Company registration UK
Company Registration in the UK
An established memorandum of association is for people to form a company registration in the UK. Public and Unlimited companies must have at least two shareholders.
Company Director Requirements
In general, any person can become a company director, given that the person is mentally competent and is of sufficient age to understand the responsibilities and obligations that come with the position.
Furthermore, the court should not disqualify the director from acting as a company director. Also, the director should not be an undischarged bankrupt. Both conditions, however, may be overridden with leave of court.
Number of Officers in a Company
For private limited companies the Companies Act 2006 requires at least one director over 16 years of age and a secretary.
A public limited company will require a minimum of two directors and at least one secretary formally qualified for the position.
For the Company name, there are no restrictions. Companies House, however, will not register a name which is exactly the same as another company. Moreover, when the company name is registered, it is important to make sure that it will not cause offence and the Companies House will not allow such names.
Company should also be careful not to choose a name already trademarked or patented by another company as legal actions may follow.
Statement of Capital
Companies limited by shares (both private and public) must submit a statement of capital and initial shareholdings. The statement will be filled out under the application of incorporation as well as the annual return filing.
The Statement of Capital must show:
- Total number of shares in a company
- Aggregate nominal value of the shares
- For Each class of shares:
- Prescribed particulars of the rights attached to the shares
- Total number of shares of that class
- Aggregate nominal value of shares of that class
- The paid and unpaid amount on each share
Types of companies that can register:
Private Companies Limited by Shares:
In this case, the capital originally invested, limits each shareholder’s liability to creditors.
Private Company Limited by Guarantee:
This type of company set up is usually for charitable work and using it cannot be beneficial for a company seeking to make profit. The shareholders are only liable for the amount that they have agreed to contribute to the assets of the company in case it gets wound up.
Private Unlimited Company:
In this case the shareholders will have no limit to their liability in regards to the private company.
Public Limited Company:
The shareholders are liable for the capital originally invested, and the shares in the PLC are offered for sale to the general public