| 1.What are the different
types of company that are available to be incorporated? |
Private Limited Company (Ltd), Public
Limited Company (PLC) or Limited Liability Partnership
(LLP) |
| 2.What documents
are required to incorporate these companies and what
are the other registration requirements? |
Ltd/PLC Incorporation: Memorandum
and Articles of Association, Form 10 (details of Directors,
Secretary, Registered Office) and Form 12 (Declaration
of Compliance) must be filed with fee of £20.
Further Registration Requirements: PLC needs a Certificate
as to minimum capital before it does business.
Alternative: Ltd/PLC: buy already
incorporated shelf company, transfer shares and change
officers and registered office.
LLP Incorporation: Incorporation
document (Form LLP2 – details of Members) plus
registration fee of £95. Further Registration
Requirements: None.
NB: All types of companies may have
to register with other government bodies to carry
on their type of business, especially for VAT and
corporation tax.
|
| 3.How long (approximately
in your experience) does this process take from start
to finish? |
Ltd/PLC: About 7 days (same day
if additional £60 is paid).
LLP: Presently same day.
|
| 4.What are the capital
requirements (minimum amounts, types of capital, limits
of shareholders liability) |
Ltd: Minimum in practice is £1.
PLC: Minimum is £50,000, paid up as to at least
£12,500.
Ltd/PLC: Shareholder's liability
is limited to the price to be paid for his share.
Capital consists of ordinary shares, and shares with
special rights (eg voting, dividend) are possible.
LLP: No capital requirements. Members
are not liable for the debts of the LLP.
NB: Members of an LLP and Directors
of a Company can be liable for their own negligence/torts
in certain circumstances.
|
| 5.What is the minimum
management requirements (e.g. types of office holder
or nationality requirements, etc.)? |
Ltd: Minimum one Shareholder, one
Director and one Secretary. No nationality requirements.
PLC: Minimum two Shareholders, two
Directors and one Secretary (who must have certain
qualifications). No nationality requirements.
LLP: Minimum two Members of whom
at least two must be Designated Members to sign and
file documents at Companies House. No nationality
requirements.
|
| 6.Approximately,
what is the local currency cost in relation to
formation expenses and taxes? |
Limited Company: £20 or £80
(same day) plus costs of formation agents (if any).
Limited Liability Partnership: £95
plus costs of agents (if any).
|
| 7.What publicity
is required (e.g. filing of accounts, publication of
other information)? |
Ltd/PLC: Annual returns (with details
of Officers and Shareholders), annual accounts (audited
for larger companies) and changes in details of Officers
and Shareholders must be registered at Companies House.
Certain information must be held at the premises,
and certain information must be put on letterhead.
LLP: Annual returns (with details
of members), annual accounts (audited for larger LLPs),
and changes in members’ details must be registered
at Companies House. Certain information must be put
on the letterhead.
|
