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What is a Virtual Address and should I use one?

When setting up any company, you have to make some big decisions. One of these decisions is where you'll be based: from home, a rented office, hot desking, or something else. There are many ways to run your company, but it depends on the image you want to portray and how public you want to be.

Consider someone running a newly started company from home and arranges all their meetings to be in rented business premises. They may give a good impression with the right jargon and how they dress when they meet in these business-like places, but their company's registered address is still their home address.

Fortunately, this is where a virtual address can come in.

What exactly is a virtual address?

Despite having the word virtual in its name, it is a real address; it does exist, and more often than not accepts mail just like any other address.

The virtual part of it is your business; your business doesn't operate there. The address is intended to serve as a reference point for your business, a bit like a masking tool.

Let's use the example of someone working from home. Which would look and feel more professional: a home address or an office address? Think of it not just from your own perspective of running a company, but also as a potential client. It's likely that a client will favour a professional-looking (and acting) supplier rather than one run from a study or bedroom at home.

What do I get with a Virtual Address?

This can vary from service to service, but we'll focus on The Company Wizard option for simplicity.

Aerial View of London

All companies utilising our address will benefit from:

  • Forwarding of statutory mail (such as HMRC or Companies House) to another UK address
  • The use of our central London address on your company record
  • Using it for your company director's service address
  • Receiving your mail digitally (optional)
  • The option to have mail sent to an overseas address
  • Having trading mail forwarded too

Are there any restrictions?

Companies such as The Company Wizard, which offer virtual addresses, are regulated by HMRC to conduct Anti Money Laundering Checks on all customers using the address. We will run a few checks and request a copy of some identification (such as a passport), and we'll sort the rest.

So, should I be using one?

This is a question only you can answer. But there are a few points to consider, such as those mentioned above.

  • Would my company benefit from having a virtual address?
  • Does my company require a professional look, such as the one portrayed by using a virtual address as the registered office?
  • Do I mind my home address being displayed on the public record?
  • Does my company need the flexibility of not being fixed to one address (e.g. would you run your company by hot desking)?

But there are other situations where you may need a virtual address, for example, requiring a presence in a particular location. If you need an address in Scotland, you can rent a virtual address in Edinburgh. If you need an address in Wales, you could rent one in Swansea. You could take advantage of having various addresses without relocating the business.

A virtual address particularly works well if you're based overseas but require a UK address, as this gives you a UK-based address without the need to move or purchase any premises.

Questions

If you have a question about The Company Wizard's offering of a London-based virtual address, please don't hesitate to contact us - we're here to help!

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