The answer to this depends on whether you’re setting up a private limited company or a public one. If you decide to set up a private limited company, you can do it by yourself without other directors. Setting up a public limited company is a bit different. You’ll need to have a qualified secretary and at least two directors, who must all be different people.
In this article, we cover the options you have when setting up a private limited company, and what the requirements around this are.
Setting up a private limited company by yourself
Since the implementation of the Companies Act 2006, it’s possible to set up a private limited company with just one sole director. Before the Act was put into place, company formations required a company to have both a director and a secretary. This is great news for people who wish to operate by themselves in business, whilst also limiting their personal liability.
You’ll still need to appoint at least one director if you set up a private limited company, but you can also form the company with multiple directors, or add more at a later date. At the moment there’s no statutory cap on how many directors can be appointed at any given time. You don’t have to complete the formation process yourself, and can appoint an accountant or other agent to do it for you.
In a public company it’s still a requirement to appoint a company secretary, as well as a minimum of two company directors to go through the formation process.
Who can be a sole director?
When setting up a limited company with a sole director, it’s essential that the director is a real or ‘natural person’. This means that they should be an individual human being, as opposed to another company (corporate director).
Our infographic shows the requirements for becoming a sole director of a limited company.
Do I have to live in the UK to be a UK company director?
A director of a UK company can live anywhere in the world! You don’t have to be a UK resident in order to set up shop here.
Talk to one of the team about your limited company by calling 020 3355 4047. To get an instant quote for our online accounting services, click here.
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