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  1. E-quick package
  2. Economy package
  3. Premier package
  4. Deluxe package
If you are thinking about setting up a business, and need it done quickly and easily with no additional requirements, then this package is the perfect choice.
This package is a cheap and efficient way to begin business, and includes the provision of a registered office address in London for the duration of one year.
This package is a not expensive and efficient way to begin business, and includes the provision of a registered office address in London and a nominee secretary for the duration of one year.
This package is one of the most cost effective and the efficient way to start a UK company, which includes a registered office address in London, a nominee secretary, and a nominee director for the duration of one year.
E-quick*
£32.00
Economy
£82.00
Premier
£207.00
Deluxe
£557.00
Private company limited by shares
No Annual Charges
Private company limited by shares
Annual Fee From: £50.00
Private company limited by shares
Annual Fee From: £175.00
Private company limited by shares
Annual Fee From: £525.00
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Further information

Private Company Limited by Shares:

  • 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.

  • Coddan offers company formation, ready-made company registration for UK limited companies. We offer electronic filing enterprises & registering corporation services. In addition to business registrations, we offer trademark registration, shareholder agreements, toll-free numbers, telephone answering, virtual office and company searches for UK limited companies. You are an accountant for whom company establishment is a frequent activity or an individual ordering your first company registrations. Start a company by incorporating or forming a LTD, PLC or LLP at Coddan. Learn about incorporation & how to incorporate your business online: register a business name, company registration, business registration numbers, company house web filing - business name registration check. Whether you start-up online, register London business or form a corporation Scotland, we can help you understand the business start-up process for filing LTD United Kingdom.
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    Incorporate or form an LLC – online: company registrar United Kingdom, limited company formations & corporation registration, electronically LLC online, very easy and informative. In addition to private companies Great Britain, we offer trademark registration, shareholder agreements, 0870 numbers, telephone answering, virtual office and company searches for English companies. Information to help start, grow or manage a small business. If you are starting a business Edinburgh or starting own business Northern Ireland, read our starting business Republic of Ireland guide. Home business and small business training and ideas site to help you start Belfast, grow, and expand a home-based business or search for the work at home job right. An outline of the general steps for incorporation in Great Britain, explaining how to incorporate your business Dublin, from choosing where to incorporate your business. UK ready-made company formation services and company registrations online, our offices keep a stock of ready made companies, and would be happy to supply details on request. We offer offshore ready-made companies in different jurisdictions, readymade offshore companies also called as offshore shelf companies, shelf off-shore companies for sale: starting applying for a business name, business name registration partnership, grants for starting a business and starting a business from home.
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    Open company same-day and offshore setting-up services using our online starting-up service for Limited Liability Company Offshore companies. Start enjoying the tax benefits and personal liability protection that forming a corporation or Limited Liability Company (LLC) provides. Offshore company incorporation, offshore checking and offshore saving accounts, offshore time deposits, offshore mutual funds, offshore money market accounts and offshore asset protection provided by Coddan. Company formations, limited company formations, electronic incorporations, company formation agents, paperless company registrar, electronic companies filing, United Kingdom limited company, setting corporation Ireland, business incorporation Scotland, open company England, London company registration, electronic companies filing, British companies registrars, business consultants, company law, public limited company, plc, international companies, ltd, inc, limited liability, enterprise, organization, organization, tax, taxation, England, firm, partnership, trade, profession, contractors, business, private limited company, limited by shares, ready-made companies, readymade company, aged company, off the shelf company, shelf companies list.
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    Specializes in company registration and secretarial services. Provides list of shelf company, services and cost quotation, business name registration, company house direct, starting a business - sole trader business registration.

