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Deluxe Package |
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 £ 557.00 | Annual Maintenance Fee £525.00 | | |
 The Deluxe limited company package is a fast and easy option, it is ideal for the UK, EU, and international small to medium businesses who wish to appoint a nominee director and a nominee secretary in order to maintain anonymity, and it includes: -
 Incorporation of your company from scratch using one of our registered office addresses in London, our nominee director and nominee secretary. We can appoint your own candidate(s) to the role of shareholder(s), or you can appoint a nominee sharholder provided by Coddan;
The standard capital on formation is £1.00, this is divided into 1.00 ordinary share valued at £1.00 (a minimum of one share must be issued);
The formation of a limited company usually takes as little as four to six hours from the time that your application and payment are received by Coddan;
The government fee for incorporation is included in the price of this package;
The provision of a registered office address for 12 months is included in the price of this package (our registered office address service is charged annually);
The provision of a nominee secretary for 12 months is included in the price of this package (our nominee secretary service is charged annually);
 The provision of a nominee director for 12 months is also included in the price of this package (our nominee director service is charged annually);
The following two hard bound copies of corporate documents, will be posted to you upon formation of your company: - A laminated copy of the certificate of incorporation of your company;
A hard bound copy of the memorandum and articles of association;
A hard bound copy of the minutes of the first meeting of directors;
Share certificates, and your company register;
The general power of attorney signed by a nominee director;
Pre-signed, undated resignation letter from a nominee director;
The agreement for the provision of nominee service and indemnification of nominee.
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| Legal Requirements to Register an LTD | | |
A private company limited by shares in England and Wales must have at least one director, one shareholder, and may have a secretary.
You need at least one person to form this type of company. If there is only one director, and that director is a natural person in your company, that director can also act as the secretary.
A company must have at least one director who is a natural person. This requirement is met if the office of director is held by a natural person as a corporation sole or otherwise by virtue of an office.
You can register a sole director' company, if you are familiar with the secretaries duties and responsibilities, because all of them belongs to a sole director.
The directors and secretary of your company can also be shareholders.
The Companies Act imposes no restriction on the minimum age of company directors. However Companies House will actively discourage the appointment of anyone under the age of 16 from taking up a company directorship on the grounds that the individuals concerned may not fully understand the legal liabilities that go with the position and for the most part will not have the experience necessary to perform the duties of a company director.
Under the Companies Act 2006, there is no restriction on any or all of the members/shareholders being from an overseas country (i.e. outside the United Kingdom in terms of residency, domicile, citizenship, place of incorporation or all or any of those concepts).
There is no requirement for the officers of your company to be UK citizens or residents, nor for them to hold valid work permits.
Owning, or being an officer of a UK company does not, however, grant you any right to live or work in the UK if you are a foreign national.
Your company must have a registered office address within England or Wales; this is the official address of your company and will be on the public record as such.
Your company must hold its official company documents at its registered office address: its register of shareholders, and its constitutional documents.
So long as you maintain a registered office address in England or Wales, you can conduct your business from any place in the world: you do not have to run your business from your registered office address.
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| Finance Act 1989 | | 1989 c. 26 - continued |
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SCHEDULE 4 | | Section 61. | | | | Profit-Related Pay | | 1. The Taxes Act 1988 shall be amended in accordance with the following provisions of this Schedule. | | 2.—(1) In section 171(4) (limit on pay of which half may be exempt from tax) for "£3,000" there shall be substituted "£4,000".
(2) This paragraph shall have effect in relation to profit-related pay paid by reference to profit periods beginning on or after 1st April 1989. | | 3. After section 177 there shall be inserted—
"Death of scheme employer.
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177A. — (1) Where a scheme employer has died, his personal representatives may make a written application to the Board under this section for the amendment of the registration of the scheme.
(2) If on receiving an application under this section the Board are satisfied that, apart from the death of the scheme employer, there would be no grounds for cancelling the registration of the scheme, the Board shall amend the registration of the scheme by substituting the personal representatives for the deceased scheme employer.
