Diamond and Co has been forming UK based companies for the past 20 years.
Whether you are considering forming a limited by share or guarantee company, we are here to guide you to realising your goal.
There are two basic requirements to consider before a company can be registered:
1). Limited by Share Companies
2). Limited by Guarantee Companies.
1). Limited by Share Companies are profit seeking organisations
2). Limited by Guarantee Companies are not-for-profit organisations. These organisations may wish to further register for charity status with the Charities Commission.
On both types of companies, the basic requirements for company registrations are as follows:
a). Choice of Name – Choose a business name unique to your business structure, customer base or your name. Some people find it easier to use their initials for their business names, such as JFK Consulting. If you are unsure about the availability of a business name, you could call UK Companies House on 08703333636 or use the Companies House link here www.companieshouse.gov.uk
b). Full Names of all Directors – for UK private limited companies, at least one director is required. If more than one person will become directors, then full names of all directors will be required. Following the new Companies Act 2006, there is no requirement for a new company to have a secretary unless the proposed company desires to have one.
c). Full Names of Secretary – Where required
d). Other Details – Other details are the addresses, date of birth, registered address of business, occupation and nationalities of all director(s) and secretary.
e). Share Capital and Share holding – This aspect of the forms are vital as they relate to share ownership and thus controlling interests of the company. The director(s) will need to consider the total number of shares of the company. For most small companies, a share capital of 1000 shares of £1 may suffice. In addition, the director(s) may need to decide how many of these 1000 shares to allocate to the director(s). The allocated shares determine who owns and control the company, and proper professional advice should be sought at this stage if the directors are unsure of their decisions.
f). Governing Documents – These are referred to as memorandum and articles of associations. There are major differences in the choice of governing documents depending on the type of business, whether limited by shares / guarantee companies as explained above.