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In the UK, almost anyone can register a company. Individuals and corporations, people with age 16 and more and non-UK citizens are all included.
In this blog, we will discuss the basics of UK company formation requirements, restrictions and benefits.
1. What are the legal conditions for forming a UK Limited Company?
- The registered office address must be in the UK, and it cannot be a PO Box address.
- At your registered address, you must be able to receive postal mail.
- At least one director and one shareholder are required (who can be the same person and must be over 16 years old in both cases).
2. Who can set up a UK limited company?
Anyone can set up a UK limited company.
- Your age should be minimum of 16 years
- You cannot be an undischarged bankrupt
- You can appoint a disqualified director
- You can be a citizen of any country
3. Who owns a limited company?
A company limited by shares is owned by shareholders and a company limited by guarantee is owned by guarantors. Shareholders and guarantors are collectively known as ‘members’ or ‘subscribers’ of the company, they can be individual people or corporate bodies such as companies, LLPs, trusts, and associations. During the company formation process, these members agree to form a limited company by adding their names to the memorandum of the association.
Please watch the video given below to get more details:
4. Can one person set up a UK limited company?
Yes, a UK limited company can be formed by one person as the sole shareholder and sole director. This means he will own the entire company and have complete control over the management of the company.
However, if you start a business on your own, you can add more shareholders or directors later because the limited company structure is very flexible.
5. Why would I register a UK limited company?
The main reasons to register a limited company are:
- Limit the financial responsibility of the owner of the business. This protection is known as ‘limited liability’.The shareholders (owners) of a company limited by shares are only liable for the value of their shares. The guarantors (owners) of a company limited by guarantee are only liable for the value of their guarantees. Their assets and finances are secured beyond the limit of their liabilities.
- A UK limited company builds a professional business image and allows business owners to manage their personal remuneration in a more tax-efficient manner.
- Limited status provides an impression of a trustworthy and established business.
- Forming a UK limited company is a straightforward and inexpensive process.
The easiest way to get a UK company formation with bank account is to contact a company formation agency like RTRSupports Limited, which is one of the best company formation agents UK. It helps both UK residents and non-UK residents form a UK company, there is no paperwork to sign, and all UK company registration documents are provided in digital format through an email.
