Tide Company Formation Review

If you’re considering using Tide as your Formation Agent, it’s important to weigh all the advantages and disadvantages first. Here’s an overview of some of the company's pros and cons:

Pros of using Tide:

• Competitive pricing: In terms of price, you really can't do much better than Tide. Not only does Tide not charge you for their formation service, taking care of the £12 incorporation fee themselves, but they also don't charge any monthly fees for their business account. This especially benefits small business owners who want to save on expenses.

• Convenient app: Tide provides a user-friendly app allowing you to manage your money on the go. From scheduling payments and creating invoices to uploading and matching receipts, the app offers handy tools to streamline your financial tasks.

• Accounting integration: Tide integrates with popular accounting software, eliminating the need to duplicate information across platforms to save you time and effort.

Cons of using Tide:

• Limited services: As already highlighted, Tide only offers one company formation package to set up a limited company with one director and one shareholder. Their company registration service is also only available to UK residents, restricting access for international business owners or those with other business structures in mind.

• Mandatory business account: In order to set up a company for free, customers are required to open a Tide business bank account. While this may suit many business owners, it may not be ideal for everyone, and some might prefer the flexibility to choose their banking provider.

• Limited phone support: One potential drawback is the absence of phone support. While support is available through the app chat and email, customers have to request a call-back via email or through the app if they want to speak to someone over the phone, which may take time.

We’ve looked across various online reviews, such as Trustpilot, Google, and Smart Money People, to see what people think about Tide and their services. While there aren’t any specific reviews for their formation service, here are the ratings we found:

Taken together, Tide has an average rating of 4/5 across these three review platforms out of a total of 17,857 reviews, indicating a positive customer opinion.

Services Offered

As the company isn’t solely a formation agent, Tide’s services aren’t as comprehensive as some other companies, only offering one formation package. However, they have everything you need to support you during the company formation process and get the job done. Here’s what they bring to the table:

• Company incorporation: Tide handles your company registration process, ensuring it’s as hassle-free as possible. They take care of the necessary paperwork while making sure all documents comply with regulatory requirements.

• Virtual address: Get a Central London virtual office address to use as your registered business address for added professionalism and to keep your personal details private.

• Company name check: Check up to eight business names at once using Tide’s free business name checker.

• Tide business bank account: Alongside their company formation service, Tide also offers a dedicated current account for your business. It provides you with convenient access to their user-friendly app where you can manage your money on the go.

 Additional extras

• Member perks: As a member of Tide, you can enjoy exclusive bonuses and discounts from other like-minded companies.

• App: Tide’s business account app lets you create and pay invoices, tag your transactions, freeze your card, and organise your finances.

• Accounting software integration: Seamlessly sync your business account with your accounting software and give your accountant read access for more efficient bookkeeping.

  It’s important to note that you can only set up a limited company using Tide’s formation services. Other business structures are not currently included.

Setting up a company with Tide is a straightforward process that only involves four steps.

1. Search for a company name: Start by searching for an available company name using Tide’s online platform. This step helps you find a unique and suitable name that represents your business.

2. Enter your business and personal details: Provide your business and personal information, such as your registered office address.

3. Receive your Limited Company Registration Certificate: After submitting all of your details, Tide will initiate the company incorporation process with Companies House. Most businesses are formed within 48 hours, and Companies House will usually form your company within one business day.

4. Get your free business bank account: Set up your Tide business bank account alongside your company registration.

Once your company is registered, you'll receive your limited company registration certificate over email. Keep this certificate safe as it's your proof of your business's incorporation.

Other things to note

• Online platform: Tide lets you easily complete the entire company formation process digitally through their website.

• Customer support: If you need extra help, Tide offers customer support before, during, and after your company formation. You can contact their Member Support team directly through the app or via email. Tide also offers dedicated fraud support and service to report lost or stolen cards.

• Phone support: Customers can request a call-back if they prefer speaking with someone over the phone. Simply message them through the app or send an email with your contact number and details, and someone from their team will be in touch.

Tide offers free company registration and takes care of the £12 incorporation fee on your behalf, meaning you don’t have to worry about registration costs. Plus, there are no monthly fees for your business account - so you can enjoy the benefits of a dedicated business bank account without incurring additional charges.

As part of the package, you’ll receive your certificate of incorporation via email, and any additional documents need to be requested from Companies House at a cost of £1 per document. And as an extra bonus, Tide offers a 6-month accounting software trial for free.

To ensure a smooth formation process, you’ll need to provide some essential details when setting up your company with Tide. Here’s what you’ll need:

• Company name: Use Tide’s name search tool to check if your company name is available.

• Director and shareholder details: For each director, you’ll need to provide their name, nationality, date of birth, occupation and address. If there are multiple directors or shareholders, you can add their information directly with Companies House later.

• Registered office address: This is where official communications, such as letters from Companies House, will be sent. You can also opt for a virtual office address if you have one.

Conclusion

Choosing the right formation agent is a crucial step in establishing your business.

Tide stands out with its competitive pricing alongside their convenient app and even more convenient free business bank account, making it a one-stop shop for all your business needs.

It's an attractive option for small business owners, in particular, as well as those who want to save on costs. We'd recommend their service to those who want a quick and hassle-free company formation service and get a bank account at the same time.

However, their limited company formation service and phone support may be off-putting to those requiring specific business setups and quick speedy support with a live customer agent.

It's worth adding that setup options can later be changed directly with Companies House.

However, it's an extra hassle, and opting for a formation agent with a wider range of services might be easier. In addition, some customers could find the requirement to open a business account with Tide off-putting, and many business owners may already have their business banking set up.

Ultimately, the best choice of formation agent will depend on your specific business needs and preferences. Take the time to evaluate your requirements and compare the services, pricing, and features of different agents to make an informed decision that aligns with your goals.

Check out our other formation agent reviews

There are several other companies that can help you start a business in the UK. We've reviewed their services to help you decide which suits your needs best.

• 1st Formations Review
• Tide Company Registration service
• Seed Formations Review
• The Formations Company Review
• Companies Made Simple Review