Setting up a limited company with one person
A single person can register a limited company in the UK with the Companies House. You are required to list at least one director and one member i.e. shareholder or guarantor. The same person can be listed in both of these positions. It means you can set a limited company with just one person.
It will be beneficial for many small business owners who want to work alone or have no need for a business partner. Moreover, the limited company structure is flexible, that means additional members and directors can join the business at any time after the company formation.
Almost anyone can set up a limited company in the United Kingdom if their age is at least 16 years old and not a disqualified director or undischarged bankrupt. You are not required to be a resident of the United Kingdom to form a limited company.
Requirements for company formation
All limited companies should provide a registered office address at the time of incorporation. This address will become the official address of your new company, and it should be located in the same jurisdiction in which you are deciding to incorporate.
Using an authorized company formation agent is the easiest way to register a limited company, but you can apply independently as well. Your application will require you to provide the following details:
- Name of the company
- Registered office address
- The nature of business activities or operations (in the form of 1-4 SIC codes)
- Members details, including service addresses
- Directors details, including service addresses
- Details of the company’s people with significant control
- Articles of association and memorandum
Companies House approval may take as little as 3 to 6 working hours if you set up a company through an agent, but it may take a little longer if you apply individually.
You can start to trade under your company, once it is registered and a certificate of incorporation is ordered.
Sole trader or limited company?
You must consider the benefits and drawbacks of registering as a limited company as opposed to operating as a sole trader. The key benefits of trading as a limited company are limited liability and tax planning; moreover, there are multiple benefits and drawbacks of both choices.
If you decide to set up a
limited company, you can contact RTRSupports Limited. RTRSupports Limited offers
a range of affordable company formation
packages including various additional services, like a registered office address and VAT