Procedure of Company Registration
Private Limited Companies are governed by the ‘Companies Act 1985’. A Private Limited Company is a legal entity in its own right; separate from those who run it, the shareholders. The limited liability, potential tax advantages and simplicity in running a private limited company make it the most common form of registered business in the UK. As a shareholder, your personal assets remain separate (unless they are secured against the business for borrowing) and your risk is reduced to only the money you have invested in the company and any shares you hold which you have not paid for.
There is no minimum capital requirement for a Private Limited Company. Private Limited Companies are required to have a minimum authorized share capital of GBP1 (or its currency equivalent) and are formed with both authorized and issued share capital. The minimum issued capital is one share but additional capital is usually issued to reflect the stability of the company. Unissued shares can be issued at any time by the directors, subject to prior approval from the shareholders. Shares in a Private Limited Company are transferred by private agreement between the seller and the buyer.
Documents required for company formation:
In order to register a Private Limited Company the company name must be officially approved by the Registrar of Companies. Once approved the following documents are required:
- Certified proof of ID for directors / shareholders and beneficial owner
- Certified proof of address for directors / shareholders and beneficial owner
- Completed Application Form (supplied by Eltoma)
The formation of a Private Limited Company is a very quick process and we can even offer next day incorporation (once all documents are received and approved)
The following documents will be received upon incorporation:
- A Certificate of Registration
- Memorandum and Articles of Association
- Minutes of the First Meeting of Directors
- Share Certificates and Company Register
Cyprus Regulatory Update: Shell Company Definition & Exceptions
The Central Bank of Cyprus has released new guidance for all credit institutions on the island, refining the definition for shell companies and subsidiary entities; coming into effect from November 2018, which are detailed as follows:
Singapore Variable Capital Company VCC: New Features & Benefits
The introduction of the VCC is a significant positive for the Singapore funds industry. Its aim is to retain Singapore as an attractive business destination and to keep investors wishing to domicile locally.
Consolidated Accounts for Hong Kong Companies: Subsidiary Requirements
As per Hong Kong company’s ordinance subdivision 3 section 379 subsection 1, a Company Director will have to prepare year-end financial accounts that comply with sections 380 and 383.
Challenges of Our Time: Cryptocurrencies & Their Regulation
The very concept of cryptocurrencies derives from technologies and the creation of alternatives to existing payment systems, which for the most part is caused by the negative consequences of financial crises and the injustice within the sphere of financial and legal regulation. Many people are convinced that the cryptocurrency is likely to become an alternative to the established global financial system and open new opportunities to those segments of the population and citizens of those countries that are deprived of the opportunity to work with the banking financial system.
The Tax System in Poland: Benefits & Overview
The tax system in Poland is one of the most loyal for both large and small businesses in the country. There are two levels in the system that relate not only to residents of Poland, but also to foreigners. The Polish tax system consists of administrative taxes (duties are paid directly to state bodies) and local taxes (the process is similar to the previous type). Therefore, Poland is one of the European countries with a stable economic position, whose attractive system attracts citizens from neighbouring countries to conduct business within the country. It is the Polish taxation system that is advantageous for businessmen willing to enter the international market.
The reasons of abolition of the Company Secretary in UK Private Companies
The role of Corporate Secretary can be a position in a private sector company or within the public sector organisation. In large, publicly-listed corporations, a Company Secretary is typically named a Corporate Secretary or just a Secretary. The Company Secretary is responsible for the efficient administration of a company, particularly with regards to ensuring compliance with statutory and regulatory requirements and also for ensuring that decisions of the board of directors are implemented.
The Dematerialisation of Shares in the UK: Current Update & Assessment
Business is an area that is continuously developing. An integral part of both business and economics are companies. It is possible to say that companies dictate the conditions of the market to a certain extent. Any public or private company has its own shares; a share is a security that provides a portion of ownership of the company and gives the holder the right to a part of the profits.
Current Information on the Payment of Cyprus Taxes for Pensions & Rental Income
Cyprus employees who are considered to have tax resident status, pay tax on their global income. Employees not considered to be tax resident are only charged for specific types of income that are originating from Cyprus-based sources.