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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: -

  • EQUICK-4 zvezdy :-****
  • 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
    PART XVII, COLLECTIVE INVESTMENT SCHEMES - continued

    back to previous text
     
     CHAPTER III
     AUTHORISED UNIT TRUST SCHEMES
     
    Applications for authorisation
    Applications for authorisation of unit trust schemes.    242. - (1) Any application for an order declaring a unit trust scheme to be an authorised unit trust scheme must be made to the Authority by the manager and trustee, or proposed manager and trustee, of the scheme.
     
         (2) The manager and trustee (or proposed manager and trustee) must be different persons.
     
         (3) The application-
     
     
      (a) must be made in such manner as the Authority may direct; and
     
      (b) must contain or be accompanied by such information as the Authority may reasonably require for the purpose of determining the application.
         (4) At any time after receiving an application and before determining it, the Authority may require the applicants to provide it with such further information as it reasonably considers necessary to enable it to determine the application.
     
         (5) Different directions may be given, and different requirements imposed, in relation to different applications.
     
         (6) The Authority may require applicants to present information which they are required to give under this section in such form, or to verify it in such a way, as the Authority may direct.
     
    Authorisation orders.    243. - (1) If, on an application under section 242 in respect of a unit trust scheme, the Authority-
     
     
      (a) is satisfied that the scheme complies with the requirements set out in this section,
     
      (b) is satisfied that the scheme complies with the requirements of the trust scheme rules, and
     
      (c) has been provided with a copy of the trust deed and a certificate signed by a solicitor to the effect that it complies with such of the requirements of this section or those rules as relate to its contents,
     the Authority may make an order declaring the scheme to be an authorised unit trust scheme.
     
         (2) If the Authority makes an order under subsection (1), it must give written notice of the order to the applicant.
     
         (3) In this Chapter "authorisation order" means an order under subsection (1).
     
         (4) The manager and the trustee must be persons who are independent of each other.
     
         (5) The manager and the trustee must each-
     
     
      (a) be a body corporate incorporated in the United Kingdom or another EEA State, and
     
      (b) have a place of business in the United Kingdom,
     and the affairs of each must be administered in the country in which it is incorporated.
     
         (6) If the manager is incorporated in another EEA State, the scheme must not be one which satisfies the requirements prescribed for the purposes of section 264.
     
         (7) The manager and the trustee must each be an authorised person and the manager must have permission to act as manager and the trustee must have permission to act as trustee.
     
         (8) The name of the scheme must not be undesirable or misleading.
     
         (9) The purposes of the scheme must be reasonably capable of being successfully carried into effect.
     
         (10) The participants must be entitled to have their units redeemed in accordance with the scheme at a price-
     
     
      (a) related to the net value of the property to which the units relate; and
     
      (b) determined in accordance with the scheme.
         (11) But a scheme is to be treated as complying with subsection (10) if it requires the manager to ensure that a participant is able to sell his units on an investment exchange at a price not significantly different from that mentioned in that subsection.
     
    Determination of applications.    244. - (1) An application under section 242 must be determined by the Authority before the end of the period of six months beginning with the date on which it receives the completed application.
     
         (2) The Authority may determine an incomplete application if it considers it appropriate to do so; and it must in any event determine such an application within twelve months beginning with the date on which it first receives the application.
     
         (3) The applicant may withdraw his application, by giving the Authority written notice, at any time before the Authority determines it.
     
     
    Applications refused
    Procedure when refusing an application.    245. - (1) If the Authority proposes to refuse an application made under section 242 it must give each of the applicants a warning notice.
     
         (2) If the Authority decides to refuse the application-
     
     
      (a) it must give each of the applicants a decision notice; and
     
      (b) either applicant may refer the matter to the Tribunal.
     
    Certificates
    Certificates.    246. - (1) If the manager or trustee of a unit trust scheme which complies with the conditions necessary for it to enjoy the rights conferred by any relevant Community instrument so requests, the Authority may issue a certificate to the effect that the scheme complies with those conditions.
     
         (2) Such a certificate may be issued on the making of an authorisation order in respect of the scheme or at any subsequent time.
     