(3) An application under this section shall be made before the end of the period of one month beginning with the date of the grant of probate or letters of administration or, in Scotland, confirmation of executors.
(4) Where the Board amend the registration of a scheme under this section, this Chapter shall (subject to any necessary modifications) have effect as if the personal representatives had been the scheme employer throughout.
(5) The Board shall give notice to the personal representatives if they refuse an application under this section.
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Alteration of scheme's terms.
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177B. — (1) The alteration of the terms of a registered scheme shall not of itself invalidate the registration of the scheme.
(2) Subsection (1) above is without prejudice to the power of cancellation conferred on the Board by section 178(3A); but the power conferred by section 178(3A) shall not be exercisable by virtue of an alteration registered in accordance with this section.
(3) Where the terms of a registered scheme have been altered, the scheme employer may apply to the Board for the registration of the alteration.
(4) An application under subsection (3) above— (a) shall be in such form as the Board may prescribe; (b) shall be made within the period of one month beginning with the day on which the alteration is made; (c) shall contain a declaration by the applicant that the alteration is within subsection (8) below and that the scheme as altered complies with the requirements of Schedule 8 (either as that Schedule had effect when the scheme was registered, or as it then had effect but subject to one or more subsequent amendments specified in the declaration); (d) shall be accompanied by a report by an independent accountant, in a form prescribed by the Board, to the effect that in his opinion the alteration is within subsection (8) below and the scheme as altered complies with the requirements of Schedule 8 (either as that Schedule had effect when the scheme was registered, or as it then had effect but subject to one or more subsequent amendments specified in the report).
(5) The Board shall not more than three months after the day on which they receive an application under subsection (3) above either register the alteration or refuse the application; and in either case they shall give notice of their decision to the applicant.
(6) Subject to subsection (7) below, the Board shall register an alteration on an application under subsection (3) above.
(7) The Board may refuse an application under subsection (3) above if they are not satisfied— (a) that the application complies with the requirements of subsection (4) above, or (b) that the declaration referred to in subsection (4)(c) above is true.
(8) An alteration is within this subsection if— (a) it relates to a term which is not relevant to the question whether the scheme complies with the requirements of Schedule 8; or (b) it relates to a term identifying any person (other than the scheme employer) who pays the emoluments of employees to whom the scheme relates; or (c) it consists of the addition of a term making provision for an abbreviated profit period of the kind referred to in paragraph 10(3) of Schedule 8; or (d) it amends the provisions by reference to which the employees to whom the scheme relates may be identified, and does so only for the purposes of profit periods which begin after the date on which the alteration is made; or (e) it relates to a provision of a kind referred to in paragraph 13(4) or (5) or 14(3), (4) or (5) of Schedule 8 (as those provisions have effect at the time of the application for registration of the alteration), and has effect only for the purposes of profit periods beginning after the date on which the alteration is made; or (f) it amends the provisions as to when payments will be made to employees, and does so only for the purposes of profit periods beginning after the date on which the alteration is made; or (g) the scheme did not comply with the requirements of Schedule 8 when it was registered, and the alteration— (i) is made in order to bring the scheme into compliance with the requirements of that Schedule (either as it had effect when the scheme was registered or as it has effect at the time of the application for registration of the alteration), and (ii) is made for the purposes of the first and any subsequent profit period to which the scheme relates, and (iii) is made within two years of the beginning of the first profit period, and (iv) does not invalidate (in whole or in part) any payment of profit-related pay already made under the scheme.
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| | 4.—(1) Section 178 (cancellation of registration) shall be amended as follows.
(2) In subsection (1) for the words "subsection (5)" there shall be substituted the words "subsections (5) and (5A)".
