I’m about to go into business with somebody and set up a LTD company, but it’s not clear to me if we’ll be able to set it up in such a way as to be able to use Monzo Business
Monzo says we must:
have at least one person of significant control (this can be you) listed on Companies House,
have no corporate persons of significant control or corporate directors,
What does this mean? Does it mean we can have more than one “person of significant control”? And is a “person of significant control” different from a “corporate person of significant control”?
Or another question might be: how do we set up our partnership under a LTD to be suitable for using Monzo?
That’s fairly simple to do. If you just google ‘set up a limited company on companies house’ you’ll be taken to the companies house website where it’s a fairly straight forward process.
When incorporating your business you’ll go through the simple steps where it asks you various information about your business.
A person of significant control is a person who holds 25% or more shares/voting rights of the company. If it’s a simple 50/50 you’re planning with your partner you can enter that you have 100 company shares and assign 50 each to the both of you. Then you’re both PSCs with equal rights.
A corporate person of control sounds like it’s irrelevant to you because that’s another company which holds a significant number of shares/rights in your company. For example if ABC Ltd owned 75% of your shares then they’d be a corporate person of significant control. If it’s just you two as individuals who’ll be creating/owning the company then this isn’t something you need to think about.