It is possible to set up a limited company independently, however it is advised that a specialist formation agent is used in order to avoid unnecessary mistakes and obstacles
You must first decide on the following:
· Is you company going to be private or public limited by shares, or a private company limited by guarantee
· What the purpose of the company is and its capital requirements
· Whether the proposed company name is available and acceptable
A Form IN01 is used to apply to form a company. This is to be accompanied by a Memorandum of Association, the articles and the correct registration fee.
The Memorandum of Association serves the purpose of evidencing the intention of each subscriber to form a company and become member of that company.
Companies that wish to incorporate as limited by shares must present a statement of capital and initial shareholdings along side the other documents.
All companies must appoint at least one director, whom must be a natural person aged 16 years or over. For each director, the following information must be provided:
· Full forename and surname
· Any former names used for business purposes
· Full service address including town, county and postcode
· Usual residential address
· Country/State of residence
· Date of Birth
· The number of shares, if any, the director is to have in the company
· Security items from the criteria required by Companies House
For each shareholder the following information must be provided:
· Full forename
· Full address including town, county and postcode
· The number of shares the shareholder is to have in the company