To register a limited company in the UK, you must file form IN01, which contains detailed information about what must be included with your application. These details are set out in the Companies Act 2006 and include things such as names and addresses of directors, copies of certain documents to be submitted, and details as to where you reside – among other things.
A company is only established following a memorandum of association, a brief document that evidences every endorser’s intent to form the company and be an associate member. This document does not state the purpose of the proposed company.
However, all companies must have a statement of the objects for which the company is incorporated (confirmation statement). Companies are not required to specify their authorised share capital.
It must also be accompanied by articles needed to determine certain things, such as limitations on share transfers, provisions for re-registration, or any restrictions on lending money to shareholders.
There are three kinds of limited companies that are:
- Private Company which is limited by shares.
- Private limited company with a guarantee.
- Limited liability company for public use.
When you form a limited company, there are many legal issues that you must face and take care of. In addition, throughout the various stages of development, companies deal with a plethora of situations that require strict rules and regulations as part of their operations. One such requirement is the statement of capital.
A statement of capital is not just another piece of paper; it is required by law. All limited companies incorporated as a public limited by shares (public or private) must provide information on the share capital that is issued as well as its initial stockholdings to the registrar’s company division upon incorporation.