Limited by guarantee companies and limited by share companies are established in the same way. In just 3 working hours, you can use the services of an online company training agent to register a ready-to-trade company. You can also use the Web Incorporation and postal services of Companies House, but these registration methods take much longer and cost more.
The following information will be required to complete an online application for registration of a limited by guarantee company:
- Name of the company
- At least one 'natural' director aged 16 or above
- At least one guarantor
- Service address for each guarantor
- Information of all people with significant control (PSCs) of the companyRegistered office address in the same country where your firm is incorporated
- SIC code defines what kinds of business activities the company is carrying on.
- Statement of Guarantee
- Statement of Compliance
- Articles of association and memorandum
Statement of Guarantee:
In order to register a limited by guarantee company, the guarantor must complete a Statement of Guarantee during the incorporation process. This is a legal requirement under section 11 of the Companies Act 2006 and it outlines the situations under which the guarantors have to pay their guarantees.
Each guarantor whose names are listed on the Memorandum of Association should agree with the Statement of Guarantee which is as follows:-
- In the company, all the payments of debts and liabilities are contracted.
- It is to wind up all the payments of costs, charges, and expenses of the company.
- Adjustment of the rights of the contributors among ourselves, not exceeding the specified amount below.
- The Statement of Compliance contains the amount of money guaranteed by each subscriber (guarantor). It will set the limit of their financial liability. In most cases, a nominal value of £1 is agreed by each subscriber. It should be paid whenever the company gives a request.
- The Statement of Compliance must be signed by each subscriber to the memorandum. It means that they agree to the Statement of Guarantee and sum which is guaranteed.