In forming a Limited Company in the UK there is no limit on the ethnicity or position of either the directors or shareholders. A non-resident person may be the director of a UK limited company, a non-resident individual may also be a UK limited company shareholder. One person, too, can be both.
The basic legal conditions for establishing a Limited Company in the UK are:
- A registered office address that must be an address in the UK and can not be an address in the P.O Box
- You must be able to receive postal mail at your registered address
- At least 1 director and 1 shareholder (which may be the same person but must be over 16 years old in both instances)
After you have completed your company form online, Companies House will need to approve your business details.
You'll get an email stating your company was established in the UK. This email will contain your unique company number and documents related to your business including:
- A Business Certificate
- A Certificate of Sharing
- Association Memorandum and Reports for The Company
As soon as a private firm obtains incorporation approval, it can start its business. A public corporation can start its business only after acquiring the 'business start-up certificate.'
Once the company obtains the incorporation certificate, a public company publishes a prospectus for allowing the public to subscribe to its share capital. It fixes the subscription to nil. Therefore, the minimum number of shares listed in the prospectus is required to be sold.
Once the transaction of the correct number of shares has been done, a certificate is sent to the Registrar along with a letter from the bank indicating that the money is earned.
Then the Registrar checks the records. When he is pleased, he will grant a certificate known as a 'Business Start Certificate.' This is the conclusive proof for a business startup.