A private company limited by shares is a class of private limited company incorporated under the laws of England and Wales, Hong Kong, Northern Ireland, Scotland, certain Commonwealth jurisdictions, and the Republic of Ireland.
A person who is yet to be discharged from bankruptcy[1] or who has been banned from being a company director by the court will be prohibited, except in certain cases.
In addition, natural persons must have the legal capacity to consent to their appointment as director of a limited company.
This change was applied retroactively, with any directors under the age of 16 being removed from the register upon the implementation of the Companies Act 2006.
Certain non-British nationals are restricted as to the work they may undertake in the UK, depending upon their visas, work permits, national insurance payments center location and tax details, training, English language and professional indemnity insurances.
A company incorporated in England and Wales can be created with any number of shares of any nominal value, expressed in any currency.
The articles of association of private companies often place restrictions on the transfer of shares.
This statement must be filed no later than 14 days after the due date, and can be filed online using a Companies House service; as of May 2023[update] the fee for online submission was £13 and the fee for postal submission was £40;[3] from 1 May 2024 these costs were increased to £34 and £62 respectively, the additional income being used by Companies House to fund their enhanced powers of investigation and enforcement undertaken in line with the Economic Crime and Corporate Transparency Act 2023 (ECCTA).
[4][5] A private company limited by shares must also file for every financial year a Tax Return with HMRC.
The memorandum delivered to the Registrar must be signed by each subscriber in front of a witness who must attest the signature.
The company's articles delivered to the Registrar must be signed by each subscriber in front of a witness who must attest the signature.
Private companies that have not traded or otherwise carried on business for at least three months may apply to the Registrar to be struck off the register.