You have been instructed to incorporate a private company limited by shares for a business consultancy. The intended directors of the company have asked if you can hold capital investment from several sources in an escrow account once the company has been incorporated and whilst arrangements are made to open a bank account for the company. You have begun filing in the incorporation documents but discovered from notes supplied by the intended directors that the first shareholders will not be the individuals from whom you have been taking instructions. Which of the following statements best reflects the position?