Creating a company without a company secretary

[richy]

Hello All. I saw in the Companies Act 2006 that a company secretary is no longer reqired in certian circumstances. I dont fully understand though, if I am the only shareholder, and the only director will it still work for there not to be a company secretary?

I was going to use the Contractor UK service to setup my ltd company, but this talks of appointing a company secretary etc. Any ideas?

Also, can I set my company address to be the same as my address, the sole director? is this not advisable at all?

Thanks for the help, richy

[Sockpuppet]

Hello All. I saw in the Companies Act 2006 that a company secretary is no longer reqired in certian circumstances. I dont fully understand though, if I am the only shareholder, and the only director will it still work for there not to be a company secretary?

I was going to use the Contractor UK service to setup my ltd company, but this talks of appointing a company secretary etc. Any ideas?

Also, can I set my company address to be the same as my address, the sole director? is this not advisable at all?

Thanks for the help, richy

You no longer have to appoint a secretary however in practice its a good idea purely becuase I'm not sure the banks have cottoned to this yet and will probably want a co sec signature.

I also wouldnt have the registered address as your home address. You can do this but I would use your accountants as if you are investigated HMRC will rock up to the registered address which is better if its the accountants offices rather than your 3 bed semi in nosey neighbour close.

[richy]

Thanks for the reply Sockpuppet.

The other thing I've been deciding about is business banking. HSBC looks the best I've found so far... but I don't expect they have a reasonable rate of interest (above base rate) though. Does anyone know if the Cater Allen account has a good rate of interest?

Or does anyone have a better business bank account to recommend?
Cheers, richy

[oraclesmith]

The legislation was put in place to enable one-person limited companies, so it's legal, but as Sockpuppet says, it's new so there will be a lot of changes needed before it becomes commonplace and many institutions won't have caught up yet. I have a comp sec, but I tend to do their work myself. Alternatively your accountants may offer a comp.sec service for a small fee.

My registered office is my home address and I don't see as it causes any problems. If you use your accountant, you will probably have to pay for them to forward your post.

I am a member of the FSB and I get free banking from the Co-Op, who also pay a small amount of interest on my business current account, which is far better than Natwest (who I used before) who wanted about £5 a month minimum in bank charges. FSB members also have access to Close Brothers Diamond account which you can deposit sizeable sums and get near base rate interest.

[Denny]

Hello All. I saw in the Companies Act 2006 that a company secretary is no longer reqired in certian circumstances. I dont fully understand though, if I am the only shareholder, and the only director will it still work for there not to be a company secretary?

I was going to use the Contractor UK service to setup my ltd company, but this talks of appointing a company secretary etc. Any ideas?

Also, can I set my company address to be the same as my address, the sole director? is this not advisable at all?

Thanks for the help, richy

The need for no co. sec doesn't kick in until 2008. You do need one until then.

[richy]

Ok, thanks Denny