    This is actually a pretty good reason to incorporate in Delaware or Nevada. In fact, you could be a foreigner from Lebanon, never setting foot on American soil, form a Delaware corporation and no one would know who you are! However, many states will require the owners and/or officers and/or directors information while operating in that state (as a foreign corp.). Besides, how many small businesses require anonymity? Incorporate, incorporation, incorporating, incorporation services, incorporating services, incorporate Wyoming business online, incorporating Oregon business, New York LLC formation, Louisiana limited liability corporation, Texas articles of incorporation, Florida company incorporation, California non profit corporation, corporate name search offshore, BVI corporate name availability, Seychelles corporate name registration.
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    Learn about incorporation services UK and incorporate London online: starting your own business, business ideas, starting a business on ebay or buying a business with legal requirements for starting a business. Online England company formations, online company London W1 formation, Glasgow formation agent, Liverpool formations agent, Scottish companies house, forming a company Scotland, starting a business Wales, form a limited company Oxford, United Kingdom business registration agents, online Great Britain company registration. E-Business, small business, business structures defined: the limited liability company business structures defined: the limited liability company IRS treatment of the one-member LLC. An LLC with only one member / owner is automatically considered to be a sole proprietorship unless an election is made to be treated as a corporation. Thus, the sole member of an LLC will file (Form 1040), (U.S. Individual Income Tax Return), ideas for starting a business, grants for starting a business, starting a business from home, starting your own business - business ideas, starting a business on ebay, buying a business: legal requirements for starting a business, ideas for starting a business.
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    A business may be conducted by a company as an entity in its own right and comes into existence by incorporation under companies legislation which also regulates the running of the company and sets out the duties of its officers. In recent years trading trusts have been commonly used as the structure for carrying on a business with their main objective of tax minimization. A trust requires a trustee to act on behalf of a trust and it has been preferable to have a company newly incorporated to act as the trustee as it is believed that this limits the liability of the trust to the paid-up capital of the Trustee Company. A trust is formed by a gift or settlement being made to the trustee on behalf of the, as yet unformed, trust. A solicitor draws up a Trust Deed setting out the powers and formalizing the administration of the trust. The trust has beneficiaries rather than shareholders as in a company, who are entitled to distributions of capital and/or income and these distributions, are controlled by the trustee.
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    The distribution made to beneficiaries are subject to income tax as part of their personal income and are liable for provisional tax on these distributions. Citizens and residents of other countries may incorporate in the United Kingdom through the standard incorporation procedures set forth by each state. Provides UK company formations, trademark registration, registered office facilities and company secretary services. Professional company formation, register your company online, we may establish new business at one day. An online guide to starting up and expanding your business.
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    This is one of our most popular packages with worldwide customers, and includes: -

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  • Pomeniat' sro4no. Eto economy4 zvezdy. -

  • ECooonooomyy-4 zvezdy :-****
  • Premier blablabla 4 zvezdy. -

  • premier-4 zvezdy;)
  • Our Deluxe 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 the anonymity of the real owner, 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 send by post to you upon formation of your private limited 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.
  • 2 zdezda deluxe. -

  • 2 zdezda deluxe)
  • 3 zdezda deluxe. -

  • 3 zdezda deluxe
  • 4 zdezda deluxe -

  • 4444444
  • This is our most popular package with the UK residents, and includes: -

  • The registration of your company from scratch using your own registered office address, and appoint your own candidates to the roles of director, secretary (if needed), and shareholder;
  • 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 following documents, which need to be printed and signed, will be e-mailed to you upon formation of your company: -

  • A certificate of incorporation (requires PDF file reader);
  • The memorandum & articles of association (requires PDF file reader);
  • The first meeting of the board of directors (requires PDF file reader);
  • Share certificates and a company register (requires PDF file reader).
  • *If you do not have an a valid address in the UK, which can be used as the registered office address for your company, please check our Economy package. The non-UK address cannot be acceptable as the office address for the UK company.

