The principal governing legislation for all Northern Ireland companies can be found in the Companies (Northern Ireland) Order 1986 although this will be replaced by the new United Kingdom and Northern Irish Statute; the Companies Act 2006. Notwithstanding the impending changes which probably won't take place until late 2007/early 2008 Northern Irish Company Law is very similar in format to English & Welsh Company Law but is generally considered to be more bureaucratic and less business friendly - At present, electronic company formation is not available in Northern Ireland but company registration is nevertheless relatively quick with most companies being formed within 10 working days. The principal features of Northern Irish limited companies are:

Directors can be either individuals or corporate entities.

There need be only one director.

There are no residency or nationality restrictions for directors.

A company secretary can be either an individual or company and may or may not be resident in Northern Ireland.

All companies must have at least one subscriber/shareholder at the time of incorporation

All companies must have a registered office address within Northern Ireland.

A company submitting its annual return must be very specific about its objects and chose from the Standard Industrial Classification (SIC) Code.

Ready-made/shelf companies are not widely available.

Company Formation with DETI takes around 10 working days.

Since 1989 English & Welsh companies have not legally required a seal to give effect to their contracts and legal documents etc.

Northern Ireland does not impose any duty on initially issued or allotted share capital although subsequent transfers should be verified by a stock transfer form (CF40) and stamped by the Stamping Office.

Shares should ideally be denominated in Pounds Sterling but technically can be denominated in any legal tender currency.