In UK business promotion is a highly specialized field. It involves all types of marketing techniques to promote a company. Promoters play a vital role in promoting the interests of a company throughout the country. All companies in UK are required to register with the Promotion Office. Promotion Offices not only helps companies acquire the legal requirements registration but also play a key role in the promotion of the company throughout the UK.
The promoter and all the members of the company form a committee for the purpose of promoting the interests of the company. The committee consists of Director, Secretary, Managing Partner, Director, Marketing Manager, Accounts Manager, Engineering Manager and other members. The promoters form an executive of the company and are responsible for executing the company’s policy. There are many important sections in UK Company Formation Law and Promotion. These include Memorandum and Article of Association, Registration of Company, Annual Accounts, Company Directors, Corporate Secretary, Registration of Trade Marks, Memorandum and Articles of Association.
By Memorandum and Article of Association a company declares that its company is registered at the county court in respect of its registered office. The promoters of the company may include in this document the proposed names of the company, its authorized act and its powers. This document becomes the part of Public Liability Law. The promoter may also include the clause regarding transfer of shares in the company and the clause regarding its directors and shareholders.
When it comes to Registration of Company, the promoters of the company are required to furnish the prescribed information about its capital, nature of business, ownership, nature of stock, capital assets, ownership status etc. This registration becomes effective after the completion of statutory obligations. After completing the entire process of registration of company, the promoter is required to file the first annual return of accounts. The return of accounts is the company’s statement of accounts duly certified by the accountant. The promoters of the association must also include in the annual report the following information namely: the net profit and loss, capital gains and losses, income taxes and payment of income tax.
When it comes to the Memorandum and Article of Association, the promoter should include in this the following information: the company name, its objective, the nature of business, accredited place of business, date of company establishment, designation of director, and articles of association. If there are no articles of association, the promoter should include the names of directors nominated by the company. The above mentioned requirements have been revised in order to make the process of incorporating a company simpler and quicker.
Upon being placed on the market for sale, a company must be registered with the competent authority. Registration with the appropriate regulatory body ensures that the company is protected against its creditors, associates, and the public. At the pre-incorporation stage, the promoter must have formed a company in good faith having regard to the rules that govern the formation of corporations in the UK. After registration, it must be ensured that the promoters and shareholders comply with the laws of the country.
There are two registration services that can be availed by the promoter. He or she may choose either a specialist company registration company or a general company registration service. In addition to these two options, a promoter may also choose to utilise the services of an expert administrator. Both these companies take care of all the issues that need to be addressed during the incorporation process. They also ensure that all the formalities are taken care of before the company becomes active.
Once the company is registered, it should keep proper bookkeeping records. These records help the promoters and investors in knowing the financial condition of the company. They help them monitor the performance of the company and judge the value of shares and assets accordingly. A properly conducted bookkeeping and accounts service should be in place at all times. One way of ensuring that the accounts are complied with on time is for the promoters to have an administration service with the registrar. This allows the promoters to appoint an administrator if required.