     
    Rules
    Trust scheme rules.    247. - (1) The Authority may make rules ("trust scheme rules") as to-
     
     
      (a) the constitution, management and operation of authorised unit trust schemes;
     
      (b) the powers, duties, rights and liabilities of the manager and trustee of any such scheme;
     
      (c) the rights and duties of the participants in any such scheme; and
     
      (d) the winding up of any such scheme.
         (2) Trust scheme rules may, in particular, make provision-
     
     
      (a) as to the issue and redemption of the units under the scheme;
     
      (b) as to the expenses of the scheme and the means of meeting them;
     
      (c) for the appointment, removal, powers and duties of an auditor for the scheme;
     
      (d) for restricting or regulating the investment and borrowing powers exercisable in relation to the scheme;
     
      (e) requiring the keeping of records with respect to the transactions and financial position of the scheme and for the inspection of those records;
     
      (f) requiring the preparation of periodical reports with respect to the scheme and the provision of those reports to the participants and to the Authority; and
     
      (g) with respect to the amendment of the scheme.
         (3) Trust scheme rules may make provision as to the contents of the trust deed, including provision requiring any of the matters mentioned in subsection (2) to be dealt with in the deed.
     
         (4) But trust scheme rules are binding on the manager, trustee and participants independently of the contents of the trust deed and, in the case of the participants, have effect as if contained in it.
     
         (5) If-
     
     
      (a) a modification is made of the statutory provisions in force in Great Britain or Northern Ireland relating to companies,
     
      (b) the modification relates to the rights and duties of persons who hold the beneficial title to any shares in a company without also holding the legal title, and
     
      (c) it appears to the Treasury that, for the purpose of assimilating the law relating to authorised unit trust schemes to the law relating to companies as so modified, it is expedient to modify the rule-making powers conferred on the Authority by this section,
     the Treasury may by order make such modifications of those powers as they consider appropriate.
     
    Scheme particulars rules.    248. - (1) The Authority may make rules ("scheme particulars rules") requiring the manager of an authorised unit trust scheme-
     
     
      (a) to submit scheme particulars to the Authority; and
     
      (b) to publish scheme particulars or make them available to the public on request.
         (2) "Scheme particulars" means particulars in such form, containing such information about the scheme and complying with such requirements, as are specified in scheme particulars rules.
     
         (3) Scheme particulars rules may require the manager of an authorised unit trust scheme to submit, and to publish or make available, revised or further scheme particulars if there is a significant change affecting any matter-
     
     
      (a) which is contained in scheme particulars previously published or made available; and
     
      (b) whose inclusion in those particulars was required by the rules.
         (4) Scheme particulars rules may require the manager of an authorised unit trust scheme to submit, and to publish or make available, revised or further scheme particulars if-
     
     
      (a) a significant new matter arises; and
     
      (b) the inclusion of information in respect of that matter would have been required in previous particulars if it had arisen when those particulars were prepared.
         (5) Scheme particulars rules may provide for the payment, by the person or persons who in accordance with the rules are treated as responsible for any scheme particulars, of compensation to any qualifying person who has suffered loss as a result of-
     
     
      (a) any untrue or misleading statement in the particulars; or
     
      (b) the omission from them of any matter required by the rules to be included.
         (6) "Qualifying person" means a person who-
     
     
      (a) has become or agreed to become a participant in the scheme; or
     
      (b) although not being a participant, has a beneficial interest in units in the scheme.
         (7) Scheme particulars rules do not affect any liability which any person may incur apart from the rules.
     
    Disqualification of auditor for breach of trust scheme rules.    249. - (1) If it appears to the Authority that an auditor has failed to comply with a duty imposed on him by trust scheme rules, it may disqualify him from being the auditor for any authorised unit trust scheme or authorised open-ended investment company.
     
         (2) Subsections (2) to (5) of section 345 have effect in relation to disqualification under subsection (1) as they have effect in relation to disqualification under subsection (1) of that section.
     
