Company Incorporation, the creation of the company, the company set up, whatever you call it, it needs to be done the same way and it needs to be done accurately.
It goes without saying that you will need to have chosen your company name well in advance of incorporating the company. You will need to check that no other company already has the business name that you desire and you aren’t infringing any trademark rules with your logos etc. Once the company name and address has been decided, you will need to determine for what purpose your business is operating and which ‘SIC’ code applies to your business operations.
You then need to decide who the ‘officers’ are going to be, how much capital each of the officers hold and how many shares they are subscribed to within the business as a whole. Next, you have to decide which persons (if any) have ‘significant control’ over the company. These people are referred to as “Persons of Significant Control” (or PSC). The PSC aspect of incorporation is relatively new and it is hoped it will assist in improving corporate behaviour, deter money laundering and help to sanction those who hide their ownership or control of UK companies for the purpose of facilitating illegal activities.
A PSC is an individual (or registrable legal entity) who meets one or more of the following conditions in relation to a company;
Condition 1: Directly or indirectly holds more than 25% of the company’s issued share capital.
Condition 2: Directly or indirectly holds more than 25% of the company’s voting rights.
Condition 3: Directly or indirectly holds the right to appoint or remove a majority of board of directors.
Condition 4: Has the right to exercise, or actually exercises, significant influence or control of the company, LLP or SE.
Condition 5: Has the right to exercise, or actually exercises, significant influence or control over the activities of a trust or firm which is not a legal entity, but would itself satisfy any of the first four conditions if it were an individual.
It is important that all the information you provide Companies House with is entirely accurate upon incorporation. Your application can be rejected for numerous reasons by Companies House. If this happens, your fee will be refunded but your entire application will have to be drafted again from scratch and the fee paid again. This can be time consuming and unnecessarily delays the incorporation process.
Should your incorporation application be accepted by Companies House, you will be provided with a company number that is unique to your business. It is at this point that you should consider putting all of your business agreements in place ready for the commencement of your trade.
Oakwood Solicitors offer Clients advice and are able to incorporate companies for a fixed fee, taking all the pressure off and giving you the peace of mind that all the necessary boxes have been ticked during the incorporation process.
To discuss this further with a member of our team, please email R.Coulthard@oakwoodsolicitors.co.uk or telephone 0113 200 9730.
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