If you wish to set up a limited company in the UK, you are required to provide certain information when registering the firm with Companies House. With the Small Business, Enterprise and Employment Act 2015 recently coming into effect, the legal requirements involved in this task have changed. Turner Little asks; what information should you provide when setting up a limited company?
Name and address
You will need to register your business under a unique company name. Ensure you choose the right name for your business, so you can develop a strong brand identity that consumers trust. You will also be required to state an official address for your firm, which must be in the UK. You do not need to operate from this address, but it is the address to which all legal documents and correspondence can will be sent.
Director details
When registering your company, you will need to include key details concerning your company directors. This includes their names, dates of birth, nationality, occupations, actual residential addresses and, if desired, their service addresses (their ‘official addresses’ for business purposes). Whilst actual residential addresses must be given on incorporation, they will not be shown on the public register, where you also use a service address.
It is important to note that your company cannot be its own director, but you can appoint another firm to serve as its director, as long as you also include at least one person as one of its directors. When appointing a corporate director, the following will be required: the business’ name, address, country of registration and registration number as well as the name of the person authorised to act for the corporate director.
Shareholder details
You will also need to state who owns our company i.e. its shareholders. To appoint shareholders, you will need their names, addresses and the number and class of shares allotted to each shareholder. Your firm cannot be its own shareholder, but can appoint another business as one of its shareholders. When taking this action, you will need to state the firm’s name, address and the number of shares allotted in the same way as for an individual.
SIC code
During the company registration process, you will be required to state your firm’s Standard Industry Classification Code (SIC). This is a five-digit number showing which sector your business will be operating in. If you are unsure which sector your venture will be operating in, use the ‘other business support services activities’ code, 82990 and update it when you file your confirmation statement.
People With Significant Control
Due to the above mentioned Act, you now have to submit a register showing ‘People With Significant Control’ of your firm. Include people who own more than 25% of your firm’s shares, more than 25% of its voting rights, or, can appoint and remove the majority of directors and who have the right to, or actually, exercise significant control over operations. If someone has the right to, or actually, exercise significant control over a firm or trust that meets one of the other four conditions, include them too.
When compiling the register, you will need to state certain details for each person. This includes their name, nationality, date of birth, occupation, actual residential address and service address (where applicable). Within the register, you will also need to detail how each person holds significant control over your business.
Company secretary
Prior to the Companies Act 2006 and even now in PLC’s you would have been required to appoint a Company Secretary to handle a huge number of administrative responsibilities when registering a limited company. Whilst this is now an optional appointment, the Company Secretary is defined as the Chief Administrative Officer of a Company and under Company Law must be qualified. Whilst the requirement to appoint a Company Secretary is no longer exists in Private Limited Companies, the responsibilities and duties previously attached to that position continue to exist. The effect of not appointing a Company Secretary is to pass these responsibilities to the directors of the Company. If you decide to hire a company secretary, and Turner Little would always recommend that you do, you will need to document their name and service address. Turner Little are able to provide professional corporate company secretary appointees as part of acting as Registered Office.
Memorandum and articles
You must submit memorandum and articles of association to Companies House when setting up your company. This is a series of documents where you set out how your firm will be operated. There are a range of complex tasks involved in creating a limited company, so you may wish to seek professional help. As a registered company registration agent, Turner Little can provide you with outstanding limited company formation services required to build a thriving venture.
Turner Little
Turner Little was founded in 1998 and it has since become a well-established UK based professional Company Registration Agent, Registered Bank Intermediaries and Business Consultants, as well as Trust provider. You can receive our monthly newsletter by signing up using the form below.
