Minimum requirements for a UK limited Company formation.
The following will help you understand the minimum requirements you must fulfil in order to form a UK limited company (limited by shares).
UK limited companies have very few requirements or restrictions which is what makes them a simple yet flexible solution for many businesses.
The very minimum requirements are -
- There must be at least one director appointed.
- All directors must be at least 16 years old.
- The company must have a registered office address in the UK. For companies registered in Scotland the address must be in Scotland and likewise for companies registered in England and Wales the registered address must be in England or Wales.
- The chosen company name must not be exactly identical to any other company name currently held on the register at Companies House.
- The company must issue a minimum of one share at the time of incorporation
Other points worth remembering -
- Company Secretary is an optional position for private limited companies. You can appoint one if you feel it will assist in administering your company.
- The director, secretary and shareholders do not have to be based in the UK. Virtually anyone can own and manage a UK limited company.
- The address for directors must not be a PO Box. Certain countries use PO Boxes as standard, in which case a street name must also be supplied.
- Corporate bodies can act as director, secretary and shareholder. This can however make opening a bank account more difficult in some circumstances. A company can no longer have a sole director that is a corporate entity, there must be a natural director appointed at all times i.e. a real person.