FAQ/News
UK COMPANIES
A private company limited by shares is a company that has shareholders with limited liability and shares that cannot be offered to the general public. Limited by shares means that the liability of the shareholders is limited to the capital they originally invested. This means that in case of insolvency of the company, the shareholders’ private assets are protected but the money he invested at the beginning will be lost.
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A UK limited company is an independent entity whereas a UK agency is a structure formed to act as an agent for an offshore company.
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The Companies Act of 2006 set a limit of 6 years for companies dissolved after 1st October 2009 to be restored back into the Companies House register.
For companies struck off prior to 1st October 2009, the deadline is the earlier date of 30th September 2015 or 20 years. This means that some restorations may no longer be possible.
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A private company limited by guarantee is an entity used mostly for non profit organisations. This entity does not usually have a share capital or any shareholders, but has members who act as guarantors. During the incorporation or whenever a new member is added, it will be mandatory to indicate an amount (amount guaranteed) he will be liable for. The guarantee is legally binding for as long as the guarantor remains a member and up to one year after they cease to be a member.
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A company is dormant if it has had no ‘significant accounting transactions’ during the accounting period.
This means that a company is not dormant if for example:
- There is interest received on the company bank account
- Accounting fees are paid
- A web site, hosting and url are paid for
- etc
Any such transactions will mean that the company has to file accounts and corporation tax returns in the normal way.
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REQUIREMENTS
To incorporate a private company limited by shares you will need:
A registered address in the UK (no PO BOX accepted)
Details of all physical people that will act as director and/or as shareholder. 1 director and 1 shareholder are mandatory, and at least 1 director has to be a physical person.
Number of shares to be issued: the company can be created with any number of shares, for any amount, in any currency.
To incorporate a private company limited by guarantee you will need:
A registered address in the UK ( PO BOX not accepted)
Details of a physical person that will act as director. It is mandatory to have at least 1 director
Details about the members and the amount guaranteed for each of them.
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No it’s not. Everything can be done remotely.
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The following, valid and duly Certified (in English) :
- Passport Copy
- Utility Bill that is no older than 3 months
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The minimum authorised share capitalfor a UK company is £1 or its equivalent in any currency.
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Yes, but only if your sales for 12 consecutive months straight amount to £80 000 or more. In that case the company will have to be registered for VAT.
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OTHER QUESTIONS
Yes, dormant companies are required to file accounts each year. If they fail to do so, they will get a penalty.
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Corporation tax is a corporate tax in the United Kingdom applied on the profits made by UK-resident companies and on the profits of entities registered overseas with permanent establishments in the UK.
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VAT registration may take 2-4 weeks. We can help you with the process and with filing your quarterly VAT returns.
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The Pay As You Earn (PAYE) system is a method of paying income tax and national insurance contributions. Your employer deducts tax and national insurance contributions from your wages or occupational pension before paying you your wages or pension.
