Registration of the company in the UK will allow you to develop business in one of the richest countries in the world. But before the business foundation you have to choose a legal form and a structure.
It will determine the basic rights of the company itself and business owners. For example, the taxation politics, distribution of profit and responsibility in case of losses.
In the UK you are free to manage a business in the forms of sole trading, unincorporated association, partnership, limited partnership, trust and limited company. In this article we will pay attention to the most popular structure – limited company.
This entity does not provide personal liability for the business owners. The company itself is responsible for its business affairs and can enter into transactions and sign contracts on its behalf.
The process of registration is quite simple and requires at least one shareholder and one director. They may be the same person.
The activity and internal structure of the company are regulated by its Memorandum and Statute, as legislation does not make clear demands concerning these points. Limited Company is the most popular entity in the UK because of the simple procedure of registration, low requirements and rather flexible tax conditions.
First of all, tou have to choose the name of the company. An appropriate name is very important, as it allows to distinguish your business and services from the similar on the market. There is an international name register with the list of all names that are already taken.
Before the submission of the documents you have to check it. If you choose a name that is unavailable, your application will be declined. Also, there are several restrictions in part of naming. For example, you are prohibited to use general names as “Milk”, “Bread”, “Phone” and others. It also can not fill the names of the public authorities and government.
The last restriction is connected with offensive words. It is forbidden to use a name, which can hurt a gender, national or religious feelings. All the names have to start from the naming of the legal entity.
We have already mentioned that you need at least one shareholder and one director. But it is possible to appoint a few directors at once. In this case, you need to state their responsibilities in the Statute.
You do not have to hire a secretary, but this person is also important. You will state the secretary in each meeting document, so it is easier to appoint him or her at the beginning. One of the main duties if the director is to inform shareholders and company team about all the structure and legal changes.
Besides, the director prepares a financial report and presents it to the shareholders at the end of the financial year.
Two other important employees are the accountant and lawyer. After company registration you have to pay regular taxes for all the business activities and submit reports to the tax service. The qualified staff will save you time.
Eternity Law International will gladly help you with registration of the copmany in the UK, and our specialists will answer all your questions. Take advantage of our many years of practical experience – save your time and your money.
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