Private unlimited liability company creation requirements: establishing an unlimited company is an exciting process. Finally, your company is official and you can start doing business. There are, however, certain legal requirements for the registration of a private unlimited liability company. It is important to ensure that you fulfil these requirements, so that your unlimited company gets off to a smooth start.
Three key minimum requirements for the formation of an unlimited company.
Firstly, the unlimited firm needs to have at least one director and one shareholder. The director and shareholder must be distinct people. The director must be a real human individual (and not, for example, another company or a deceased individual having an unlimited company set up in their honour).
Secondly, the unlimited entity must have a registered business address. This address must be a physical address in the United Kingdom. So, for example, you cannot attempt to register an unlimited company in the UK with an office in Germany.
Thirdly, the company must promise to submit an annual return detailing its structure.
There are also a few things that you do not need to worry about when registering a private unlimited liability organisation. Many of these things make the registration of an unlimited company different from setting-up a limited company. For example, there is no minimum capital requirement for registering an unlimited company. Your unlimited company can start off life with one pound or with one million pounds; as far as registration procedures are concerned, this does not make a difference.
Moreover, there is no residency requirement for the director(s) and shareholder(s). As long as you have the requisite number of each of these individuals and the company address is physically within the UK, there is no need for the director(s) and shareholder(s) to be permanent residents in the UK.