Company Registrations – General Notes
There are a number of different ways of registering businesses in the UK. This article will focus on UK Company formation of Limited Companies. A Limited company is an entity in which the liability of members is limited to the contributions or investments they have made in the company. The ltd company has a simple structure with a minimum of one shareholder and one director for company registrations. There are no obligations under Ltd. Company laws to appoint a company secretary, but it makes carrying out many company duties easy, if a secretary is appointed.
Company registration in the UK can be carried out by the prospective company owner or the services of company registration agents can be employed for company registration.
Limited Company is by far the most popular business entity in the United Kingdom. Company registration of a UK Limited company provides a number of tax saving opportunities for the beneficial owner.
Company Incorporation – Choosing a Company Name
Take your time to choose the right name before company incorporation. A company name is what distinguishes it from its competitors, who provide similar goods and services. Whilst it is important that you choose a name for your UK Company registration, there are specific guidelines which must be followed in order to ensure that the proposed name is not rejected by the Registrar of Companies.
There are restrictions in place which limit the names that can be given for Company registration. For starters, all UK Limited Companies must end with the word Limited or the relevant abbreviation Ltd. Someone who intends to carry out UK Company formation cannot use a name which has been previously used by another company for registration. The name chosen for a limited company cannot show or imply any type of connection with government authorities or any public authority. The name also cannot contain sensitive words or any word which is considered to be offensive.
Company Registration (UK) – Officers Duties
Where Limited Companies are concerned a minimum of one company director is needed. Company laws provide for the use of more than one (1) company director, however at least one director must be an individual. There are no obligations to appoint a Secretary for a UK Limited Company, but it is highly recommended.
Each director and secretary appointed during UK Company Registrations has responsibilities, which must be carried out effectively.
Following UK company registrations, the director of a limited company must ensure that Companies House is notified of any changes made to a Company; these include change in registered address, change of company officers or any changes in details of company officers. At the end of the financial year the company director is responsible for preparing and signing all company accounts and having them delivered on time.
The responsibility of the Company Secretary is determined by the company which appoints this individual during or after UK Company registration. UK Companies that choose to appoint a company secretary may outline the duties which normally include preparation of notification of company meetings and providing company members with proposals to be discussed at meetings. Other responsibilities of the Secretary are to keep minutes of meetings and members resolutions passed, ensure that resolutions passed and any agreements made are delivered to Companies House among others.
Company Formation – Additional Services
Employing the services of a UK accountant will ensure that all requirements for compliance after ltd company registration, such as filing annual returns are met, along with other tax compliance requirements. Take advantage of our partner offers for accounting services for to help prepare business plans and strategies for a newly incorporated UK company.
UK Company registration is not time consuming and the individual(s) who takes advantage of incorporation in the UK will receive a Certificate of Incorporation which signifies that the UK Limited company is a legal entity.