    Modification or waiver of rules.    250. - (1) In this section "rules" means-
     
     
      (a) trust scheme rules; or
     
      (b) scheme particulars rules.
         (2) The Authority may, on the application or with the consent of any person to whom any rules apply, direct that all or any of the rules-
     
     
      (a) are not to apply to him as respects a particular scheme; or
     
      (b) are to apply to him, as respects a particular scheme, with such modifications as may be specified in the direction.
         (3) The Authority may, on the application or with the consent of the manager and trustee of a particular scheme acting jointly, direct that all or any of the rules-
     
     
      (a) are not to apply to the scheme; or
     
      (b) are to apply to the scheme with such modifications as may be specified in the direction.
         (4) Subsections (3) to (9) and (11) of section 148 have effect in relation to a direction under subsection (2) as they have effect in relation to a direction under section 148(2) but with the following modifications-
     
     
      (a) subsection (4)(a) is to be read as if the words "by the authorised person" were omitted;
     
      (b) any reference to the authorised person (except in subsection (4)(a)) is to be read as a reference to the person mentioned in subsection (2); and
     
      (c) subsection (7)(b) is to be read, in relation to a participant of the scheme, as if the word "commercial" were omitted.
         (5) Subsections (3) to (9) and (11) of section 148 have effect in relation to a direction under subsection (3) as they have effect in relation to a direction under section 148(2) but with the following modifications-
     
     
      (a) subsection (4)(a) is to be read as if the words "by the authorised person" were omitted;
     
      (b) subsections (7)(b) and (11) are to be read as if references to the authorised person were references to each of the manager and the trustee of the scheme;
     
      (c) subsection (7)(b) is to be read, in relation to a participant of the scheme, as if the word "commercial" were omitted;
     
      (d) subsection (8) is to be read as if the reference to the authorised person concerned were a reference to the scheme concerned and to its manager and trustee; and
     
      (e) subsection (9) is to be read as if the reference to the authorised person were a reference to the manager and trustee of the scheme acting jointly.
     
    Alterations
    Alteration of schemes and changes of manager or trustee.    251. - (1) The manager of an authorised unit trust scheme must give written notice to the Authority of any proposal to alter the scheme or to replace its trustee.
     
         (2) Any notice given in respect of a proposal to alter the scheme involving a change in the trust deed must be accompanied by a certificate signed by a solicitor to the effect that the change will not affect the compliance of the deed with the trust scheme rules.
     
         (3) The trustee of an authorised unit trust scheme must give written notice to the Authority of any proposal to replace the manager of the scheme.
     
         (4) Effect is not to be given to any proposal of which notice has been given under subsection (1) or (3) unless-
     
     
      (a) the Authority, by written notice, has given its approval to the proposal; or
     
      (b) one month, beginning with the date on which the notice was given, has expired without the manager or trustee having received from the Authority a warning notice under section 252 in respect of the proposal.
         (5) The Authority must not approve a proposal to replace the manager or the trustee of an authorised unit trust scheme unless it is satisfied that, if the proposed replacement is made, the scheme will continue to comply with the requirements of section 243(4) to (7).
     
    Procedure when refusing approval of change of manager or trustee.    252. - (1) If the Authority proposes to refuse approval of a proposal to replace the trustee or manager of an authorised unit trust scheme, it must give a warning notice to the person by whom notice of the proposal was given under section 251(1) or (3).
     
         (2) If the Authority proposes to refuse approval of a proposal to alter an authorised unit trust scheme it must give separate warning notices to the manager and the trustee of the scheme.
     
         (3) To be valid the warning notice must be received by that person before the end of one month beginning with the date on which notice of the proposal was given.
     
         (4) If, having given a warning notice to a person, the Authority decides to refuse approval-
     
     
      (a) it must give him a decision notice; and
     
      (b) he may refer the matter to the Tribunal.
     
    Exclusion clauses
    Avoidance of exclusion clauses.    253. Any provision of the trust deed of an authorised unit trust scheme is void in so far as it would have the effect of exempting the manager or trustee from liability for any failure to exercise due care and diligence in the discharge of his functions in respect of the scheme.
     
