Can anyone be a guarantor?

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I’m trying to decide who to name as a guarantor for a new limited by guarantee company. There are loads of people willing to take a front line role in this new company, and so I’m spoilt for choice, actually. As a result, I’m wondering if there are any rules about who can be a guarantor. For example, are there limits relating to age or residency?

Answers

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Anyone can be a limited company guarantor but they must be in a position to pay the sum stated in their guarantee if the company becomes insolvent. Guarantees are usually just £1 - this is the limited liability of the guarantor.

There is no minimum age requirement, but it is unlikely a minor would be in a position to provide a financial guarantee to a business. There are no residential restrictions either - guarantors can reside within or outside of the UK.

a year ago
 

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