copy of your memorandum of association before you submit your application. You can also email the memorandum to yourself or anybody else.
Does MachFast create the model articles of association?
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.
Can the Articles of Association be changed after the company is formed?
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.
How much does the service cost?
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.
What are the payment options?
Payment can be made using a credit or debit card.
How do I pay by 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.
What payment cards are accepted?
We accept the following Credit or Debit Cards – Visa, MasterCard, Visa Debit, Switch / Solo, Maestro, and American Express.
How do I know my credit / debit card information will be safe?
MachFast uses Stripe payment systems, a secure payment gateway, for collection of your card details. We do not store any of your payment details.
What do I do if my credit / debit card is not accepted?
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.
How do I receive confirmation that the fee has been charged to my credit / debit card?
You will receive a VAT invoice via email that you have registered with the MachFast application.
Who is Stripe?
Stripe are a card processing company.
Does MachFast retain the details of my credit / debit card?
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.
What do I do if my transaction was interrupted or failed during payment?
Please try again and if that does not work, please drop us an email at startup[at]machfast[dot]com
If my incorporation is rejected how will I get a refund?
In the event that your incorporation is not successful, you will receive an email from MachFast and a full refund.
How will I know if my incorporation has been submitted and received at Companies House?
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.
What happens to my company incorporation application at 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.
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.
How will I be notified if my incorporation has been accepted or not?
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.
Why has my incorporation been rejected?
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.
Can I save information in the MachFast app and come back later to finish?
The MachFast application stores your partial company formation application on the phone. To access it again, you will need to remember your passcode. We do not store this partial information on our servers.
How long will the information be saved for?
The information will be stored on your phone until you decide to cancel the formation application or delete the
MachFast application from your phone. Can I create multiple companies with MachFast? You can create as many companies as you wish with the MachFast application.
What are the company’s disclosure and inspection requirements?
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.