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Company in United Kingdom, Business in United Kingdom

United Kingdom has open labour market and liberal law, which attract businessmen. Commercial Code does not discriminate foreign investors. They can choose from different legal forms, but the difference between them lies in how they are created: partnerships are created on the basis of an agreement, corporations are created through incorporation process. Form of a company results from the common law. Number of shareholders is limited to twenty.

Ltds and plcs must collect the stock capital of at least 50 thousand Pounds. Other companies do not have any financial limits. Registration is carried out by the Companies’ House. It is independent governmental agency belonging to the Ministry of Trade and Commerce. The companies must inform the Companies House about any changes in the company (name, statute, Board, etc.) and send the declarations on time.

In order to register a ltd., one has to present the following documents in the Companies’ House: Memorandum of Association, Articles of Association (including rights of the shareholders, rules for purchase of shares, rules for Shareholders Meeting, Board’s rights and obligations, rules for paying the dividends). Registration is confirmed by issue of Certificate of Incorporation. A company must then present annual reports to the Companies’ House. All the letters, brochures, bills must include the name, registration number and address of the company.

In UK it is possible to create a sole trading company, which can do jobs on order. Such activity can be set up on the basis of self-employment law. Citizens of EU have right to start own activity and there is no need to register, according to the Program of Workers’ Registration.

In case one stops sole trading, in order to retain right for stay in UK, an entrepreneur must prove that he is able to live in UK with no help from social institutions, until he starts the activity again or until he is employed.


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