eSignature Legitimateness for Business Ethics and Conduct Disclosure Statement in UAE

How to eSign a document: eSignature legitimateness for Business Ethics and Conduct Disclosure Statement in UAE

between us Neil and I have helped hundreds of companies set up in the UK and given there are hundreds of things that you need to do in the early stages of setting up a business many of which you'll know some things about others which you'll know nothing about one of the things we want to do today is run through one of the Practical things that you'll need to get done after setting up your company and one of those things is every 12 months is to file a confirmation statement and as we go through that we'll talk through what a confirmation statement is when you need to file it who's responsible for filing it and the consequences of not doing so how much it costs so without further Ado let's get cracking and get on with [Music] it welcome back to the basics of business Channel everybody and before we quickly just log on and get fining a confirmation statement you when it comes to the legal aspects particularly people often get hesitant and confused and sometimes fearful about about them so before we tackle the confirmation statement online firstly just what is it so the confirmation statement is that annually or at least annually you can file them more frequently but at least annually the directors must confirm at company's house that certain information so um the registered office whether the company is a private company public company um who are the directors of the company the share capital and shareholders of the company all of that has to be confirmed it's it's a very simple process um but it does have to be done whether the company is active dormant or or whatever so it just it'ses a snapshot a photograph at that period of time of Who's involved in the company Etc and when when do you need to do it you have to do it every 12 months so if you formed the company on the 1 of January they would want uh a confirmation statement every 1st of January and who's responsible for doing it so it's the directors who are ultimately responsible for everything to do with the company so it it'll be on them to actually file it and as I say you know it will be a breach of the company's act if you haven't done it company's house can strike the company off because it's not keeping up to date with its filing requirements um but rarely if ever do you see that happening if you don't file accounts then you're more likely to get struck off but not filing the confirmation statement or not filing it on time there's no real Financial penalty for doing so but it's more a sign of Good Housekeeping as you're top of you're running a company you know what to do for in terms of for just probably outside investors if you're looking to take an investment or have it it's you know you're on top of it and you know what you're doing yeah I was going to say there's no Financial penalty in as much as getting fined but it will potentially impact your financial credit rating for your company so you know you if if you're trying to get an overdraft or do anything with the bank or debt or external investors if your accounts are late if your confirmation statement is late you know they're all going to be um black marks against the company when it's looking at credit ratings and things like that so let's log on to company's house and get cracking with filing one of our own okay so we're going to log into company's house here and do it do it through company's house and we''re going to this the website here which we'll put a link in the description and just start now so T typically with web filing you'll have had your account previously particularly if you formed your company through company's house originally but if uh you haven't you can just register with web filing and begin begin from that perspective for web filing is something typically if you formed your company through company's house you'll have already registered for and you'll have your authentication code AS we've seen there if you don't have your authentication code and we've talked about previously you can request it again from company's house the problem you'll have is it typically takes 5 to 7 days to come through so it's certainly something uh to hang on to originally however if you do need it then it will take 5 to 7 days if that takes you over the filing date which will which will highlight there don't don't worry that that you're not you're not going to go to jail or anything no matter what uh things will come through you we will file it late but typically it'll be all right if you're if you're a week or two late and on almost longer on many occasions the uh but hang on to that authentication code you'll need it for web filing and as you see there we don't actually need to file a confirmation statement uh until the 6th of April 2024 we're going to do it here just as I say to give you some practical help if you do need to form to follow yours before then but there examples of if you sign up to manage e reminders again which we'll highlight here is you'll get an email reminder as the time comes due when you're to file your confirmation statement which is just a helpful thing that you can do through e filing if your lawyers or your accountants are doing this for you um then they'll typically take take care of this formation agents or another uh uh group who can help you follow your confirmation statement and they'll typically charge you to do that um a variety of of cost I think it can be between sort of 30 to to to1 if it needs to be filed urgently the um but as I say that manage email reminders is a simple way for company's house to remind you of when it's due as I say you can file it has to be at least once every 12 months you can file it every day if you wanted to if you chose to for some bizarre reason say we can file ours now even though it's not due so let's just do that now to show you how it works we'll just click on start so again it's helpfully remind us that we're not due to file a confirmation statement we're going to do that now as I say for this video and it will just ask you a series of questions of these that you just need to confirm that the information they have just now is correct if it's not then you have to go and file different forms for example like there'll be change of names Etc or change of directors you'd go back and I think if you go to the company overview if we just go back actually to the company overview just on the left hand side there so you'll see the top right hand corner there all forms so if there's something that you haven't done that in ter the information is not right as it stands just now that you're going to confirm the confirmation statement you can use these forms so for example if we if we expand directors and secretaries there you can form an apo1 if a director has been appointed you should um I think it's within two weeks weeks or something like that I think something like to file out but if you haven't done it you can do it this stage or whatever there'll be warning saying you should have done it beforehand but before you get to the confirmation statement if there are stuff that you haven't done then these are where all the forms are where you can file different things whether it's directors SEC Chang of secretaries Etc new shareholders changes to share Capital so you can do all that through e filing and again if anything is useful for us to run through as an example of these then let us know that in in the comments but as I say confirmation statement is the one we're going to do today and click on there back to that screen and start so the first question is are you any of your shares trading on a market so that's obviously no for us it's a private company uh not on any Stock Exchange um so you then have the different areas that it's asking you to confirm so uh so is the registered office correct um Are the officers uh the correct details so this is where you're just going through and checking um that everything that's listed is still um up to dat and and and right um and that's where as as Graham said if you find something that's not correct um you can then complete the other forms um there so everything on there is as it should be so we're going to say that I confirm that everything is correct click on that and uh go ready to hit submit it then says yeah but you've got to make the payment we don't have a company's house account so we have to pay by card so continue we're going to pay by credit or debit card continue and then you just complete the card details and that is as easy as it is it's done it's been filed um so although it can seem maybe not daunting isn't the right word but if you've not done it before and you don't quite know what it is and and you don't know what you're going to necessarily what questions you're going to be asked it it's you know but as you can see it's very easy uh all the information is already there so they're pre-populating it you really in most cases you are just going to be confirming that nothing has changed but it's a good example of if you keep stuff up to date as you go through the year and think it's because it's every year and particularly sometimes if people have had other people doing it whether it's a peration agent or a lawyer account you sort of forget two or three years later you forget how to do it and what's involved but as long as things have been kept up to date like who are the directors who are the sholders who are the psc's it is a very straightforward process could be email confirmation typically that it's been done and it's been successfully filed uh and then and that is it so that's it for this practical demonstration of filing a confirmation statement as ever we wish you every success with your business journey and if you like this video you know what to do just tap on one of those boxes on the screen and we'll see you over in another [Music] one