Historic Terms and Conditions 

We changed a number of our company formation packages on 19/02/2014. The terms and conditions below apply to company formation packages ordered before this point. For our current terms and conditions please see the main terms and conditions page

 

Terms and Conditions for 'FREE Company Formation With Bank Account' package (discontinued on 19/02/2014)

 

Definitions:

 

‘Preferred Banking Partner’means a Financial Services Authority regulated bank recommended by the Company and may change from time to time;

‘Banking Introduction’ means an introduction to our Preferred Banking Partner. A Banking Introduction will be executed by you calling The Company Warehouse on 0800 0828 727 and requesting to be transferred to the FREE formation banking team;

Banking Opt Out Fee’ means a fee to be paid by the Customer to the Company where the Customer fails to open a bank account with the Preferred Banking Partner as required by agreement.  The reasons for failing to open a bank account include, but are not limited to, choosing an alternative bank, opening the account outside of the agreed time period, not meeting the eligibility criteria of the Preferred Banking Partner or failing to make reasonable attempts to open a bank account.

‘Security Deposit’means a sum of money to be paid by the Customer to the Company where there is risk that a Customer will fail to open a bank account with the Preferred Banking Partner.  The retained sum of money will be refunded to the Customer by the Company if a bank account is successfully opened by the Customer with the Preferred Banking Partner within the required time period.

‘Non-Trading Fee’means a sum of money to be paid by the Customer to the Company where the Customer fails to use the limited company registered as part of the ‘FREE Formation’ package for trading purposes.

 

1.     By ordering a FREE Company Formation from Third Party Formations Limited t/a The Company Warehouse you ("you" or "Customer") agree to the terms and conditions set forth herein. The provisions contained in these Terms and Conditions for a FREE Formation Service are supplemental to the Company’s General Terms and Conditions by which you are also bound, to the extent they are not modified by this Agreement.

 

2.     Free Formation

2.1    Provided that the Customer meets the criteria detailed in the whole of clause 2, the Company will provide the Service advertised as ‘FREE Formation with Bank Account’ without monetary charge for the Services undertaken by the Company.

2.2.   The Company will pay third party disbursements in respect of the £15 Companies House government filing fee for registration of a limited company. The Customer will also be liable for any additional charges payable in respect of other products or services added to the Free limited company formation including, but are not limited to, sensitive word surcharges, registered office facility, sharepack, director and secretary pack or minutes of the first board meeting.

2.2.1 The Customer will also be liable to pay £1.00 in consideration of electronic delivery costs for the Company emailing the company registration documents to the Customer.

2.3    The Customer agrees that in consideration for the ‘Free Formation’ service the customer consents to a Banking Introduction with The Company’s Preferred Banking Partner and further the customer will open a business bank account in the name of the newly registered limited company as ordered by the Customer.  The bank account will be opened after the Banking Introduction of the Customer by the Company to a Preferred Banking Partner, within 30 days of the newly formed limited company being registered.  It is the responsibility of the Customer to ensure that this requirement is met.

2.4    If the Customer does not open a company bank account with the Preferred Banking Partner within 30 days as detailed in clause 2.3, the Customer will be liable to pay the Banking Opt Out Fee of £75 + VAT.  The Company will send an invoice to the Customer for the Banking Opt Out Fee upon expiration of the 30 day time period, or at the request of the Customer, and payment will be due within 7 days to the Company.

2.4.1 The Company reserves the right to process payment for the Banking Opt Out Fee as detailed in clause 2.4 above from the debit or credit card payment details which were used as means of payment by the Customer at the time of placing the original order, or as subsequently updated by the Customer by changing those card payment details stored through the Customer login to on the Company website.  The Customer gives consent for this payment to be made in such circumstances.

2.4.2 Where payment is processed as per clause 2.4.1 above, the Company will provide the Customer with an invoice receipt which may be downloaded from the Customer login on the Company website.

2.4.3 If a payment attempt in accordance with clause 2.4.1 is unsuccessful and declined by the Customer’s bank, the Customer remains liable to make payment of the Banking Opt Out Fee upon request by the Company.

2.5    The Customer consents to allow the Company to use personal information provided on the website order form to make credit reference requests and verifications from third parties.  This information may be used to assist the Company to decide whether the Customer is likely to meet the eligibility requirements of the Preferred Banking Partner.

2.6    If, at the discretion of the Company, it is determined that there is a possibility that the Customer will fail to meet the eligibility criteria for opening a bank account with the Preferred Banking Partner, the Company may request and the customer agrees to pay a refundable Security Deposit of £75 + VAT before the Company performs its obligations under this agreement.

2.7    If the Customer is unable or unwilling to pay the Security Deposit to the Company, the Customer will be able to cancel the order by notification in writing to the Company, and it will be subject to the administration fee referred to in clause 6.5 of the Company’s General Terms of Trade.

2.8    In the event that the Customer makes payment of the Security Deposit to the Company and successfully opens a bank account with the Preferred Banking Partner within 30 days of registration of the limited company ordered, the Company will refund the Customer the Security Deposit within 30 days from the confirmation and verification of account opening by the Preferred Banking Partner.

2.9    The Customer acknowledges and accepts that the order will be submitted for registration to Companies House in accordance with the details entered and confirmed by the Customer on the website of the Company.  Any amendments or variations to the order requested by the Customer either before or after submission of the order to Companies House, will be subject to standard company secretarial fees levied by the Company and confirmed to the Customer.

2.10  If the formation of a new limited company is rejected by Companies House for reasons including, but not limited to, the company name not being available or officer details being inconsistent, the Company will request amended information from the Customer to enable registration of the new limited company where possible.

2.11  If the Customer is unable or unwilling to provide the amended information required by the Company in order to resubmit the order for registration to Companies House, the Customer agrees that the Company will discontinue with the order and deem it as complete.

 

3.     Trading Requirements

3.1    It is an express term of the ‘FREE Formation’ package, that the Customer will use that limited company to trade within the first 12 months of registration.

3.2    If the Customer does not carry out trading activities within the first 12 months of registration of the ‘FREE Formation’, the Customer will be liable to pay the Company a Non-Trading Fee of £150 + VAT.  The Company will send the Customer an invoice for the Non-Trading Fee where applicable.

3.3    In order to determine whether the ‘FREE Formation’ registered by the Customer has traded within the first 12 months of registration, the Company will use the year end filings made at Companies House to determine the status.

3.4    If the ‘FREE Formation’ registered by the Company for the Customer is dissolved by any means within the first 12 months of registration, the Customer will remain liable to pay the Non-Trading Fee.

3.5    If the Customer has made payment to the Company of a Banking Opt Out Fee within the first 12 months of registration of the ‘FREE Formation’, the Customer shall not be liable to the Company to pay a Non-Trading Fee.

 

4.     Cancellation of Offer.

All goods and services are available subject to availability and may be withdrawn without reason at any time.

 

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