    This is our most popular package with the UK and EU residents, and includes: -

  • The registration your company from scratch using one of our registered office addresses, and appoint your own candidates to the roles of director, secretary (if needed), and shareholder;
  • 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 also included in the price of this package (our registered office address service is charged annually);

    The following documents, which need to be printed and signed, will be e-mailed to you upon formation of your company: -

  • A certificate of incorporation (requires PDF file reader);
  • The memorandum & articles of association (requires PDF file reader);
  • The first meeting of the board of directors (requires PDF file reader);
  • Share certificates and a company register (requires PDF file reader).
  • This is another one very popular package with worldwide customers, and includes: -

  • The formation of a company limited by guarantee usually takes as little as five to seven working days from the time that your application and payment are received by Coddan;
  • The incorporation your BVI company limited by guarantee from scratch using our registered agent & registered office address, and appoint your own candidate to the role of a members;
  • The government and initiation fees for incorporation are included in the price of this package;
  • The search for a company name availability, confirmation, and reservation;
  • An original certificate of incorporation
  • A hard bound copy of the memorandum & articles of association
  • The preparation and submission of the memorandum and articles of association;
  • A local registered office address and a local registered agent for 12 months are included in the price of this package (our registered agent & office address service are charged annually);
  • The provision of a nominee director for one year is also included in the price of this package (our nominee director service is charged annually);

  • To receive an original of the certificate of incorporation from the Companies Registrar usually takes as little as two to three days from the time of incorporation.
  • The following hard bound copy of corporate documents, will be posted to you upon formation of your company limited by guarantee: -

  • An original certificate of incorporation;
  • A hard bound copy of the memorandum and articles of association;
  • The minutes of the first meeting of the board of directors;
  • A completed register of directors and members;
  • An elegant printed membership certificates;
  • A pliers seal.
  • The general power of attorney signed by a nominee director (additional fee applies);
  • Pre-signed, undated resignation letter from a nominee director;
  • The agreement for the provision of a nominee service and indemnification of nominee.
  • This is our most popular package with international customers, and includes: -

  • The formation of a company limited by guarantee usually takes as little as five to seven working days from the time that your application and payment are received by Coddan;
  • The registration your BVI company limited by guarantee from scratch using our registered agent & registered office address, and appoint our own candidates to the role of a nominee director and a nominee member;
  • The government and initiation fees for incorporation are included in the price of this package;
  • The search for a company name availability, confirmation, and reservation;
  • The preparation and submission of the memorandum and articles of association;
  • A local registered office address and a local registered agent for one year are included in the price of this package (our registered agent & office address service are charged annually);
  • The provision of a nominee director for 12 months is included in the price of this package (our nominee director service is charged annually);
  • A completed register of directors and members
  • The provision of a nominee member for 12 months is also included in the price of this package (our nominee member service is charged annually);

  • To receive an original of the certificate of incorporation from the Companies Registrar usually takes as little as two to three days from the time of incorporation.
  • The following hard bound copy of corporate documents, will be posted to you upon formation of your company limited by guarantee: -

  • An original certificate of incorporation;
  • A hard bound copy of the memorandum and articles of association;
  • The minutes of the first meeting of the board of directors;
  • A completed register of directors and members;
  • An elegant printed membership certificates;
  • A pliers seal.
  • Pre-signed, undated letters of resignation from a nominee director and a nominee member;
  • A general power of attorney signed by a nominee director (additional fee applies);
  • A declaration of trust from a nominee member;
  • An indemnity letter for the power of attorney;
  • A nominee agreement which provides for the indemnification of the nominees.
  • This is another one of our most popular packages for small and medium size businesses, such as those being run by a sole director from home, and for companies owned by overseas residents who still need a local registered office address, but would rather not open a local office in the UK;

    This package is often chosen by such customers, who are looking to minimise a sole director' personal liability (and who are not quite familiar with the UK corporate legislation), because this package includes thye provision of a nominee secretary for 12 months. This package is also includes: -

  • The registration your company from scratch using one of our registered office addresses, and appoint your own candidates to the roles of director, and shareholder;
  • 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 also included in the price of this package (our nominee secretary service is charged annually);

    The following hard bound copy of the corporate documents, will be send by post to you, upon formation of your private limited 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.
  • This is another one very popular package with worldwide customers, and includes: -

  • The formation of a limited partnership usually takes as little as five to seven working days from the time that your application and payment are received by Coddan;
  • The incorporation your BVI offshore limited partnership from scratch using our registered agent & registered office address, and appoint your own candidate to the role of a general partner;
  • The government and initiation fees for registration are included in the price of this package;
  • The search for a limited partnership name availability, confirmation, and reservation;
  • The preparation and submission of the partnership agreement;
  • A local registered office address and a local registered agent for 12 months are included in the price of this package (our registered agent & office address service are charged annually);
  • The provision of a nominee limited partner for one year is also included in the price of this package (our nominee limited partner service is charged annually);

