Have you decided to set up a company in the UK? But, “You are not sure about the documents that are needed to complete the process of company formation precisely?”
You should stop confusing yourself because there is a wide range of the company formation agents or firms in the countryside that can assist you in the right way.
The United Kingdom is such place in the whole world where you can open a limited company within 24 hours with ease. And the number of the legal documents that you need to run company formation process is also small.
If you are thinking to open a new organization, here are the guidelines that will definitely help you!
Non-UK Residents can also Open A Company in the Country!
For a non-UK resident, it is also simple and affordable to form a private limited company in the United Kingdom. The application process and all legal requirements will remain same for everyone, whether he or she is a citizen of the nation or not!
Registration can be done Online!
You can simply register your firm online with the Companies House in England, Wales, Scotland, and Northern Ireland. But, to do it, at least one director and one shareholder will be required or only one person can be appointed to both positions.
The online portal with the Companies House will permit you to change everything from your registered office address to directors and shareholders.
Documentation Requirement for Company Formation
Here is the detail of documents that you need to complete the process successfully:
1. Memorandum of Association
The “Memorandum of Association” contains the information about the firm’s name and the location of the registered office such as Scotland, Wales, and England.
This essential document also positions the objects of the organization such as legal responsibilities and tasks of all members including directors, shareholders, and secretary. It contains the detail of the company’s official name and also shows the names of each shareholder and the amount of share each member holds.
With the help of the Companies House online portal, shareholders can be reappointed anytime, even after the company formation.
2. Articles of Association
The “Articles of Association” are the rulebook that binds all members of the board. These rules contain the detail about the company, its members, legal responsibilities and internal management affairs.
By the law, certain clauses of the companies Act 2009 have to be considered. These specify the directors’ rights and also the situation when more shares will be given away to them. And how elimination process of directors from the board can be performed also mentioned in these clauses. Articles of Association also provide the information of those rules that may affect the company and the role of shareholders and directors.
For many business owners, specifically for the directors who don’t have anyone else on the board with them, the articles in their legal form will never come into play. The Companies House offers a standard model that you can attach to your business during the procedure of its formation with a simple click of the button. The standard articles will fulfill the requirements of 99% firms and thus highly recommended to use. Different articles for different companies are offered by the Companies House, such as public companies and those that are limited by shares.
If you extremely want to add a certain clause, you can add it to model articles. For many companies, the standard articles form is the right choice. This allows them to change the articles later and submit them back to the Companies House.
3.Form IN01
If you want to make any amendment to the articles, it can be made in Form IN01. Whatever the change you want to make can be included here. Even though you are using the standard articles, Form IN01 has to be submitted at the right time.
It also provides the information of the names and addresses of all directors and company’s registered office. It keeps the detailed information about the share capital and allotment of shares to each director. But the important thing that is necessary to know is that residential addresses of the directors on this form are not displayed publicly.
Here are some other important points that are necessary to know.
Have a look!
Where Can You Get these Documents?
Whether it’s IN01 Form, Memorandum of Association, and Articles of Association all forms can be downloaded from the Companies House website.
Cost of Submission
Normal cost for registering a limited company directly with the Companies House is £20. And the process of final approval may take around 8 days. And if you want same day submission, you will have to pay £50.
Company Formation Agents Make the Process Simple
Do you want to register your company as soon as possible? If yes, appointing one of the finest company formation agents in the UK will be the right thing to do.With the help of an experienced company formation agent, you can register a company online in a few hours. Online procedure is no doubt one of the most accurate and affordable ways for any business owner to register a company.No other option can be so quick like this!If you really want to open a limited company, must keep these points in mind so that each and every step of the process can run smoothly.
Related: How to Open a Business Bank Account in UK?
Author Bio: Joseph Furguson is a guest blogger expert that is specialized in providing quality content based on different categories. He feels proud in sharing valuable information about company formation & Business Registration along with their purposes.
