Company Formation

All companies are registered with Companies House. Companies House regulates companies using the Companies Act of 2006.

The company must have a Memorandum and Articles of association as the founding document. This is the document that gives directors/shareholders authority to act. Directors are bound by the authority contained in the Memorandum and may not deviate from the stated terms without incurring personal liability.

The company must have at least one director and one shareholder, not necessarily the same.

Companies must submit annual returns on the aniversary date of incorporation to Companies House. Companies must also submit annual financial statements whether dormant or trading to Companies House within 9 months after the financial (accounting) year-end.

Annual financial statements can be prepared by anyone but must comply to UK Generally Accepted Accounting Practise (UKGAAP) and in many instances to IFRS rules. These rules are complex and you should get a qualified accountant to draft these.

If turnover is under £5,6 Million no audit is required. However lenders may require an “Independent review” by a suitably qualified accountant.

Administrating a company can be complex at times and suitable advise should be sought.

The cheapest way to register a company is to use an on-line company registration firm. This will be quick with 24 hours a norm but will not allow you to customise the Memorandum.

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