  • To receive an original of the certificate of incorporation from the Companies Registrar usually takes as little as two to three days from the time of incorporation.
  • The following hard bound copy of corporate documents, will be posted to you upon formation of your offshore company: -

  • An original certificate of incorporation;
  • A hard bound copy of the partnership agreement;
  • The minutes of the first meeting of the board of partners;
  • A completed register of partners;
  • An elegant printed membership certificates;
  • A pliers seal;
  • The general power of attorney signed by a nominee limited partner (additional fee applies);
  • Pre-signed, undated resignation letter from a nominee limited partner;
  • The agreement for the provision of a nominee service and indemnification of nominee.
  • This is our most popular package with international customers, and includes: -

    This is our most popular package with international customers, and includes: -

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    Organization Structures Business, Incorporate Your Business Online, Incorporation Services at Affordable Prices, Learn About Incorporating and How to IncorporateSetting up a Business in United Kingdom, Incorporatin Business, Forming an LLC, Incorporate online in Delaware, Nevada, London, Florida, New YorkCompany UK Formation, Online UK Company Formation Agents, Plus a Wide Range of Ready-Made Companies Available and Vintage CompaniesWhat are the Advantages of Incorporation? You Can Now Form Your UK Limited Company Online Using Our Company Registration AgentHow Do I Get Started With the Registration Process? Company Formation & Registration of Offshore Companies Incorporation ServiceUK Limited Company Formation and Offshore Companies Incorporation Service, We Provide Online New Company Formations and Offshore Readymade CorporationSetting up a Business in United Kingdom, Cheap IBC Incorporation Offshore Anonymous Banking Internet Offshore Bank AccountUK Company Formation, Online Company Registration Agent Offering Same-Day Company Formation, Business BankingServices Include Companies Formation and Administration, Trademark, Intellectual Property, Company Search ServicesAn On-Line Resource to Setting-Up a Private Limited Company Without Hiring a Solicitor or Formation AgenStarting a Business Information, Advice and Information for Starting a New Business in the UK Including UK Business Start-UpHelp in Starting Up a Business Up-to-Date Advice and Strategies, Start Your Own Business and Gain Your Independence!Incorporate a Business in Any State, London, Glasgow, Form an LLC, Conduct a Trademark Search OnlineSmall Business Resources for Starting a Small Business, Small Business Marketing
    Financial Services and Markets Act 2000
    2000 Chapter c.8 - continued

    back to previous text
     
     PART XII
     CONTROL OVER AUTHORISED PERSONS
     
    Notice of control
    Obligation to notify the Authority.    178. - (1) If a step which a person proposes to take would result in his acquiring-
     
     
      (a) control over a UK authorised person,
     
      (b) an additional kind of control over a UK authorised person, or
     
      (c) an increase in a relevant kind of control which he already has over a UK authorised person,
     he must notify the Authority of his proposal.
     
         (2) A person who, without himself taking any such step, acquires any such control or additional or increased control must notify the Authority before the end of the period of 14 days beginning with the day on which he first becomes aware that he has acquired it.
     
         (3) A person who is under the duty to notify the Authority imposed by subsection (1) must also give notice to the Authority on acquiring, or increasing, the control in question.
     
         (4) In this Part "UK authorised person" means an authorised person who-
     
     
      (a) is a body incorporated in, or an unincorporated association formed under the law of, any part of the United Kingdom; and
     
      (b) is not a person authorised as a result of paragraph 1 of Schedule 5.
         (5) A notice under subsection (1) or (2) is referred to in this Part as "a notice of control".
     
     
    Acquiring, increasing and reducing control
    Acquiring control.    179. - (1) For the purposes of this Part, a person ("the acquirer") acquires control over a UK authorised person ("A") on first falling within any of the cases in subsection (2).
     
