Limited Company Checklist
Company Name
This can be anything you like, however there are a few rules. It has to be unique; you cannot have two names the same on the public register. There are certain words that require a little extra info or permission, you can’t use anything rude, sweary or obscene and it has to end with ‘Limited’ or ‘Ltd’. Run an idea by us first, we’ll tell you if you can use it and help you with an alternative.
Registered Office
This has to be in the UK and not a PO Box.
We will need:
A full postal address including postcode and country.
Company Director/s
Every company must appoint at least one Director. The Director/s make decisions for the company, in the company’s best interest. You have to have one but can have as many as you like.
We will need for each director:
- Full name (as it is on your passport)
- Date of Birth
- Nationality
- Home address
- Public address
Shares
The company must be started with a number of shares and nominated share value. This gives the company a nominal starting value until trading starts. Once the company starts trading the value of the company will increase in relation to the turnover.
We will need for each shareholder:
- Number of shares (we recommend 1) if it is one shareholder
- Value of each share (we recommend £1 each)
Shareholders
Shareholders are allotted shares proportionate to their ownership. For example, if there is one owner then they will own all the shares, making them 100% shareholder (and owner). They can be split anyway you like to balance ownership: 60/40, 25/75, 50/50. Therefore, with the number of shares you start with, we recommend you start with a round number, large enough to cope with the distribution you intend.
We will need for each shareholder:
- Full address
- Public address
- Number of shares to allocate them
Company Director/s
All UK companies and LLPs are required to maintain a register of people with significant control (PSC) over the company (or LLP).
A person with significant control over the company is defined as an individual who (either alone or as one of a number of joint holders of the share or rights in question) meets one or more of the following conditions:
- an individual who holds, directly or indirectly, more than 25% of the shares in the company;
- an individual who holds, directly or indirectly, more than 25% of the voting rights in the company;
- an individual who holds the right, directly or indirectly, to appoint or remove a majority of the board of directors of the company;
- an individual who has the right to exercise, or actually exercises, significant influence or control over the company; and
- a trust or firm (without legal personality) that meets any of the above conditions and an individual who has the right to exercise, or actually exercises, significant influence or control over the activities of that trust or firm.
Specific information, referred to as ‘required particulars’ in the People with Significant Control (‘PSC’) legislation, must be shown in a PSC register for each individual who is a PSC, as well as for any legal entity (such as a company or a limited liability partnership (LLP)) that is a ‘registrable legal entity’ in relation to your company and certain prescribed bodies.
What our customers say
MR D SONNY
MISS J WHITNEY
“I want to express my appreciation for assistance in helping me to set up my company and then a business bank account with Barclays. Very smooth process.”