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Speaking from my own experience, it took a day to set up my limited company through an accountant. Apparantly it's very easy to do so and I must admit I was wondering about the legitimacy of it all for the first few days (only because it seemed too damn easy to set up a company) - but after appropriate research and talking to people in the know I am confident that it is legit and indeed very easy to set up one's own limited company. I googled accountants in my post code, got a quote for their services and the accounting firm proceeded with setting up the company. I didn't have time to look around for better quotes but it cost me GBP 200 (plus VAT which you can claim back if you set up your company to be registered for VAT) all in.ashishashah wrote:Hmm..Intresting..Even i was thinking on simialr lines.
Can any one working as a contractor throw some light on
1)How much time and money required to open your own co?
2)Is it OK ,that your co. doesnt earn any revenue ? (as you are the only employee/director and you dont have a job!!!)
3)Critically,can you get extension and ILR based on this co?
Well, that's the most important part that needs clarification. What is needed to show this sustainability? And if the company is new and losing money (which is quite normal for brand new companies) - how will the Home Office react?jagacharaja wrote:Definitely no clue about # 3 but again would like to think why not? It's your company, you're doing business under it, and as long as you're able to show your sustainability from it, then why not? Obviously it may not be as easy as being in permanent employment to show proof of this but surely not impossible? I'm sure an accountant's letter or something will probably come in to play.
Ultimately the Home Office wants proof that you can support/maintain yourself and any dependants. If it is a registered company, then it is a separate legal entity to yourself. So the company making a loss does not mean that you are making loss.wunder wrote:Well, that's the most important part that needs clarification. What is needed to show this sustainability? And if the company is new and losing money (which is quite normal for brand new companies) - how will the Home Office react?jagacharaja wrote:Definitely no clue about # 3 but again would like to think why not? It's your company, you're doing business under it, and as long as you're able to show your sustainability from it, then why not? Obviously it may not be as easy as being in permanent employment to show proof of this but surely not impossible? I'm sure an accountant's letter or something will probably come in to play.