         (2) The cases are where the acquirer-
     
     
      (a) holds 10% or more of the shares in A;
     
      (b) is able to exercise significant influence over the management of A by virtue of his shareholding in A;
     
      (c) holds 10% or more of the shares in a parent undertaking ("P") of A;
     
      (d) is able to exercise significant influence over the management of P by virtue of his shareholding in P;
     
      (e) is entitled to exercise, or control the exercise of, 10% or more of the voting power in A;
     
      (f) is able to exercise significant influence over the management of A by virtue of his voting power in A;
     
      (g) is entitled to exercise, or control the exercise of, 10% or more of the voting power in P; or
     
      (h) is able to exercise significant influence over the management of P by virtue of his voting power in P.
         (3) In subsection (2) "the acquirer" means-
     
     
      (a) the acquirer;
     
      (b) any of the acquirer's associates; or
     
      (c) the acquirer and any of his associates.
         (4) For the purposes of this Part, each of the following is to be regarded as a kind of control-
     
     
      (a) control arising as a result of the holding of shares in A;
     
      (b) control arising as a result of the holding of shares in P;
     
      (c) control arising as a result of the entitlement to exercise, or control the exercise of, voting power in A;
     
      (d) control arising as a result of the entitlement to exercise, or control the exercise of, voting power in P.
         (5) For the purposes of this section and sections 180 and 181, "associate", "shares" and "voting power" have the same meaning as in section 422.
     
    Increasing control.    180. - (1) For the purposes of this Part, a controller of a person ("A") who is a UK authorised person increases his control over A if-
     
     
      (a) the percentage of shares held by the controller in A increases by any of the steps mentioned in subsection (2);
     
      (b) the percentage of shares held by the controller in a parent undertaking ("P") of A increases by any of the steps mentioned in subsection (2);
     
      (c) the percentage of voting power which the controller is entitled to exercise, or control the exercise of, in A increases by any of the steps mentioned in subsection (2);
     
      (d) the percentage of voting power which the controller is entitled to exercise, or control the exercise of, in P increases by any of the steps mentioned in subsection (2); or
     
      (e) the controller becomes a parent undertaking of A.
         (2) The steps are-
     
     
      (a) from below 10% to 10% or more but less than 20%;
     
      (b) from below 20% to 20% or more but less than 33%;
     
      (c) from below 33% to 33% or more but less than 50%;
     
      (d) from below 50% to 50% or more.
         (3) In paragraphs (a) to (d) of subsection (1) "the controller" means-
     
     
      (a) the controller;
     
      (b) any of the controller's associates; or
     
      (c) the controller and any of his associates.
         (4) In the rest of this Part "acquiring control" or "having control" includes-
     
     
      (a) acquiring or having an additional kind of control; or
     
      (b) acquiring an increase in a relevant kind of control, or having increased control of a relevant kind.
    Reducing control.    181. - (1) For the purposes of this Part, a controller of a person ("A") who is a UK authorised person reduces his control over A if-
     
     
      (a) the percentage of shares held by the controller in A decreases by any of the steps mentioned in subsection (2),
     
      (b) the percentage of shares held by the controller in a parent undertaking ("P") of A decreases by any of the steps mentioned in subsection (2),
     
      (c) the percentage of voting power which the controller is entitled to exercise, or control the exercise of, in A decreases by any of the steps mentioned in subsection (2),
     
      (d) the percentage of voting power which the controller is entitled to exercise, or control the exercise of, in P decreases by any of the steps mentioned in subsection (2), or
     
      (e) the controller ceases to be a parent undertaking of A,
     unless the controller ceases to have the kind of control concerned over A as a result.
     
         (2) The steps are-
     
     
      (a) from 50% or more to 33% or more but less than 50%;
     
      (b) from 33% or more to 20% or more but less than 33%;
     
      (c) from 20% or more to 10% or more but less than 20%;
     
      (d) from 10% or more to less than 10%.
         (3) In paragraphs (a) to (d) of subsection (1) "the controller" means-
     
     
      (a) the controller;
     
      (b) any of the controller's associates; or
     
      (c) the controller and any of his associates.
     
