Q: Do I need to use professional services to set up a company or can I do this myself?
A: You are able to register a limited company yourself; however there are a number of considerations which require an understanding of the legal requirements:
- Business Name – it is recommended you use online search tools to check whether the proposed company name has already been registered.
- Registered Office – this could be your premises, home address or other, for example, your accountants address.
- Directors and Shareholders – a Company Secretary is now optional, you must register a minimum of one director and list any shareholders in the company. It is expected from October 2016, under The Small Business, Enterprise and Employment Act 2015 that a company will no longer be able to be appointed as a director, known as a Corporate Director. This is to improve accountability and to ensure director duties are followed. Full names, birth dates and contact details will also be required and information regarding share allotments.
- Company Books – The details above must be recorded in minutes of meetings and share certificates indicating legal ownership of the shares will need to be prepared. Companies House will not provide these documents but requires they are kept up to date and ready for inspection. Here at FDR Law we can prepare the Company Books with the necessary registers and the minutes of meetings.
An experienced solicitor will be able to assist with the completion of the relevant documents and forms, some of which are lengthy and can be complex for example, the Articles of Association. It is crucial that the Articles are considered prior to forming the company as they can restrict the growth of the company and incur further costs should the Articles need to be amended and re-issued to Companies House.