The United Kingdom, or simply UK, is an economically and politically stable country and as a result of that, there are many people who want to find out how to open a company in UK. The good thing is that opening a company in this country is very easy. You may be planning on opening a small business or a large corporation, in any case, it won’t take much time before you can start managing your UK company. Thousands of companies are registered in the UK every year and there’s no reason why you should miss this chance in case you want to start doing business in this county.
How to Open a Company in UK – a Short Guide
The Companies Act from 2006 is the most important law for those interested in opening a company in the United Kingdom. If you want to do something like this, you must pay a registration fee and deliver certain documents to the Registrar of Companies.
First of all, you need a Memorandum of Association which contains the name of the company, the objectives of the company and the official address of the company. The main objective of opening a company doesn’t have to be explained in details. In many cases, it’s enough to inform the authorities that you want to keep doing business as a general commercial company. The Memorandum of Association has to be signed by each subscriber and the process must be witnessed by at least one individual.
The next document that you will need is the Articles of Association. This is the document where the basic rules for operating the internal affairs of the company are elaborated. Just like in the case of the Memorandum, the Articles must be signed by each subscriber and there must be a witness present at the moment of signing.
The list of documents continues with Form 10. In this form, future company owners have to provide the details of the first directors. These details include information like their names, addresses, occupation and the description of their job profile in the last five years. Additionally, Form 10 includes information about the secretary and registered official address. This form must be signed by all the offices and their agents or in some cases – their subscribers.
Finally, there’ Form 12 which represents a statutory declaration of compliance related to the legal requirements associated with the company incorporation. You need a solicitor to sign this document. In addition, one of the company’s directors or the secretary of the company can sign this document too. Regardless of the person who will sign the document, Form 10 must be signed before a commissioner for oaths, a justice of the peace, a notary public or a solicitor.
When thinking about opening a company in the UK, the best idea is to hire a company registration agent. These professionals will speed up these formalities and ensure that you have all the necessary paperwork to get this job done.