Ready-made companies may be offered for buying. The availability of the name can be instantly checked. If the formation is made online, the name is immediately available or else 4-5 days are required for the documentation and the same is thereafter available. No consent is required prior to the incorporation. Licenses are required for consumer credit related services, employment agencies, banking, insurance and financial services. The disclosure of Beneficial Owner to the Government is not required. There are certain restrictions if the name includes any such expression like Royal, International, British, Group etc. If an existing company already has the name, which is applied for, then that name will not be approved. The company must have a registered office either in England or in Wales. The registered office of the company must maintain certain documents like Certificate of Incorporation, statutory books, Register of members, books of accounts. All records for a limited company are to be kept for at least three years and that for a public limited company must be preserved for at least six years. The company can be administered from anywhere across the globe. 4 types of companies can be incorporated in UK. They are:
Private Limited Company
Public Limited Company
Company limited by guarantee
Unlimited Company
The Memorandum and Articles of Association should contain the company’s name, registered office, limited liability s, amount and denomination of the share capital. The Companies Act, 1985-89 deal with Articles that regulate the Company’s conduct with respect to the third parties, its shareholders, directors and also the procedures for winding up a company. The first meeting of members or share holders must be held within 18 months after incorporation. The company can act through Power of Attorney. UK chartered accountants have to audit the accounts of the company.
