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Consultations on taxation

 

Great Britain

Due to its simple incorporation procedure, moderate price and maintenance cost a company in the United Kingdom is a good solution to those who need a reputable European company.

PRICES START FROM EUR 1700

1. GENERAL INFORMATION ABOUT THE UKcompany in the United Kingdom

The United Kingdom (The United Kingdom of Great Britain and Northern Ireland) is one of the biggest states in Europe. The United Kingdom is a permanent member of the UN Security Council. Form of government – parliamentary monarchy. London is one of the biggest cities in Europe and an important world financial centre.
      •   Population – about 62 million people.
      •   Territory – 243,610 sq. km.
      •   Official language – English.
      •   Currency – pound sterling (GBP).

2. TYPES OF COMPANIES IN THE UK

We offer three types of companies in the UK

      •   Limited-type company (close-type limited liability joint stock company).
      •   LLP-type company (Limited Liability Partnership).
      •   Scottish LP-type company (Limited Partnership).

3. LIMITED-TYPE COMPANY

This is the most common type of companies operating in the UK. There should be at least one director (natural person only) and at least one shareholder (either natural person or legal entity), both of any citizenship. As the Registrar of the UK companies is open, a nominal service may be used.

The company has a UK address for the mailing purposes. A Limited company is a taxpayer and it should submit financial statements once a year. We offer the services of our accountant in the UK. The company pays a 20-percent income tax on the net income. The company may be an agent of an offshore company and receive a five-percent agency remuneration of the net income. This is the net income of the company subject to the income tax. A Limited company is considered a UK resident if it pays taxes in the UK and the director is a local resident. If necessary the company may obtain a residency certificate from the tax department.

There are no restrictions on trade in the UK or outside the UK except for the illegal activity or the activity that requires additional license, e.g. bank or insurance services.

4. LLP-TYPE COMPANY

Limited Liability Partnership (LLP) – is a partnership consisting of at least two partners (natural persons or legal entities) of any citizenship. The peculiarity of this company is that the company does not pay the income tax. The partners shall pay the income tax if they receive any income from the company.

Two nominal offshore companies that are not tax residents of the UK can be used as the partners. In this case the company will actually pay no taxes. Despite the fact that the company does not pay any taxes it still has to submit financial statements once a year. We offer the services of our accountant in the UK. Since the company does not pay taxes in the UK it is not a resident. But it can trade outside the UK without any restrictions.

5. SCOTTISH LP COMPANY

The structure of Scottish LP (Limited Partnership) is similar to that of LLP. The company must file only a tax return but will not pay taxes if members are not UK tax residents. Since the company does not pay taxes in the UK it is not a resident. But it can trade outside the UK without any restrictions.

6. TERM OF REGISTRATION OF A UK COMPANY

The total period of time required to incorporate a UK company is 2 – 4 business days, notarisation and apostillisation take 3 - 5 business days more and the delivery of the documents by courier service takes 3 – 5 business days. Urgent same day incorporation and apostillisation are available at extra charge.

7. ADVANTAGES OF THE UK COMPANIES

      •   Reputable European country, many double taxation treaties.
      •   Agency agreement can be used to calculate a Limited Company’s net income.
      •   LLP and LP companies can operate as offshore companies.
      •   Authorised capital can be as low as one pound sterling.
      •   Easy and quick incorporation and liquidation of the company.
      •   Not necessary to appoint a resident director.
      •   Services of the nominal director and shareholder are allowed.

8. DISADVANTAGES OF THE UK COMPANIES

      •   Limited and LLP companies have to submit financial statements
      •   Fines are imposed for late submission of the financial statements.


THE REGISTRATION OF A UK COMPANY CONSISTS OF THE FOLLOWING STEPS:
      •   Check the name of the company and confirm availability.
      •   Prepare and fill the necessary documents.
      •   Pay the registration duties and fees.
      •   Register the company with the Registrar of the Companies.
      •   Notarise and apostillise the documents.
      •   Deliver the documents to the client.

SUPPLIED DOCUMENTS:
      •   Certificate of Incorporation.
      •   Memorandum and Articles of Association.
      •   Owners of the LLP and LP companies receive a Partnership Agreement instead.
      •   Appointment of the First Director.
      •   Minutes of the First Meeting.
      •   Share Certificates.
      •   Seal.

If the nominal service is used and the full package is purchased, then the set of documents also includes the apostillised Power of Attorney, the Declaration of Trust issued by the nominee shareholder, and unsigned Share Transfer Form.

REGISTRATION PRICE OF A UK COMPANY IS FROM EUR 1700 (BASIC PACKAGE)*

*The price of the offshore company includes the state duties and other costs payable during the first year, except for the cost of accounting.


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