Horngren’s Cost Accounting A Managerial Emphasis, Canadian 9th edition soluti...
Forming a company
1. Forming a UK Company
What we need from you and what we do for you
2. Types of company
• When most people talk of forming “a company” they mean a UK
limited company (“LTD”). This us what this slideshow is about.
• We can also form plc’s, companies limited by guarantee,
charitable companies, limited liability partnerships and Scottish
limited partnerships. The requirements and responsibilities for
each of these is different. Contact us directly if you want one of
these formed.
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3. Company name
• The name must be unique and you can check the Register.
• You can reuse the name of a dissolved company.
• The name must not be too similar to an existing name so that
there could be confusion. Hands Ltd would be considered to be
the same as H and S Ltd or H & S Ltd.
• Any geographic identifier must be accurate i.e. Acme Scotland Ltd
would have to be registered in Scotland or trading in Scotland.
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4. Ccompany name (cont’d)
• You must not use sensitive words such as Royal, Trust or Council in
the company name without prior approval.
• If you intend too use a sensitive name, you must prove your
entitlement or the application will be rejected.
• Words not in English or Welsh may need to be translated.
• If the company name has been ”reserved” for a prospective
incorporation it may also be rejected.
• If you adhere to the above, you should get the name you want,
but have a second choice just in case.
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5. Registered Office
• The Registered office must be in the country of formation.
• Companies formed in Scotland must have a Registered Office in
Scotland.
• Companies formed in Northern Ireland must have a Registered
Ofiice in Northern Ireland.
• Companies formed in England and Wales must have a Registered
Office in either England or in Wales.
• We can form companies in any of these countries and provide a
Registered Office in each country for you.
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6. Registered Office (cont’d)
• The Registered Office can be your home, your office, the
accountants office or anywhere in the correct country.
• It cannot be a PO Box or a c/o address.
• The Registered Office can be changed at any time.
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7. Directors
• We have to verify the identify of each of the directors.
• If we are not happy with the information provided we may ask for
additional information.
• If we need to undertake verification of the identity of non-UK
nationals in foreign countries, we will advise you of any additional
costs that will arise
• Formation of Scottish Limited Partnerships will be subject to
stricter identity requirements.
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8. Directors (cont’d)
• Each director has to provide to us:
• Full contact details
• Either a copy of their passport or their driving licence
• Any three of the following pieces of personal identification:
• Place of birth
• Passport number
• National insurance number
• Fathers first name
• Mothers maiden name
• Eye colour
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9. Company Secretary
• This is largely now a symbolic position and is not obligatory for any
company to have this.
• Nicolson Accountancy will provide company secretarial services to
you as part of our inclusive fee.
• This includes appointment and resignation of directors, share
transfers and issue, change of Registered Office etc.
• Nicolson Accountancy will also file the annual confirmation
statement (“Annual Return”) at Companies House, and pay the
fee, for a modest annual charge.
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10. Share capital
to tell us how many shares are to be issued, and to
not, Nicolson Accountancy will issue 1 share to the sole
or 1 jointly to the director and spouse if that is more tax
nt a different share structure, you must advise us so that
be out in place early. This doesn’t have to be done when
any is formed but it should be done before trading starts.
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11. Formation can now proceed
• If you send us all the requested information, we can normally have
the company formed within 4 working hours.
• If Companies House query the registration or if their computers
are down then it can take longer.
• As soon as we have the Certificate of Incorporation we well send it
to you electroncially so you can use this to open a bank account
and start to trade.
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12. What about taxes?
• Forming the company automatically registers it for Corporation
Tax.
• Within 10-14 days you well get a letter from HMRC at the
Regsitered Office. Send it on to us and we well deal with it.
• The incorporation cost also includes registration for PAYE and VAT
as required.
• VAT registration requires a business bank account
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13. Next steps....
• Email us with all your information and we will get the company
formed for you straight away.
• For more information, contact either Angus Nicolson or Sue
Nicolson on 0141 237 3878
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