If this form is not delivered within the prescribed time limit, the anniversary of the end of the month of establishment will be imposed on the company as its accounting reference date. (This date may subsequently be changed by delivering form 701b in the current period or form 701c in the next period - see the Companies House Notes for Guidance on Accounting Reference Dates.)
What needs to be filed in respect of reports and accounts?
B-6 Every oversea company establishing a place of business is required to deliver to the Registrar, in respect of each financial year of the company, copies of its reports and accounts prepared in accordance with the Oversea Companies (Accounts) (Modifications and Exemptions) Order 1990. Under this the accounts to be delivered do not need to be as detailed as those required if the company were incorporated in Great Britain, nor do they need to be audited. Directors' reports are not required nor is disclosure of details of directors' remuneration, loans, or similar transactions. A balance sheet and profit and loss account showing comparative figures for the previous year are required. Professional advice should be sought in preparation of the accounts if there is any doubt about what is required. If the accounts are in a language other than English they must be accompanied by a certified translation. The accounts must be delivered to the Registrar within 13 months of the accounting reference date notified under paragraph B-5 above. The company needs to file only one set of accounts where it has its place of business ie in England and Wales and/or in Scotland.
What other details have to be registered?
Company name
B-7 An oversea company must notify the Registrar of its corporate name (ie the current name in which it is registered in the country of its incorporation) when it establishes a place of business in Great Britain. The names of oversea companies are subject to the same regulations as companies incorporated in Great Britain and it may be that the corporate name of the company is not acceptable in this country or is permissible only with the approval of the Secretary of State for Trade and Industry.
B-8 Briefly, a name is not acceptable for inclusion in the index of names if it is the same as a name already on the index or if it includes certain specified words or expressions. Names requiring approval are set out in the Business Names Regulations 1981 (as amended). There are other rules affecting company names and full details are available in the Companies House Notes for Guidance Choosing a Name for Your Company, Business Names and Sensitive Words and Expressions.
B-9
If a company's name is unacceptable, notice may be served on the company to adopt a business name for use in Great Britain. The notice will be issued within twelve months of the date of the company's registration or within twelve months of it notifying the Registrar of any change of name. The Secretary of State will give reasons and will state why the name is unacceptable. A company served with such a notice may then send in form 694(4)(a) giving the name, other than its corporate name, under which it proposes to carry on business in Great Britain. A company cannot carry on business in Great Britain using its corporate name after two months (or any longer period specified in the notice) from the date on which such a notice is served.
Registration of charges
B-10 The Companies Act 1985 requires an oversea company which has established a place of business