Can confirm this is true. It was easy enough for me to sponsor myself after the company was setup.
In my case my first hire helped us set it up, and then he handed director over to me. You obviously have to do this with someone you trust. Would not recommend this for every situation.
Edit: I obviously hit a nerve here somewhere. I stand by my position here. Get the right legal help. I can say it was a pain to find but once I did the process was smooth. It's not impossible like people make it out to be. Any process has bumps.
