In the United Kingdom, a company can be formed by a single person, a group of people, specialized agents, or by solicitors. Most companies today are registered via the Internet.
However, the process of business registration involves a lot of paperwork, where applicants need to collate a number of documents. Following this, entrepreneurs have to register their business with the Registrar of Companies for a standard fee of £20 and £50 for same-day registration.
Interesting Facts about Business Registrations
Here is some essential information for entrepreneurs on business registration/s:
* Form 12 is a constitutional declaration stating that the information filed in support of an application for incorporation is genuine. This declaration allows trial under the Perjury Act for anyone making false statements.
* Any addition or subtraction of information in Form 10 will lead to the refilling of Form 12.
* The process of filling up Form 12 can be circumvented in the electronic method.
* Section 157 of the Companies Act 2006 was implemented on October 1, 2008. This created 16 years as the minimum age limit for being appointed as the director of a company.
* The subscriber or the agent has to sign the Memorandum of Association, the Articles of Association, and the forms. The agent’s signature attests to the fact that they, as representatives, consent to the individuals appointed as directors.
* The Companies Act states that company officers have to mention their private home addresses. They are not allowed to present their corporate address or PO Box number unless the office address is validated by the Royal Mail.
* The Memorandum and the Articles of Association can be bought from a legal stationer or formation agent.
Role of Agents in Business Registrations
Hiring agents for the purpose of business registration is crucial because:
* Business formation or registration is a time-consuming and expensive process. It is especially so for the novices. Registration agents can relieve you of all the stress and hassles.
* An experienced agent can guide you in business formation – on starting and running a company, choosing the right structure, and registering with a unique name.
