Jon12345 started this topic @ 15:41 on 24/01/2005
I want to start a ltd company but use a nominee directory. I have a friend who is willing to be that director.
Questions:
1. How much additional cost would there be to get a nominee director for my business? I know you can get Ltd companies set up in 3 hours for about £50. But what would they charge for using a nominee director?
2. Are there any implications I should know about when using a nominee director?
3. When starting a Ltd company, do I just need myself as a 100% shareholder, use someone else as a company secretary and then the nominee director doesn't own any shares? Or have I got this wrong?
Thanks,
Jon
RE: Starting a Ltd Company
James Smith | 24/01/2005 04:33 PM
Jon,
The only director you need is yourself so you dont need a nominee director.
Then the only other person you need is a company secretary who although has legal responsiblities in terms of running the company (ie if you commit a fraud they are liable) is often just a notional role. This person should be either somone connected with the business, or say you spouse/partner/parents/friends etc. There should really be no need to use a nominee secretary if you have a friend who wants to get involved.
You can set up a company for around £30+VAT but this can be deceptive as in doing so you are also taking on costs of at least £500 if not £1000 in the next 12 months in terms of future advice and accounting fees meeting your (many) legal obligations.
If you need some help with this before you do so please feel free to give me a ring for a free consultation, it is quite easy to make a mess of this area if you dont take any advice upfront.
Regards,
------------------------
James Smith
Chartered Accountant
www.jamesesmith.co.uk
01235 536 773
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Your indispensable guide to Small Business Bookkeeping, Self-Assessment & VAT
