United Kingdom

United Kingdom - Offshore company - Overview

The United Kingdom of Great Britain lies on British Isles off the Western Coast of Europe and is surrounded by the Atlantic Ocean, Irish Sea, Northern Sea and English Channel. It's one of the several economic "superpowers" of the world and known as a country leader. The country is considered an offshore financial center in terms of offshore business operations. Having the mildest tax climate in the European Union is often used as the base multinational corporations operate from in other EU countries.


Principal and Corporate Legislation for LLP are Limited Liability Partnership Act 2000 and The Income and Corporate Taxes Act 1988 (as amended). This country has the biggest number of concluded Double Taxation Treaties and it provides excellent opportunities for international tax planning.


You have several entity types you can incorporate in UK: Corporation, LLP, LTD, Partnership, Venture Capital Trust, Unlimited Company, Public Limited and Private Limited Company.
UK remains a leading jurisdiction for holding companies and the new change in corporation tax of 22% it make it even more attractive and also an attractive offshore vehicle for tax-efficient conduct of international business.


The most use type of company is Private Limited Companies, being suitable for majority of businesses.
Offshore company formation in UK includes the following advantages: UK tax exemptions for foreign dividends and capital gains from substantial shareholdings; large network of double tax treaties; to simplify entering the UK market and conducting business in the United Kingdom and EU; absence of withholding taxation on dividends paid to offshore companies or trust; generous audit exemptions; no minimum paid-up share capital; EU but non-UK nationals can use UK companies to override domestic anti-avoidance legislation under Community Law Principles; benefit from UK relatively low corporate taxation; to limit the liabilities for the shareholders (owners); flexible company law; no capital duty; almost no limitation on business scope; offshore companies only need to submit annual returns. Also you can use a UK company in tandem with an offshore company to reduce the tax rate to less than 5%.

 

United Kingdom

General Information

Type of Company

LLP

Type of Law

Common

Shelf company availability

Yes

Company Registration Timescale

1 day

Corporate Taxation

Fiscally Transparent

Double Taxation Treaty Access

No

Share Capital or Equivalent Requirements

Standard currency

Not applicable

Permitted currencies

Not applicable

Minimum paid up

Not applicable

Usual authorized

Not applicable

Directors

Minimum number

Not applicable

Local required

Not applicable

Publicly accessible records

Not applicable

Location of meetings

Not applicable

Shareholders

Minimum number

2 must be responsible for the affairs of the LLP

Publicly accessible records

Yes

Location of meetings

Anywhere

Company Secretary

Required

Not applicable

Local or qualified

Not applicable

Accounts

Requirement to prepare

Yes

Audit requirements

Yes, but small company exceptions

Requirement to file accounts

Yes

Publicly accessible accounts

Yes

Recurring Government Costs

Minimum Annual Tax / License Fee

Fiscally Transparent

Annual Return Filing Fee

US$60

Other

Requirement to file annual return

Yes

Change in domicile permitted

No

United Kingdom Incorporation Costs

Company registration

590  Euro

Bank account

390  Euro

Annual Tax (from 2nd year)

490  Euro

Optional/Additional costs

*Seychelles Nominee Director & Shareholder

1,200 Euro

Accounting Services / year

2,000 Euro

Certificate of Good Standing

 150 Euro

Power of Attorney

150 Euro

Apostil/document

200 Euro

Company Seal / Rubber stamp

50 Euro

Courier Delivery

80 Euro

*optional