Welcome to our FAQ page. We answer some of the most frequent questions that we get. You can type your question in the search bar or just browse through the list of questions below. The answers below are for information purposes only. If you need professional assistance setting up a company please speak to a legal or accounting professional. If you are not able to find the answer to your question, please drop us a line by clicking here or give us a call at 0333 050 8419.
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.
The MachFast app is available 24 hours a day, 7 days a week.
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.
The Certificate of Incorporation is a legal document issued by Companies House that is treated as conclusive evidence that you company is formally registered and complies with Companies act 2006. The certificate has the registrar’s official seal.
The certificate will have the following information.
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.
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.
You can not use generally offensive words and/or curse words in your company name. In addition there is a list of sensitive names that require prior permission (for example Adjudicator).
Please note that sensitive names are always evolving and may change at any time.
The information that is required for each company director, shareholder or secretary is as follows:
Full Name (First, Last, Middle) – Companies House will publish this information on their website.
Companies may also be directors. Only individuals may use the MachFast application to form a company.
Companies or firms that are directors will need to supply the company or firm name, its registered office address, details of the legal form of the company, where it is registered and if applicable its registration number.
A company may have as many different types of shares as it wishes, all with different conditions attached to them.
The MachFast application automatically creates Ordinary shares for your new company. However, you may change this and create any type of shares you want.
Typically, share types fall into the following categories:
The prescribed particulars are defined in the Companies (Shares and Share Capital) Order 2009. This is a general guide and not legal advice. Please seek legal advice for formal explanations. Prescribed particulars are:
Particulars of any voting rights attached to the shares, including rights that arise only in certain circumstances –
this means that the information should detail whether or not a shareholder gets a vote (and how many) when it comes to the company deciding to do something.
These rights may also set out when and in what circumstances a shareholder gets a vote. Some shareholders get to vote some don’t – so the voting rights set out whether a particular shareholder gets to vote or not, how many votes they get and in what circumstances.
Particulars of any rights attached to the shares, as respects dividends, to participate in a distribution;
Dividends are payments made by a corporation to its shareholders. These particulars usually set out whether or not the shareholder is eligible for a dividend.
-Particulars of any rights attached to the shares, as respects capital, to participate in a distribution (including on winding up); and
-When a business or firm is terminated or bankrupt, its assets are sold and the proceeds pay creditors. Anything left is distributed to shareholders, these rights will set out whether or not the shareholder has preference over other shareholders (if they have any rights at all). It is however very unlikely that model article companies will issue shares with capital distribution rights, so this information will not always be applicable.
-Whether the shares are to be redeemed or are liable to be redeemed at the option of the company or the shareholder.
-If the company has issued redeemable shares then they can at any point choose to redeem them. These particulars determine the terms, conditions and manner of redemption (if there are any). If the company has not issued redeemable shares then this information may not be applicable.
The nominal value is the face value of the shares. It is also the minimum amount that must be paid for shares. The aggregate nominal value is the number of shares issued multiplied by the nominal value of each share.
Within each currency this should be the number of shares multiplied by the nominal value of each share. This will be automatically calculated and displayed on the Statement of Capital summary screen.
The Total aggregate amount paid is the total value left to be paid to the company for its shares.
You can add as many different currencies as you wish. The MachFast application uses Great British Pound as the default currency.
Once your company is incorporated, you can increase your share capital via an e-filing with Companies House.
We strongly encourage you to consult relevant legal and accounting specialists prior to executing a share capital increase.
In the MachFast application any person (human being, not a company) can be a subscriber but they must be resident in the United Kingdom.
The MachFast application makes your life easy. The application will prompt you for information in a natural conversational language.
You will need to state if the subscriber is a person or a company/firm and then supply the following information:
The MachFast application automatically assigns equal shares to all company subscribers (if more than one). You can change this to any split that you prefer.
MachFast application automatically creates Ordinary shares. You will be given an option to change the default and create your own shares in whichever currency you prefer.
We strongly encourage you to seek professional advise if you are keen to create more complex share structures.
This is the value paid up on each share – either fully paid or partially paid (e.g. ‘1.00). The amount should include the share premium, if one was paid. If no amount has been paid then a value of zero ‘0’ can be entered.
When zero is entered for the amount paid, a value other than zero is expected to be entered for the amount unpaid (except when the shares are for non-cash consideration – in such cases a zero value should be entered for both paid up and unpaid).
When you form your company, the initial amounts are unpaid and there is not share premium as the company is not formed yet.
The MachFast application automatically assigns a £0.01 nominal value per share. For example, for 100 shares the upaind capital would be £1.00.
This is the value which is unpaid on each share (e.g. £0.01).
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)
Company registers are records of the company’s details that the company maintains itself known as statutory registers. Private companies must keep, amongst others, a register of:
-directors’ residential addresses
-secretaries (if applicable)
persons with significant control (if applicable)
All registers must be kept updated with any changes that occur and, with the exception of directors’ residential addresses, available to be viewed by the public upon request.
Most small companies will keep their company registers at their registered office, but you can also keep them updated on the public record at Companies House instead.
If you elect to keep your registers updated on the public record, any sensitive information contained in the register, such as a director’s full date of birth, will also be available to the public.
Registers kept at the company’s registered office address are bound by the normal inspection rules.
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.
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.
The memorandum of association confirms the subscribers’ intention to form a company and become members of that company on formation. In the case of a company that is to be limited by shares, the memorandum will also provide evidence of the members’ agreement to take at least one share each in the company. Information on capital and shareholdings is no longer part of the memorandum as this information is contained in the application to incorporate as the ‘statement of capital and shareholdings’.
Once the company has been incorporated, the memorandum will no longer affect the ongoing operation of the company and it cannot be amended. It will become, to a large extent, a historical document.
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.
A company’s articles of association are its internal rulebook. Every company formed under the Companies Act 2006 or earlier Acts will have articles of association – commonly referred to simply as the company’s “articles”.
The articles are chosen by the members and form a contract between the company and its members. They help to ensure the company’s business runs as smoothly and efficiently as possible and will set out how the company will make decisions and include various matters connected with the shares. Every company is required to have articles by law and the articles are legally binding on the company and all of its members.
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 rejection 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.
The certificate of incorporation is conclusive evidence that the requirements of the Companies Act 2006 as to registration have been complied with and that the company is duly registered under this Act.
The certificate will state:
-The name and registered number of the company;
-The date of its incorporation;
-That the company type is private limited by shares;
-Whether the company’s registered office is situated in England and Wales, Wales, Scotland or in Northern Ireland.
The certificate will be authenticated by the registrar’s official seal.
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.
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.
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.