(3) After subsection (3) there shall be inserted—| | "(3A) Where the terms of a registered scheme have been altered, then, subject to section 177B(2), the Board may cancel the registration of the scheme with effect from the beginning of the profit period during which the alteration took effect or with effect from the beginning of any later profit period. | | | (3B) If after an alteration of the terms of a scheme has been registered under section 177B it appears to the Board— (a) that the application for registration of the alteration did not comply with the requirements of subsection (4) of that section, or (b) that the declaration referred to in subsection (4)(c) of that section was false, the Board may cancel the registration of the scheme with effect from the beginning of the profit period during which the alteration took effect or with effect from the beginning of any later profit period." |
(4) After subsection (5) there shall be inserted—| | "(5A) Where— (a) the scheme employer has died, and (b) his personal representatives by notice request the Board to cancel the registration of the scheme with effect from the date of death, then, if the notice is given before the end of the period of one month beginning with the date of the grant of probate or letters of administration or, in Scotland, confirmation of executors, the Board shall comply with the request." |
| | 5. At the end of section 179 (recovery of tax) there shall be added—| | "(3) Where— (a) the scheme employer has died, but (b) his personal representatives have not been substituted for him as the scheme employer by virtue of section 177A, the reference in subsection (2) above to the scheme employer shall be construed as a reference to the personal representatives. | | | (4) Where— (a) a payment to which this section applies was made by a person other than the scheme employer, and (b) the scheme employer is not resident in the United Kingdom, then in relation to that payment the reference in subsection (2) above to the scheme employer shall include a reference to the person by whom the payment was made." |
| | 6. At the end of section 180 (annual returns) there shall be added—| | "(5) Where— (a) the scheme employer has died, but (b) his personal representatives have not been substituted for him as the scheme employer by virtue of section 177A, the reference in subsection (1) above to the scheme employer shall be construed as a reference to the personal representatives." |
| | 7. At the end of section 181 (information) there shall be added—| | "(4) Where the scheme employer has died, his personal representatives shall inform the Board of his death by notice given before the end of the period of one month beginning with the date of the grant of probate or letters of administration or, in Scotland, confirmation of executors." |
| | 8.—(1) Section 182 (appeals) shall be amended as follows.
(2) In subsection (1) after paragraph (b) there shall be inserted—| | " (bb) against a refusal by the Board of an application under section 177B(3);" |
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(3) After subsection (1) there shall be inserted—| | "(1A) An appeal to the Special Commissioners may be made by the personal representatives of a scheme employer against a refusal by the Board of an application under section 177A." |
(4) In subsection (2) for the words "scheme employer" there shall be substituted the word "appellant". | | 9.—(1) Paragraph 7 of Schedule 8 (no payments for employees with material interest in company) shall be amended as follows.
(2) In sub-paragraph (1), the words ", or is an associate of a person who has," shall be omitted.
(3) In sub-paragraph (3), after the words "section 417(3) and (4)" there shall be inserted the words ", but subject to sub-paragraph (4) below".
(4) The following sub-paragraphs shall be added at the end—| | "(4) For the purposes of this paragraph, where an employee of a company has an interest in shares or obligations of the company as a beneficiary of an employee benefit trust, the trustees shall not be regarded as associates of his by reason only of that interest unless sub-paragraph (8) below applies in relation to him. | | | (5) A trust is an employee benefit trust for the purposes of this paragraph if— (a) all or most of the employees of the company are eligible to benefit under it, and (b) none of the property subject to it has been disposed of on or after 14th March 1989 (whether by sale, loan or otherwise) except in the ordinary course of management of the trust or in accordance with sub-paragraph (6) below. | | | (6) Property is disposed of in accordance with this sub-paragraph if— (a) it is applied for the benefit