1st Choice Incorporations offers quick company incorporations at the lowest price and will provide you with the advice you need to ensure that your new company complies with its statutory obligations.
Setting-up a limited company is a straightforward task, but you need to spend a little time at the start to prepare — if you have decided to set-up and run a company in the UK, here is a list of things to consider.
The directors are legally responsible for (or have statutory obligations to) the limited company, including:
A limited company must have at least one director who must be over the age of 16 and not be disqualified from being a director. A director does not have to live in the UK, but the company must have a UK registered office address.
Corporate directors are acceptable as long as there is a natural person (individual) in place as director.
It is not a requirement for limited companies to have a company secretary any more, although many still do appoint one as a company secretary can assist the Directors in meeting their statutory obligations. The company secretary can also be a director, or a Corporate secretary.
A shareholder is an individual or corporation that legally owns shares in a company ‘limited by shares’. A company limited by shares must have at least one shareholder. The shareholder will normally be entitled to vote on company matters. The extent of ownership and the power of the vote is usually determined by the percentage and rights of the shares issued to each shareholder.
Shareholders normally enjoy the benefit of a dividend based on the profits of the company.
Anyone with more than 25% of shares or more than 25% of the voting rights in the company are considered to be a person with significant control (‘PSC’) and will need to be identified.
When registering the Company, a legal statement signed or authenticated by the initial shareholders, the (Memorandum of Association) and the written rules about running the Company, the (Articles of Association) will be needed. These are generally standard format.
A registered office address in the UK must be provided when setting-up your company. This is the address where official communication e.g. letters from Companies House, HM Revenue and Customs will be sent. A PO Box address is not acceptable.
Registration can be done electronically or by post by using Form IN01, or through an incorporation agent.