1. Go to the Shareholders tab. This will show you all existing shareholders.
2. Find the shareholder who will be transferring shares. Click on the pencil opposite their name. If they hold more than one type of share there will be a separate line and separate pencil for each class of share held. Having clicked on a pencil choose the "Transfer shares' option. This will start the share transfer wizard which will make the whole process very simple.
3. Insert the date the shares are being transferred.
4. Enter the number of shares being transferred. If they are all being transferred, click the box marked 'All'.
5. Enter the Consideration. This can be selected from a drop-down box as 'Fully in cash or no consideration' or 'Fully non-cash'. The box below will then show a value field, and if non-cash is selected a description field too.
Note: If it is a gift enter, you can select fully in cash or no consideration and enter '0'.
6. The system will now ask you who the shares are being transferred to. Select 'Joint'.
For other options, please read the related articles:
How do I transfer shares to an individual?
How do I transfer shares to a corporate?
If you are transferring shares to a trust please see: How do I allot or transfer shares to a trust?
7. Inform Direct then automatically lists all existing joint shareholdings. If the joint shareholders you want already exists you can simply 'Select' from the suggestion(s) provided. This way you will not have to re-enter any data since it will already be known to Inform Direct.
8. If, however, the joint shareholders receiving the shares are unknown to Inform Direct then you will need to create new a new joint shareholder record. Inform Direct makes this simple. Start by clicking the green 'Create new shareholder' button. This will take you through to How do I select an Existing Person?
9. For each person comprising the new joint shareholder you start by selecting either individual or corporate and entering the details requested. Once you have added the second shareholder Inform Direct will ask whether the joint shareholder details are complete or whether you would like to add another person to complete the full complement of this new joint shareholder.
10. You can add up to 10 named persons (both individuals and corporates) as joint shareholders. Once you have added all the names required you should press 'complete'.
11. Before submitting the transfer you will be asked if approval is required, this allows you to create a summary document to be approved prior to completing the action. How do I prepare draft documents to transfer shares?
Note: The approval feature is only available to subscribers of the software, please see What are the benefits of subscribing to Inform Direct? Pay as you go users will skip straight to step 12 below.
12. Once you click the 'Complete' button, Inform Direct will then process the transaction.
Where should I send my completed stock transfer form?
Note: Inform Direct will work out which form you will need. You can also find blank J10 and J30 forms in the template library.
You can then return to the list of all the shareholders or produce a new share certificate. If the person transferring their shares still has a balance holding they may need a balance certificate. See separate articles on how to produce share certificates.
How do I print a share certificate?
When do I need to produce a balance share certificate?
13. Inform Direct will automatically update all the statutory registers
Share transfers are not sent as a filing to Companies House. If you need to show the share transfer on the public record, you will need to submit a confirmation statement.