of— (i) individual employees or former employees of the company, (ii) spouses, former spouses, widows or widowers of employees or former employees of the company, (iii) relatives, or spouses of relatives, of persons within sub-paragraph (i) or (ii) above, or (iv) dependants of persons within sub-paragraph (i) above, (b) it is applied for charitable purposes, or (c) it is transferred to the trustees of an approved profit sharing scheme (within the meaning of section 187), of another employee benefit trust, or of a qualifying employee share ownership trust (within the meaning of Schedule 5 to the Finance Act 1989), and the property applied or transferred consists of any of the ordinary share capital of the company or of money paid outright. | | | (7) In sub-paragraph (6)(a)(iii) above "relative" means parent or remoter forebear, child or remoter issue, brother, sister, uncle, aunt, nephew or niece. | | | (8) This sub-paragraph applies in relation to an employee if at any time on or after 14th March 1989— (a) the employee, either on his own or with any one or more of his associates, or (b) any associate of his, with or without other such associates, has been the beneficial owner of, or able (directly or through the medium of other companies or by any other indirect means) to control, more than 25 per cent. of the ordinary share capital of the company. | | | (9) Where— (a) on or after 14th March 1989 an employee of a company, or an associate of his, receives a payment ("the relevant payment") from the trustees of an employee benefit trust, and (b) at any time during the period of three years ending with the day on which the relevant payment is received, the property subject to the trust consists of or includes any part of the ordinary share capital of the company, the employee or associate shall be treated for the purposes of sub-paragraph (8) above as if he were the beneficial owner of the appropriate percentage of the ordinary share capital of the company on the day on which the relevant payment is received (in addition to any percentage of that share capital of which he is actually the beneficial owner on that day). | | | (10) For the purposes of sub-paragraph (9) above, the appropriate percentage is— | | | where—A is the smaller of— (a) the aggregate of the relevant payment and any other payments received by the employee or associates of his from the trustees of the trust during the period of 12 months ending with the day on which the relevant payment is received, and (b) the aggregate of the distributions made to the trustees of the trust by the company in respect of its ordinary share capital during the period of three years ending with the day on which the relevant payment is received; and B is the aggregate of— (a) any distributions made by the company in respect of its ordinary share capital during the period of 12 months ending with the day on which the relevant payment is received, (b) any distributions so made during the period of 12 months immediately preceding that mentioned in paragraph (a) above, and (c) any distributions so made during the period of 12 months immediately preceding that mentioned in paragraph (b) above,divided by the number of the periods mentioned in paragraphs (a) to (c) above in which distributions were so made. | | | (11) Where— (a) an employee or associate is treated by sub-paragraph (9) above as if he were the beneficial owner of a percentage of the ordinary share capital of a company by reason of receiving the relevant payment from the trustees of a trust, and (b) that employee, or an associate of his, has, during the period of 12 months ending with the day on which the relevant payment is received, received one or more payments from trustees of another employee benefit trust or trusts satisfying the requirement in paragraph (b) of sub-paragraph (9) above, that sub-paragraph shall have effect in relation to the employee or associate mentioned in paragraph (a) above as if he had received the payment from the trustees of the trust or of each of the trusts mentioned in paragraph (b) above (or where more than one payment has been received from the trustees of a trust, the last of the payments) on the day on which the relevant payment is received. | | | (12) In sub-paragraphs (8) to (11) above "associate", in relation to an employee, does not include the trustees of an employee benefit trust by reason only that the employee has an interest in shares or obligations of the trust." |
| | 10.—(1) Paragraphs 13(2) and 14(2) of Schedule 8 (which provide for a scheme's distributable pool to be at least 5 per cent. of the pay of all the employees to whom the scheme relates if profits remain unchanged) shall be omitted.
