First things first, does your company qualify for an EMI Share Option Scheme? Here is an interesting article you might want to read!
- Create employment, consultant, advisor agreements for your team members, promising them share options with a vesting schedule and Good & Bad Leaver provisions.
- Create an Options Pool with sufficient options for current and upcoming team members.
- Update your Articles to support options (we do this automatically when you do a funding round on SeedLegals).
- Learn more about the different types of option schemes - we'll assume you've chosen the EMI Scheme for the purpose of this article.
- Go to your SeedLegals dashboard, click to create your EMI Options Scheme on SeedLegals
- Define your Option Plan (we'll take you through it step by step)
- Complete and agree your company valuation, in conjunction with our accounting partner, it's all included.
- Submit VAL231 to HMRC SAV with backing documents.
- HMRC response arrives, agree with it or haggle.
- The HMRC agreement holds for 120 days*.
- Pass resolutions and grant options to team members, issue them with beautiful options certificates (the SeedLegals platform helps you take care of this easily).
- You have 92 days to formally register the scheme from this date and notify HMRC about the grant of Options
- Don't forget to file the annual return on 6th July.
Chat to a member of the team about how to set up your options scheme by booking a free demo!
Here is another article on the process and timeline for creating your EMI Option Scheme on SeedLegals.
*Please note that due to Coronavirus, any EMI Valuations that expire on or after 1 March 2020, and any new EMI Valuations created on or after 1 March 2020 can automatically be treated as having been extended by 30 days, so that they are valid for a total of 120 days. ( See HMRC Employment Related Securities Bulletin 35 (June 2020))