    Acquiring or increasing control: procedure
    Notification.    182. - (1) A notice of control must-
     
     
      (a) be given to the Authority in writing; and
     
      (b) include such information and be accompanied by such documents as the Authority may reasonably require.
         (2) The Authority may require the person giving a notice of control to provide such additional information or documents as it reasonably considers necessary in order to enable it to determine what action it is to take in response to the notice.
     
         (3) Different requirements may be imposed in different circumstances.
     
    Duty of Authority in relation to notice of control.    183. - (1) The Authority must, before the end of the period of three months beginning with the date on which it receives a notice of control ("the period for consideration"), determine whether-
     
     
      (a) to approve of the person concerned having the control to which the notice relates; or
     
      (b) to serve a warning notice under subsection (3) or section 185(3).
         (2) Before doing so, the Authority must comply with such requirements as to consultation with competent authorities outside the United Kingdom as may be prescribed.
     
         (3) If the Authority proposes to give the person concerned a notice of objection under section 186(1), it must give him a warning notice.
     
    Approval of acquisition of control.    184. - (1) If the Authority decides to approve of the person concerned having the control to which the notice relates it must notify that person of its approval in writing without delay.
     
         (2) If the Authority fails to comply with subsection (1) of section 183 it is to be treated as having given its approval and notified the person concerned at the end of the period fixed by that subsection.
     
         (3) The Authority's approval remains effective only if the person to whom it relates acquires the control in question-
     
     
      (a) before the end of such period as may be specified in the notice; or
     
      (b) if no period is specified, before the end of the period of one year beginning with the date-
     
        (i) of the notice of approval;
     
        (ii) on which the Authority is treated as having given approval under subsection (2); or
     
        (iii) of a decision on a reference to the Tribunal which results in the person concerned receiving approval.
    Conditions attached to approval.    185. - (1) The Authority's approval under section 184 may be given unconditionally or subject to such conditions as the Authority considers appropriate.
     
         (2) In imposing any conditions, the Authority must have regard to its duty under section 41.
     
         (3) If the Authority proposes to impose conditions on a person it must give him a warning notice.
     
         (4) If the Authority decides to impose conditions on a person it must give him a decision notice.
     
         (5) A person who is subject to a condition imposed under this section may apply to the Authority-
     
     
      (a) for the condition to be varied; or
     
      (b) for the condition to be cancelled.
         (6) The Authority may, on its own initiative, cancel a condition imposed under this section.
     
         (7) If the Authority has given its approval to a person subject to a condition, he may refer to the Tribunal-
     
     
      (a) the imposition of the condition; or
     
      (b) the Authority's decision to refuse an application made by him under subsection (5).
    Objection to acquisition of control.    186. - (1) On considering a notice of control, the Authority may give a decision notice under this section to the person acquiring control ("the acquirer") unless it is satisfied that the approval requirements are met.
     
         (2) The approval requirements are that-
     
     
      (a) the acquirer is a fit and proper person to have the control over the authorised person that he has or would have if he acquired the control in question; and
     
      (b) the interests of consumers would not be threatened by the acquirer's control or by his acquiring that control.
         (3) In deciding whether the approval requirements are met, the Authority must have regard, in relation to the control that the acquirer-
     
     
      (a) has over the authorised person concerned ("A"), or
     
      (b) will have over A if the proposal to which the notice of control relates is carried into effect,
     to its duty under section 41 in relation to each regulated activity carried on by A.
     
         (4) If the Authority gives a notice under this section but considers that the approval requirements would be met if the person to whom a notice is given were to take, or refrain from taking, a particular step, the notice must identify that step.
     
         (5) A person to whom a notice under this section is given may refer the matter to the Tribunal.
     
         (6) "Consumers" means persons who are consumers for the purposes of section 138.
     
    Objection to existing control.    187. - (1) If the Authority is not satisfied that the approval requirements are met, it may give a decision notice under this section to a person if he has failed to comply with a duty to notify imposed by section 178.
     
         (2) If the failure relates to subsection (1) or (2) of that section, the Authority may (instead of giving a notice under subsection (1)) approve the acquisition of the control in question by the person concerned as if he had given it a notice of control.
     
