UK: Frequently Asked Questions (FAQs)
Whilst there is no longer a legal requirement to appoint a Company Secretary for private limited companies incorporated in the UK (this is not true of Public Limited Companies), most directors will still choose to appoint one. This is because the administrative and compliance tasks ordinarily performed in this role still need to be fulfilled and in the absence of a company secretary, this would fall on the director(s) or someone they have authorised to act. Appointing PraxisIFM as company secretary will ensure these tasks are completed to the highest standard leaving the directors to concentrate on running the business.
- Working closely alongside the director(s)
- Informing them of any restrictions and responsibilities imposed on them by the company’s articles of association and UK company law
- Providing support and guidance on corporate governance and ensuring the company remains in good standing
- Making statutory filings
- Minute taking and production
We can arrange to incorporate a company within a 24 hour period subject to being in receipt of all due diligence that would be requested upon engagement with a client. Same day incorporations may be possible if requests are received prior to 10am.
Yes absolutely. An individual is not required to be resident in the UK in order to set up a UK company, there simply needs to be a natural person appointed as a director. However, the company is required to have a UK address, often known as a registered office address, which can be provided for by us.
The UK is very flexible in terms of share capital minimums and a UK company can be incorporated with a nominal value as low as £1.00 equating to one share in issue. There are different requirements for a UK public limited company.
A person with significant control (PSC) is someone who owns or controls the company. Details of any owners or controllers (as defined by the PSC legislation in force) are required to be entered on the company’s PSC Register which is publicly available information published on the Companies House website.
There are many distinguishing factors however, whereas a UK company has a separate legal identity, this is not true of a UK establishment as this is governed by the overseas parent entity. However, there are less onerous reporting requirements for a UK establishment. One example is that there is no PSC Register disclosure requirement. More information on this topic can be provided upon request.