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Company Formation & Business Set up
Company Formation & Business Setting Up Services
Company formation is the term for the process of incorporation of a business. It is also sometimes referred to as company registration. These terms are both also used when incorporating a business. Under most international law, a company or corporation is considered an entity that is separate from the people who own or operate the company.
Companies can be created by individuals, specialised agents, solicitors or accountants. Many solicitors and accountants subcontract incorporation out to specialised company formation agents. Forming a company via the paper filing method can take up to 4 weeks.
Paper process
Under the Companies act those forming a company must send the following documents, together with the registration fee, to the Registrar of Companies.
Most incorporations submitted by paper take around 5 working days to be accepted.
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.
In the event that articles are not registered for the new company, model (default) articles will be registered. These model articles can be chosen to be adopted in the IN01 form
Form IN01
This contains the intended situation of the Registered Office, the details of the consenting Secretary and 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.
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. It sets out constitution of a company and the foundation on which the structure of a company is based. In other words, memorandum of association is considered the charter or constitution of the company because it lays down the objectives of the company precisely and clearly, defines scope of its relation with the investor and outside world.
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