FAQs

UK Private Companies

Q. What is the minimum number of directors allowed on a company?

A. One (must be individual and not a corporate director)

Q. Are corporate directors still allowed?

A. Yes, however they cannot be a sole director. A company must have at least one
     individual director

Q. What is the minimum age for a director?

A. 16

Q. What is the notice period required to hold a director's meeting?

A.  Whilst there are no provisions in the Companies Act regarding notice, under common
      law and as good practice it is expected that directors are given reasonable notice 

Q.  Does a Company need to appoint a Company Secretary?

A.  No. However the Company must ensure all statutory filing obligations are met.

Q. What is the minimum number of shareholders required?

A. One

Q. What is meant by nominal value?

A.  This is the value given to each share (not necessarily the consideration paid for each
     share)   

Q. What is the smallest nominal value that can be given to a share?

A. Most Companies set the nominal value of shares at either £1 each of 1p each although
     it is possible to set the nominal value per share as low as £0.0001 pence

Q. Does the Company have to hold an AGM?

A. Whilst no longer compulsory under the 2006 Companies Act, a company can still hold
     an AGM if it so wishes and this can be stated within the company's articles.

Q. What happens if I file accounts or annual returns late?

A. Late filing of accounts will attract late filing penalties from Companies House and
     your company may be at risk of strike off. Late filing of Annual Returns could also
     put your company at risk of strike off proceedings. In addition your company may
     face legal action for any unpaid fees.    

 

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