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UK Private Limited Incorporation Checklist |
| NAME REQUIREMENTS |
| Name Restrictions (Requires Approval) |
Must end with one of the following suffixes: Limited or Ltd.; assurance, bank, benevolent, building society, Chamber of Commerce, fund management, insurance, investment fund, loans, municipal, reinsurance, savings, trust, trustees, university. |
| SHARE CAPITAL |
| Currency |
£1 |
| Authorised share capital |
£1000 (standard) |
| Bearer shares |
Not Allowed |
| Public Register of shares |
Optional |
| DIRECTORS |
| Minimum Directors |
1 (Resident director not Required) |
| SHAREHOLDERS/MEMBERS |
| Minimum Shareholder |
1 |
| COMPANY SECRETARY |
| Company Secretary |
Required (Individual or corporate) |
| Local Requirements |
Must maintain a local Registered Agent and a local Registered Office. |
| ACCOUNTS |
| Filing of accounts |
Required 9 months and 1 day to file with the HMRC 10 months to file with the companies House |
| Audit Required |
Audit exemption for small companies*. |
| Filing of Annual Return |
Required |
| INCORPORATION PROCEDURES AND TIME FRAME |
| Fill out Incorporation form |
10 Minutes |
| Send us due diligence of proposed directors and shareholders |
Depend on Client |
| Upon Completion of the above |
| Check availability of company’s name in the Registry of Companies |
2-3 hours |
| Preparation of incorporation documents |
0.5 days |
| Signing of incorporation documents |
Depend on Client |
| Submission of documents to the Financial Services Commission (FSC) |
n/a |
| Upon completion of the above |
| Incorporate the company with the Registry of Companies and payments of registration fees & Charges |
1 to 2 days |
| Prepare post-incorporation documents |
1 day |
| Certification of post incorporation documents by notary |
n/a |
| Tax Residence Certificate |
n/a |
| Business Registration Certificate |
n/a |
| BANK ACCOUNT |
| Bank account opening Requirements |
-Authenticated passport (must be current and valid) and
-One/two copy of your most recent utility bill to prove your current residency.
-Letter from an accountant
-Letter from secretary
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| Time to open a bank account |
3-5 working days |
| TAXATION |
| Tax rate on net profits are: 20% for the first £300,000, 30% when profit is above £1,000,000, there is a marginal relief rate for profit between the two figures |
To qualify as a small company, at least two of the following conditions must be met:
- Annual turnover must be £5.6 million or less;
- The balance sheet total must be £2.8 million or less;
- The average number of employees must be 50 or fewer.
To qualify for total audit exemption, a company must
- Qualify as small (see above)
- Have a turnover of not more than £5.6 million; and
- Have a balance sheet total of not more than £2.8 million.
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