Currently investigating how to go about setting up an EMI Share Scheme. I've understood what is needed but I need clarification on one small matter.
Shares must be ordinary and fully paid up.
When do they need to be fully paid up? Upon exercise or grant?
I assume it's upon exercise because how would you go about fulfilling this requirement on grant as the shares are not yet in issue??
(Sorry if this is a stupid question but my mind is trying to come up with all sorts of complications!!)