COMPANY FORMATION - UK
What are UK Companies?A UK company is a legal entity of its own right created by registration at Companies House. Once incorporated, the Registrar of Companies provides a certificate of incorporation. This document is important as it is proof that the company exists and has been formed in accordance with Companies House regulations.
You can change the company name at any time but you still keep the company registered number. All items purchased by the company belong to it not directly to the person(s) who have ownership of the shares in the company.
The company is owned by its shareholders and run by the directors. This gives the directors Limited Liability. Should the company be unable to pay its debts, the shareholders personal assets do not form part of the company's assets unless they have personally provided guarantees for the company's activities.
Because a company is a separate legal entity, the business continues to trade irrespective of whether the original director(s) remain as part of the company.
How long does a company formation take?
Fides Partners uses the Electronic Filing facilities at Companies House. This means that when you place an order on our website your request is sent instantly to Companies House for processing.
The Registrar of Companies generally completes the incorporation within 3 working hours. This can mean if you placed an order before noon on a normal working day, we will have your company incorporated by the end of that same day.
Are all names acceptable for Companies?
Most names are acceptable to Companies House when forming a limited company, but there are a few exceptions. These exceptions fall into the following categories:
- Your proposed name must be different from that of a company already incorporated.
- If there is a sensitive word then we will need to inform Companies house about the reason or show approval that you have received to use the name.
- Names containing words likely to cause offence are not allowed.
Can anyone be a company director?
In general terms, yes, but there are some rules. You can not be a UK Limited company director if:
- You have been declared bankrupt or banned from being a company director by a court. The courts can reverse their ban for one or more companies.
- There is no minimum age limit in the Companies Act for a director to be appointed in England and Wales. However, he or she must be able to consent to their own appointment. You should seek legal advice if you intend to have a very young person as a director of your company.
Does the company name have to be shown on all documents?
The company must display its name clearly, on all the following:
- all the company's letters
- all of its notices and other official publications
- all bills of exchange, promissory notes, endorsements, cheques and orders for money or goods purporting to be signed by, or on behalf of, the company.
Will you give me a form for my shares?
Share transfers are completed as part of our online integrated company formation procedure therefore there is no need for initial share transfer forms. We can provide you with a free of charge Form 88(2) should you wish to make further share allotments following your company registration.
Tell me about company year end dates?
A company accounting reference date (ARD) is the date in each year to which a company's financial accounts are prepared. The accounting reference date usually ends at the end of a particular month.
If your company is incorporated on the 10th of October your first accounting period year end will be 31st of October. When you prepare your accounts the abbreviated version will be filed with Companies House running from, for example, 10/10/07 to 31/10/08, while with Inland Revenue the full set of accounts will be from 10/10/07 to 31/10/08 and the Tax Return for the first year will be from 10/10/07 to 09/10/08 and then 10/10/08 to 31/10/07.
Can an ARD be changed?
You may change your company's accounting reference date. The Form must be submitted during the accounting period affected by the change or during the period allowed for delivering the associated company accounts.
What are authorized shares?
These are the total number of shares that it is possible for your company to issue. On incorporation the number of authorized shares is usually 1000.
The number of authorized shares is often different from the number of issued shares. Issued shares are those authorized shared that have actually been issued. In terms of who owns the company, the number of issued shares owned will be the determining factor.
How do I distribute more company shares?
Additional shares can be issued up to the amount of the authorized share capital using Form 88(2). Once completed the form should be sent to the Registrar at Companies House.
Note: You can increase your company's authorized share capital by passing an ordinary resolution at a general meeting. The authorized share capital of a company can also be reduced.
What if I no longer need my company?
UK limited companies that have not traded or otherwise carried on business for at least three months may apply to Companies House to be struck off the register. Company Dissolution is a service Fides Partners is able to carry out on your behalf.
What is a company registered office?
The company registered office is an address in England or Wales (or Scotland if your company is registered there) where the company's statutory books must be available for inspection and where documents can be delivered to the company. A company's registered office address must be displayed on all company literature and documents.
Can I change my company registered office?
Yes
Do you offer a registered office service?
Yes, we offer our UK office as your registered office address.
SERVICES FIDES PARTNERS CAN HELP YOU WITH ARE:
- UK Company Formation
- Incorporating Holding companies
- Offshore Company Formation
- Accountancy Services
- Business Start up Services
- Website design
- Outsourcing
- Offline Sales
|