         (3) The Authority may also give a decision notice under this section to a person who is a controller of a UK authorised person if the Authority becomes aware of matters as a result of which it is satisfied that-
     
     
      (a) the approval requirements are not met with respect to the controller; or
     
      (b) a condition imposed under section 185 required that person to do (or refrain from doing) a particular thing and the condition has been breached as a result of his failing to do (or doing) that thing.
         (4) A person to whom a notice under this section is given may refer the matter to the Tribunal.
     
         (5) "Approval requirements" has the same meaning as in section 186.
     
    Notices of objection under section 187: procedure.    188. - (1) If the Authority proposes to give a notice of objection to a person under section 187, it must give him a warning notice.
     
         (2) Before doing so, the Authority must comply with such requirements as to consultation with competent authorities outside the United Kingdom as may be prescribed.
     
         (3) If the Authority decides to give a warning notice under this section, it must do so before the end of the period of three months beginning-
     
     
      (a) in the case of a notice to be given under section 187(1), with the date on which it became aware of the failure to comply with the duty in question;
     
      (b) in the case of a notice to be given under section 187(3), with the date on which it became aware of the matters in question.
         (4) The Authority may require the person concerned to provide such additional information or documents as it considers reasonable.
     
         (5) Different requirements may be imposed in different circumstances.
     
         (6) In this Part "notice of objection" means a notice under section 186 or 187.
     
     
    Improperly acquired shares
    Improperly acquired shares.    189. - (1) The powers conferred by this section are exercisable if a person has acquired, or has continued to hold, any shares in contravention of-
     
     
      (a) a notice of objection; or
     
      (b) a condition imposed on the Authority's approval.
         (2) The Authority may by notice in writing served on the person concerned ("a restriction notice") direct that any such shares which are specified in the notice are, until further notice, subject to one or more of the following restrictions-
     
     
      (a) a transfer of (or agreement to transfer) those shares, or in the case of unissued shares any transfer of (or agreement to transfer) the right to be issued with them, is void;
     
      (b) no voting rights are to be exercisable in respect of the shares;
     
      (c) no further shares are to be issued in right of them or in pursuance of any offer made to their holder;
     
      (d) except in a liquidation, no payment is to be made of any sums due from the body corporate on the shares, whether in respect of capital or otherwise.
         (3) The court may, on the application of the Authority, order the sale of any shares to which this section applies and, if they are for the time being subject to any restriction under subsection (2), that they are to cease to be subject to that restriction.
     
         (4) No order may be made under subsection (3)-
     
     
      (a) until the end of the period within which a reference may be made to the Tribunal in respect of the notice of objection; and
     
      (b) if a reference is made, until the matter has been determined or the reference withdrawn.
         (5) If an order has been made under subsection (3), the court may, on the application of the Authority, make such further order relating to the sale or transfer of the shares as it thinks fit.
     
         (6) If shares are sold in pursuance of an order under this section, the proceeds of sale, less the costs of the sale, must be paid into court for the benefit of the persons beneficially interested in them; and any such person may apply to the court for the whole or part of the proceeds to be paid to him.
     
         (7) This section applies-
     
     
      (a) in the case of an acquirer falling within section 178(1), to all the shares-
     
        (i) in the authorised person which the acquirer has acquired;
     
        (ii) which are held by him or an associate of his; and
     
        (iii) which were not so held immediately before he became a person with control over the authorised person;
     
      (b) in the case of an acquirer falling within section 178(2), to all the shares held by him or an associate of his at the time when he first became aware that he had acquired control over the authorised person; and
     
      (c) to all the shares in an undertaking ("C")-
     
        (i) which are held by the acquirer or an associate of his, and
     
        (ii) which were not so held before he became a person with control in relation to the authorised person,
     
      where C is the undertaking in which shares were acquired by the acquirer (or an associate of his) and, as a result, he became a person with control in relation to that authorised person.
         (8) A copy of the restriction notice must be served on-
     
     
      (a) the authorised person to whose shares it relates; and
     
      (b) if it relates to shares held by an associate of that authorised person, on that associate.
         (9) The jurisdiction conferred by this section may be exercised by the High Court and the Court of Session.
     