     
    Ending of authorisation
    Revocation of authorisation order otherwise than by consent.    254. - (1) An authorisation order may be revoked by an order made by the Authority if it appears to the Authority that-
     
     
      (a) one or more of the requirements for the making of the order are no longer satisfied;
     
      (b) the manager or trustee of the scheme concerned has contravened a requirement imposed on him by or under this Act;
     
      (c) the manager or trustee of the scheme has, in purported compliance with any such requirement, knowingly or recklessly given the Authority information which is false or misleading in a material particular;
     
      (d) no regulated activity is being carried on in relation to the scheme and the period of that inactivity began at least twelve months earlier; or
     
      (e) none of paragraphs (a) to (d) applies, but it is desirable to revoke the authorisation order in order to protect the interests of participants or potential participants in the scheme.
         (2) For the purposes of subsection (1)(e), the Authority may take into account any matter relating to-
     
     
      (a) the scheme;
     
      (b) the manager or trustee;
     
      (c) any person employed by or associated with the manager or trustee in connection with the scheme;
     
      (d) any director of the manager or trustee;
     
      (e) any person exercising influence over the manager or trustee;
     
      (f) any body corporate in the same group as the manager or trustee;
     
      (g) any director of any such body corporate;
     
      (h) any person exercising influence over any such body corporate.
    Procedure.    255. - (1) If the Authority proposes to make an order under section 254 revoking an authorisation order ("a revoking order"), it must give separate warning notices to the manager and the trustee of the scheme.
     
         (2) If the Authority decides to make a revoking order, it must without delay give each of them a decision notice and either of them may refer the matter to the Tribunal.
     
    Requests for revocation of authorisation order.    256. - (1) An authorisation order may be revoked by an order made by the Authority at the request of the manager or trustee of the scheme concerned.
     
         (2) If the Authority makes an order under subsection (1), it must give written notice of the order to the manager and trustee of the scheme concerned.
     
         (3) The Authority may refuse a request to make an order under this section if it considers that-
     
     
      (a) the public interest requires that any matter concerning the scheme should be investigated before a decision is taken as to whether the authorisation order should be revoked; or
     
      (b) revocation would not be in the interests of the participants or would be incompatible with a Community obligation.
         (4) If the Authority proposes to refuse a request under this section, it must give separate warning notices to the manager and the trustee of the scheme.
     
         (5) If the Authority decides to refuse the request, it must without delay give each of them a decision notice and either of them may refer the matter to the Tribunal.
     
     
    Powers of intervention
    Directions.    257. - (1) The Authority may give a direction under this section if it appears to the Authority that-
     
     
      (a) one or more of the requirements for the making of an authorisation order are no longer satisfied;
     
      (b) the manager or trustee of an authorised unit trust scheme has contravened, or is likely to contravene, a requirement imposed on him by or under this Act;
     
      (c) the manager or trustee of such a scheme has, in purported compliance with any such requirement, knowingly or recklessly given the Authority information which is false or misleading in a material particular; or
     
      (d) none of paragraphs (a) to (c) applies, but it is desirable to give a direction in order to protect the interests of participants or potential participants in such a scheme.
         (2) A direction under this section may-
     
     
      (a) require the manager of the scheme to cease the issue or redemption, or both the issue and redemption, of units under the scheme;
     
      (b) require the manager and trustee of the scheme to wind it up.
         (3) If the authorisation order is revoked, the revocation does not affect any direction under this section which is then in force.
     
         (4) A direction may be given under this section in relation to a scheme in the case of which the authorisation order has been revoked if a direction under this section was already in force at the time of revocation.
     
         (5) If a person contravenes a direction under this section, section 150 applies to the contravention as it applies to a contravention mentioned in that section.
     
         (6) The Authority may, either on its own initiative or on the application of the manager or trustee of the scheme concerned, revoke or vary a direction given under this section if it appears to the Authority-
     
     
      (a) in the case of revocation, that it is no longer necessary for the direction to take effect or continue in force;
     
      (b) in the case of variation, that the direction should take effect or continue in force in a different form.
    Applications to the court.    258. - (1) If the Authority could give a direction under section 257, it may also apply to the court for an order-
     
     
      (a) removing the manager or the trustee, or both the manager and the trustee, of the scheme; and
     
      (b) replacing the person or persons removed with a suitable person or persons nominated by the Authority.
         (2) The Authority may nominate a person for the purposes of subsection (1)(b) only if it is satisfied that, if the order was made, the requirements of section 243(4) to (7) would be complied with.
     
         (3) If it appears to the Authority that there is no person it can nominate for the purposes of subsection (1)(b), it may apply to the court for an order-
     
     
      (a) removing the manager or the trustee, or both the manager and the trustee, of the scheme; and
     
      (b) appointing an authorised person to wind up the scheme.
         (4) On an application under this section the court may make such order as it thinks fit.
     
