Company Registration is the term for the process of incorporation of a business. It is also sometimes referred to as company formation. A company or corporation is considered a separate entity to the people who own or operate the business in accordance of most international company law/Acts.Companies can be created by individuals, specialized agents, solicitors or accountants. Many solicitors and accountants subcontract incorporation out to specialized company formation agents.
ARTICLES OF ASSOCIATION:
The Articles of Association (often referred to as just ‘articles’) is the document which sets out the rules for the running of the company’s internal affairs. The company’s articles delivered to the Registrar must be signed by each subscriber in front of a witness who must attest the signature.
MEMORANDUM OF ASSOCIATION:
This contains the names and signatures of the subscribers that wish to form the company and, in the case of a company limited by shares, a commitment by the subscribers to take at least one share each. A draft template is available on the Companies House website.
This contains the intended situation of the Registered Office, the details of the consenting Secretary and/or Director(s), details of the subscribers and, in the case of a company limited by shares, details of the share capital. The form also includes the Statement of Compliance that the requirements of the Companies Act have been complied with.
The electronic process can be accessed using compatible software that works with the Companies House eFiling service and an account with Companies House. Company formation agents have direct links into Companies House, to look up the company name, and submit the company. Different agents have differences in their processes caused by their website and software implementation. Companies House have a list of company formation agents that have passed integration testing.
TYPES OF COMPANY:
The following can be formed by registration at Companies House:
- Public Limited Company (PLC)
- Private Company Limited by Shares (Ltd, Limited)
- Company Limited by Guarantee
- Limited Liability Partnership (LLP)
- Limited Partnership (LP)