     
    Reducing control: procedure
    Notification.    190. - (1) If a step which a controller of a UK authorised person proposes to take would result in his-
     
     
      (a) ceasing to have control of a relevant kind over the authorised person, or
     
      (b) reducing a relevant kind of control over that person,
     he must notify the Authority of his proposal.
     
         (2) A controller of a UK authorised person who, without himself taking any such step, ceases to have that control or reduces that control must notify the Authority before the end of the period of 14 days beginning with the day on which he first becomes aware that-
     
     
      (a) he has ceased to have the control in question; or
     
      (b) he has reduced that control.
         (3) A person who is under the duty to notify the Authority imposed by subsection (1) must also give a notice to the Authority-
     
     
      (a) on ceasing to have the control in question; or
     
      (b) on reducing that control.
         (4) A notice under this section must-
     
     
      (a) be given to the Authority in writing; and
     
      (b) include details of the extent of the control (if any) which the person concerned will retain (or still retains) over the authorised person concerned.
     
    Offences
    Offences under this Part.    191. - (1) A person who fails to comply with the duty to notify the Authority imposed on him by section 178(1) or 190(1) is guilty of an offence.
     
         (2) A person who fails to comply with the duty to notify the Authority imposed on him by section 178(2) or 190(2) is guilty of an offence.
     
         (3) If a person who has given a notice of control to the Authority carries out the proposal to which the notice relates, he is guilty of an offence if-
     
     
      (a) the period of three months beginning with the date on which the Authority received the notice is still running; and
     
      (b) the Authority has not responded to the notice by either giving its approval or giving him a warning notice under section 183(3) or 185(3).
         (4) A person to whom the Authority has given a warning notice under section 183(3) is guilty of an offence if he carries out the proposal to which the notice relates before the Authority has decided whether to give him a notice of objection.
     
         (5) A person to whom a notice of objection has been given is guilty of an offence if he acquires the control to which the notice applies at a time when the notice is still in force.
     
         (6) A person guilty of an offence under subsection (1), (2), (3) or (4) is liable on summary conviction to a fine not exceeding level 5 on the standard scale.
     
         (7) A person guilty of an offence under subsection (5) is liable-
     
     
      (a) on summary conviction, to a fine not exceeding the statutory maximum; and
     
      (b) on conviction on indictment, to imprisonment for a term not exceeding two years or a fine, or both.
         (8) A person guilty of an offence under subsection (5) is also liable on summary conviction to a fine not exceeding one tenth of the statutory maximum for each day on which the offence has continued.
     
         (9) It is a defence for a person charged with an offence under subsection (1) to show that he had, at the time of the alleged offence, no knowledge of the act or circumstances by virtue of which the duty to notify the Authority arose.
     
         (10) If a person-
     
     
      (a) was under the duty to notify the Authority imposed by section 178(1) or 190(1) but had no knowledge of the act or circumstances by virtue of which that duty arose, but
     
      (b) subsequently becomes aware of that act or those circumstances,
     he must notify the Authority before the end of the period of 14 days beginning with the day on which he first became so aware.
     
         (11) A person who fails to comply with the duty to notify the Authority imposed by subsection (10) is guilty of an offence and liable, on summary conviction, to a fine not exceeding level 5 on the standard scale.
     
     
    Miscellaneous
    Power to change definitions of control etc.    192. The Treasury may by order-
     
     
      (a) provide for exemptions from the obligations to notify imposed by sections 178 and 190;
     
      (b) amend section 179 by varying, or removing, any of the cases in which a person is treated as having control over a UK authorised person or by adding a case;
     
      (c) amend section 180 by varying, or removing, any of the cases in which a person is treated as increasing control over a UK authorised person or by adding a case;
     
      (d) amend section 181 by varying, or removing, any of the cases in which a person is treated as reducing his control over a UK authorised person or by adding a case;
     
      (e) amend section 422 by varying, or removing, any of the cases in which a person is treated as being a controller of a person or by adding a case.
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