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There are several myths about UK company formation. It is not a difficult task to register a UK company, whether directly using Companies House or with the help of a company formation agent. This article will explain some of the most popular misconceptions about company formation.
● Anyone can sign an undertaking.
That would be valid in many situations, but this is not necessarily accurate. There are very few limitations on who may be named as a company's directors. Directors must be over 16 years of age and not be unloaded debtors.
● It would take a long time for a firm to file.
Historically, companies had been licensed by mailing paper forms to the Registrar of Companies. This method can also take weeks, even months if there are errors that need to be corrected on the forms.
In this way, it is still possible to register a company although this is proving to be outdated. Now it is possible to register companies online.
The application will take no more than 15 minutes to complete with Companies House, or with a training agent. Thus, the enterprise should be established within 24 hours.
● All Personal Information will be made public.
One of the big appeals of doing business in the UK incorporating transparency is promoted by the public company register. This sets trust for investors, consumers, employers, and other companies alike in UK businesses.
Nevertheless, certain details need not be publicly available for various security reasons. A company's registered office address and a director or PSC's service address are shown in the Public Register. There is no legal requirement for this to be the individual's home address.
● It is simple to use any company name.
When choosing a name for a company there is a fair degree of independence. There are, however, some laws and limitations which need to be taken into account. A name that is too close to an existing company name can not be licensed, a protected word or expression can not be used without proper permission, or a name that may be perceived as derogatory can not be licensed.
● A Secretary of the company is required.
This is not true. Firms were legally required to name a secretary before the adoption of the Companies Act 2006. That isn't the case anymore. Although it is always possible to appoint a secretary, if no secretary is appointed, a company's typical duties would fall to the director(s) of a company.
