Company formation, in layman terms, can be defined as the process of incorporating a company. A person can incorporate a company in the UK after submitting certain necessary papers and a registration fee with the Registrar of Companies. These days, companies can be registered using either the paper process, or electronically.
For both the paper process and the electronic process, it is essential for the person incorporating the company to submit some crucial documents. Even if one document is missing, the registration of the company will not be considered complete, and hence it will not be incorporated. The documents submitted for the purpose of company formation using the paper and the electronic process are similar, with just one document not required in the electronic process.
The documents required for the process of company formation are:
1.A Memorandum of Association: This document contains the company's name and its objective. The registered office address also must be mentioned. The objective of the company must be clearly defined; for example, whether it would operate as a general commercial company or as a non-profit corporation or any other form of business function. This memorandum has to be delivered to the Registrar, duly signed by each subscriber in the presence of a witness who attests the signature.
2.Articles of Association: This document underlines the rules that would be applied to running the company's internal matters. This document too must be delivered to the Registrar, duly signed by each subscriber in the presence of a witness who attests the signature.
3.Form 10: This document contains the name and other details, like the addresses, occupation and date of birth, of the director(s), secretary and the prospective address of the registered office. It must also give details of the positions held by the concerned people in the past five years. Again, each officer mentioned and each subscriber must sign the form along with mentioning the date.
4.Form 12: This document is the statutory declaration that proclaims compliance with all the legal requirements that are related to the company formation process. It must either be signed by the solicitor who is responsible for forming the company or by any one of the directors or company secretaries that have been named in Form 10. The presence of a commissioner of oaths, a solicitor or a justice of the peace and a notary public are essential during the signing of the document. The usual fee for anyone who witnesses the statutory declaration is £5.
The only difference in the electronic process is that it does not require the submission of Form 12. The omission of one document considerably speeds up the process. For access to the electronic process, the subscriber needs software that is compatible with the Companies House e-Filing service. The subscriber also requires an account with the Companies house, or might require the services of a Company Formation Agent.
Derrick is an experienced writer and an expert on company incorporation laws and policies in the UK. Presently he is been writing on topics like company formation and online business solutions for companies House Online. For more information please visit Company Formation Uk
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