         (5) The court may, on the application of the Authority, rescind any such order as is mentioned in subsection (3) and substitute such an order as is mentioned in subsection (1).
     
         (6) The Authority must give written notice of the making of an application under this section to the manager and trustee of the scheme concerned.
     
         (7) The jurisdiction conferred by this section may be exercised by-
     
     
      (a) the High Court;
     
      (b) in Scotland, the Court of Session.
    Procedure on giving directions under section 257 and varying them on Authority's own initiative.    259. - (1) A direction takes effect-
     
     
      (a) immediately, if the notice given under subsection (3) states that that is the case;
     
      (b) on such date as may be specified in the notice; or
     
      (c) if no date is specified in the notice, when the matter to which it relates is no longer open to review.
         (2) A direction may be expressed to take effect immediately (or on a specified date) only if the Authority, having regard to the ground on which it is exercising its power under section 257, considers that it is necessary for the direction to take effect immediately (or on that date).
     
         (3) If the Authority proposes to give a direction under section 257, or gives such a direction with immediate effect, it must give separate written notice to the manager and the trustee of the scheme concerned.
     
         (4) The notice must-
     
     
      (a) give details of the direction;
     
      (b) inform the person to whom it is given of when the direction takes effect;
     
      (c) state the Authority's reasons for giving the direction and for its determination as to when the direction takes effect;
     
      (d) inform the person to whom it is given that he may make representations to the Authority within such period as may be specified in it (whether or not he has referred the matter to the Tribunal); and
     
      (e) inform him of his right to refer the matter to the Tribunal.
         (5) If the direction imposes a requirement under section 257(2)(a), the notice must state that the requirement has effect until-
     
     
      (a) a specified date; or
     
      (b) a further direction.
         (6) If the direction imposes a requirement under section 257(2)(b), the scheme must be wound up-
     
     
      (a) by a date specified in the notice; or
     
      (b) if no date is specified, as soon as practicable.
         (7) The Authority may extend the period allowed under the notice for making representations.
     
         (8) If, having considered any representations made by a person to whom the notice was given, the Authority decides-
     
     
      (a) to give the direction in the way proposed, or
     
      (b) if it has been given, not to revoke the direction,
     it must give separate written notice to the manager and the trustee of the scheme concerned.
     
         (9) If, having considered any representations made by a person to whom the notice was given, the Authority decides-
     
     
      (a) not to give the direction in the way proposed,
     
      (b) to give the direction in a way other than that proposed, or
     
      (c) to revoke a direction which has effect,
     it must give separate written notice to the manager and the trustee of the scheme concerned.
     
         (10) A notice given under subsection (8) must inform the person to whom it is given of his right to refer the matter to the Tribunal.
     
         (11) A notice under subsection (9)(b) must comply with subsection (4).
     
         (12) If a notice informs a person of his right to refer a matter to the Tribunal, it must give an indication of the procedure on such a reference.
     
         (13) This section applies to the variation of a direction on the Authority's own initiative as it applies to the giving of a direction.
     
         (14) For the purposes of subsection (1)(c), whether a matter is open to review is to be determined in accordance with section 391(8).
     
    Procedure: refusal to revoke or vary direction.    260. - (1) If on an application under section 257(6) for a direction to be revoked or varied the Authority proposes-
     
     
      (a) to vary the direction otherwise than in accordance with the application, or
     
      (b) to refuse to revoke or vary the direction,
     it must give the applicant a warning notice.
     
         (2) If the Authority decides to refuse to revoke or vary the direction-
     
     
      (a) it must give the applicant a decision notice; and
     
      (b) the applicant may refer the matter to the Tribunal.
    Procedure: revocation of direction and grant of request for variation.    261. - (1) If the Authority decides on its own initiative to revoke a direction under section 257 it must give separate written notices of its decision to the manager and trustee of the scheme.
     
         (2) If on an application under section 257(6) for a direction to be revoked or varied the Authority decides to revoke the direction or vary it in accordance with the application, it must give the applicant written notice of its decision.
     
         (3) A notice under this section must specify the date on which the decision takes effect.
     
         (4) The Authority may publish such information about the revocation or variation, in such way, as it considers appropriate.
     
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