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Setting up a business in the UK is an exciting venture an entrepreneur cannot resist. However, company formation comes with administrative tasks which can be tiring and time-consuming.
This company incorporation process requires a few important documents; if missing any, the company’s operations will not run seamlessly.
Navigating these requirements can be overwhelming, but this article will help you as an entrepreneur looking to venture into the UK, understand all the documents required for UK company registration, explain how they play a role, and provide some tips to streamline the application process.
What Are the Essential Documents Needed to Register a Company in the UK?
Memorandum of Association
This document contains the names and signatures of the founding members. The document remains unchanged even when the old members leave and new ones join.
The memorandum is a foundational document that aims to show the company’s founding members are committed to starting the business.
It must be filed with Companies House when forming the company; however, if registering online, the MoA can be created for you automatically.
Articles of Association
The company should operate and be managed according to the rules and regulations laid down by the AoA. It should also contain information on voting rights and other ownership shares rights in the company.
Statutory Registers
This is a collection of documents required under the Companies Act 2006 to be maintained by the company.
The register entails information on shareholders, directors, and secretaries. These documents must be available for inspection and should be up-to-date.
Directors
You must provide personal information about all directors, including their full names, addresses, age, and occupation.
Also, the information to be provided is the date of the appointment. Some details to be provided vary depending on whether the director is human or an entity.
Shareholders
Their register should include their names, ages, addresses, the date they became shareholders when they ceased to be shareholders, the number and class of shares they have, and the amount agreed upon or paid for shares.
Secretaries
Their information is only applicable if a company has a secretary. Unlike public companies, private limited companies don’t need a secretary. If you have one, you must include their name and address.
It is important to note that every company must keep the usual directors’ residential addresses.
Statutory records are available on the public register which ensures transparency and accountability within the company structure and is a basic requirement of UK company registration.
People with Significant Control (PSC)
PSCs hold more than 25% of shares, voting rights, and the right to appoint or remove the majority of the board of directors in the company.
The PSC register helps law enforcement agencies investigate money laundering and increases transparency over who owns and controls UK companies. This will also help investors before investing their time and funds in a company.
Form IN01
This form is used to register a private or a public limited company online with Companies House.
The form includes company details, company name restrictions, exemptions of names ending ‘Limited’ or ‘Cyfyngedig’, company types, business activity, registered office location, registered office address, articles of association, registered email address, proposed officers, secretary appointment (if applicable), directors’ appointment and service address, statement of capital, statement of guarantee, PSCs, and nature of control.
Registered Office Address
You must provide an official and physical address for your company. According to the Companies Act 2006, companies should have an appropriate address which should be physical, able to receive correspondence and public documents, and someone on behalf of the company can acknowledge receipt.
Founder’s Service Agreement
This is a legal contract that defines the employment terms of each founder. It outlines terms such as compensation, responsibilities, working hours, non-disclosure, and non-compete agreements.
The agreement also appoints the founder as a member of the board of directors of the company. Under the Companies Act 2006 the agreement should come with specific responsibilities, obligations, and restrictions.
Shareholders Agreement
This is a legal agreement between shareholders and the company. The agreement lays out the shareholders’ governance, decision-making, management, and rights. This document is vital when you have more than one shareholder.
It also outlines shareholders’ rights and obligations and also helps resolve disputes. Additionally, it ensures fair treatment and allows shareholders to make decisions about future shareholders.
It includes how shares are issued and sold, how offers to buy shares are made, how to resolve common issues, shareholders’ exit strategy, how meetings are called, and what happens when a shareholder dies.
The above documents are crucial and are needed when incorporating a private or public limited company. With these documents, you will seamlessly register your limited company with Companies House smoothly and fast.
If you miss any of these documents, your company registration may be denied, preventing you from starting the process again.
This can be a complex and time-consuming process, especially if you do not know what to fill out. Company formation agents can be of great help since they help you navigate the whole process after giving your company’s information.