(2) In consequence of sub-paragraph (1) above— (a) the following provisions shall be omitted—in section 176(1), the words "(but not more than six months)" in paragraph 13(1) of Schedule 8, the word "fixed" paragraph 13(3) of that Schedule; paragraph 14(7) of that Schedule. (b) in paragraph 13 of Schedule 8— (i) after sub-paragraph (1) there shall be inserted—| | " (1A) That percentage must be a fixed percentage specified in the scheme and, if the scheme relates to more than one period, must be the same for each period." |
; (ii) in sub-paragraph (4)(a), for the words "the base year referred to in sub-paragraph (3) above" there shall be substituted the words "a base year specified in the scheme" (iii) in sub-paragraph (5), for the words "must be" onwards there shall be substituted the words "must not exceed the profits for a base year specified in the scheme" (iv) for sub-paragraph (6), there shall be substituted—| | " (6) The base year referred to in sub-paragraph (4)(a) and sub-paragraph (5) above must be a period of 12 months ending at a time within the period of two years immediately preceding the profit period, or the first of the profit periods, to which the scheme relates" |
; (c) in paragraph 14(5) of that Schedule, for the words "must be" onwards there shall be substituted the words "must not exceed the profits in the period of 12 months immediately preceding the first or only profit period to which the scheme relates". | | 11. At the end of paragraph 13 of Schedule 8 (calculation of distributable pool by method A) there shall be added—| | "(7) Any provision included in a scheme by virtue of sub-paragraph (4) or (5) above may take effect either from the scheme's first profit period or from any later profit period determined in accordance with the scheme." |
| | 12. In paragraph 14 of Schedule 8 (calculation of distributable pool by method B), in sub-paragraph (5) the words "specified in, or" shall be omitted. | | 13. At the end of paragraph 14 of Schedule 8 there shall be added—| | "(8) Any provision included in a scheme by virtue of sub-paragraph (3)(b), (4) or (5) above may take effect either from the scheme's first profit period or from any later profit period determined in accordance with the scheme." |
| | 14.—(1) Paragraph 19 of Schedule 8 (profit and loss account for purposes of profit-related pay scheme) shall be amended as follows.
(2) After sub-paragraph (4) (account to make no allowance for remuneration of persons excluded from scheme) there shall be inserted—| | "(4A) In sub-paragraph (4) above "remuneration", in relation to a person, includes fees and percentages, any sums paid by way of expenses allowance (insofar as those sums are charged to income tax), any contributions paid in respect of him under any pension scheme and the estimated value of any other benefits received by him otherwise than in cash." |
(3) In sub-paragraph (6) (items which may be left out of account in arriving at profits or losses) for paragraph (f) there shall be substituted—| | " (f) profit-related pay payable under the scheme, and profit-related pay payable under any other registered scheme if it is one to which paragraph 21 below applies; | | | (ff) secondary Class 1 contributions under Part I of the [1975 c. 14.] Social Security Act 1975 or Part I of the [1975 c. 15.] Social Security (Northern Ireland) Act 1975 in respect of profit-related pay payable under the scheme;" |
. | | 15. After paragraph 20 of Schedule 8 there shall be inserted—| |
Parts of undertakings |
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21. — (1) This paragraph shall apply to a scheme if the employment unit is a part of an undertaking, and the scheme states that the profits or losses of the unit are for the purposes of the scheme to be taken to be equivalent to those of the whole undertaking (which must be identified by the scheme).
(2) Where this paragraph applies to a scheme, this Schedule shall have effect as if any reference to the profits or losses of the employment unit were a reference to the profits or losses of the undertaking of which it forms part.
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22. — (1) Where paragraph 21 above applies to a scheme, the scheme must contain provisions ensuring that no payments are made under it by reference to a profit period unless, at the beginning of that profit period,— (a) there is at least one other registered scheme which relates to employees employed in the same undertaking as that of which the employment unit forms part, and (b) the number of the employees to whom the scheme relates does not exceed 33 per cent. of the number of the employees to whom that other scheme relates (or if there is more than one other scheme, the aggregate number of the employees to whom they relate).
(2) Another registered scheme shall be disregarded for the purposes of sub-paragraph (1) above— (a) if paragraph 21 above applies to it, or (b) if, by virtue of provisions of the kind described in paragraph 6 above, no payments could be made under it by reference to the profit period concerned.
(3) Where paragraph 21 above applies to two or more schemes relating to employment units which are parts of the same undertaking, an employee to whom another scheme relates shall not be counted for the purposes of sub-paragraph (1)(b) above in connection with more than one of those schemes.
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 | © Crown copyright 1989 | Prepared 20th September 2000 |
Finance Act 1989 is reproduced under the terms of Crown Copyright Policy Guidance issued by HMSO.
Publishing Rights: Coddan CPM Core Licence (HMSO) number is C02W0007897 issued on 25 November 2005 by HMSO Licensing Division (Core Licence.pdf Licence to reproduce public sector information).
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