United Kingdom Ltd
UK Limited Liability Company (UK Ltd).
Basic Company Requirements
UK companies must use the suffix Limited or Ltd to denote limited liability and can use any name unless it includes words such as Empire, Crown, Imperial, Windsor, Royal, Assurance, Bank, Building Society British, National, Great Britain, United Kingdom, England, English, Scotland, Scottish, Wales, Welsh, Ireland or Irish – (if the words are used as a suffix, they are normally allowed).
The minimum number of shareholders is one. There is no the maximum number of shareholders. Corporate shareholders are allowed. Shares may be held jointly by two or more people. Certain information about company shareholders will be disclosed on public record.
There is no statutory minimum or maximum capital for a private company. It is possible to set up a company with only one member and for that member to have only one share, but it is exceptional. Share capital in usually 1,000 GBP or above.
Directors And Secretary
According to the Companies Act every company must have at least one Director physical person of any nationality.
Details about company directors are disclosed on public record.
Every company must have a registered office, which is the address to which any formal communications shall be sent. The registered office can be anywhere within the area stated in the company’s memorandum. For a company incorporated in England and Wales, this will usually be England and Wales, but it may be just Wales. For a company incorporated in Scotland, it must be Scotland.
Company meetings can be held outside of the UK.
A UK LTD is usually incorporated within 1 business day.
Basic Tax Notes
Corporation tax is paid by limited companies on their profits. Corporation Tax is a tax on your company’s taxable profits.
Corporation Tax Rates:
- Profits £300,000 or less – 20%
- Profits above £300,000 – 21% – 26%
Audit And Financial Returns
The Companies House will send an annual return form to a company’s registered office each year containing details of the information held on the Companies House database. This should be checked and amended as appropriate. Any additional information required, such as current share capital and details of members, should be provided and the signed form returned to the Companies House within 28 days of the date shown on the form. If late, the company and its directors and secretary are liable to prosecution.
The first annual return must be made up to a date not more than 12 months after incorporation. Further returns should be at intervals of not more than 12 months.
A company must have an auditor, and accounts must be filed each year with the Companies House. Small companies can prepare abbreviated accounts, and exemption from audit can be claimed.