How to Form an Online UK Limited Company
The process of setting up a limited company in the UK online is very easy and straightforward when you take the help of an online agent (RTRSupports Limited) that specialises in company formation services. It will register your company on your behalf and submit your application electronically through its approved software. It will help to save your time and hassle of doing it yourself by providing company formation packages.
Please watch the video given below to get more details:
You must follow several steps when forming a limited company in the UK.
Name your company:
There are many factors to take into account when selecting the name of your business. You cannot use the same name as a business that already has a trademark. Your company name should not contain any profanity, rude or offensive language. A name that is very similar to another name of a registered company will be rejected.
In addition to your registered company name, you can use various trading names that align with various services. This is a recognised business name, so they are not allowed to use your "Ltd" suffix.
Also read: UK business bank account for non-residents online
Registered Office Address:
A registered office address is required for a limited company. It is crucial because all of your official documents and communications from Companies House and HMRC will be sent here. Your company must have a physical, UK-based address with a postcode. And it needs to be in the same location as your company.
If you're working from home, this can be your home address. However, the list of registered offices maintained by Companies House is accessible to the general public. As a result, for security or privacy reasons, you might not want to use this address. You can use your business address as your registered office address if you have an office. Otherwise, you can purchase a registered office address service from an online company formation agent.
Memorandum of Association:
This document must be signed by all shareholders or guarantors, it confirms their agreement to form your limited company under the Companies Act 2006.
Additionally, they are legally required to take at least one share of the company. Your memorandum of association cannot be changed once it has been submitted.
Articles of Association:
The “written rules about running the company” are found in the articles of association of a company. The company's directors, shareholders or guarantors, and company secretary must read, approve, and sign them. The government has produced "model" articles of association that can be used. These meet the requirements of the majority of companies.
You must consult a legal expert if you believe your business is in a more complicated situation and requires a more customised document.
Also read: Steps for UK Company Formation for Non-Residents
A minimum of one company director is required for every limited company. They are legally responsible for managing the business and submitting accounts and reports on time.
A director must be at least 16 years old, have a registered office in the UK, and have never been disqualified from serving as a director in the past. His name and contact information are made available to the public by Companies House. You must find an agent who can provide you with the best director for your business.
The appointment of a company secretary is optional for private limited companies. If you are the company's auditor or have the status of "undischarged bankrupt," you are not allowed to serve as the secretary of the company. A director and a company secretary are both possible roles. Company secretaries share the work pressure of a company director.
Also read: How much time does it take to register a UK Limited Company?
Most limited companies are "limited by shares" which means that their shareholders own them. These shareholders are subject to certain responsibilities and rights. At least one shareholder is required. A "statement of capital" must be included when registering your business. This includes:
- All of your shareholders' names and details.
- The number and type of shares.
- Total value of the shares: ‘Share capital’.
- ‘Prescribed particulars’: The rights assigned to shares for shareholders (such as voting rights, the number of votes they are entitled to, dividend shares, and whether shares can be redeemed for money).
People with Significant Control:
People with significant control (PSC) must be listed on your company's PSC register and reported to Companies House. If a person satisfies at least one of the following requirements, he will be considered as a person with significant control:
- Own more than 25% of the company's shares.
- Possess more than 25% of the voting rights in the company.
- Can remove and appoint the majority of the company’s board of directors.