Ready made companies
Brief jurisdiction description
The capital of UK is one of the world’s leading centers for banking, insurance and other financial services. Positioning itself between New York and Tokyo, London is considered to be the third limb of the world’s capital markets. The country is strategically located off the north-west coast of continental Europe between the Atlantic Ocean and the North Sea and has excellent communications. Until today the geographical and geopolitical position of the country has influenced the entrepreneurs in their decision making regarding offshore business establishing.
Company law
Companies Act 1985 (as amended); The Income and Corporation Taxes Act 1988.
A type of company preferred for international transactions
Private Limited Companies (LTDs) and Limited Liability Partnerships (LLPs).
Capital requirements
Only GBP 1.00 share capital is needed to start up a private limited company. For LLPs no capital required.
Who may incorporate
The Companies Act generally allows one or more persons to form a company for any lawful purpose by subscribing to its Memorandum of Association. Two or more persons associated for carrying on a lawful business with a view to profit can form a limited liability partnership by subscribing to its incorporation documents. Individuals or companies.
Method of incorporation
For Private Limited Companies - by filing Memorandum and Articles of Association, together with the prescribed forms and the relevant fee to the Registrar of Companies. A LLP is incorporated by delivering an incorporation form with the relevant fee to the Registrar of Companies.
Minimum shareholders/members
For private companies – one shareholder. Every LLP must have at least two formally appointed designated members at all times.
Directors and company secretary
Minimum of one director is required for Private Limited and two designated members for LLPs. Directors must be at least 16 years old, and all companies must have one natural person as a director - they cannot have all corporate directors. A Company Secretary is not required for both types of companies. However, it is advisable to appoint a Company Secretary. Company Secretary may be natural person or bodies corporate. Directors and Secretories may be of any nationality and need not reside in the United Kingdom.
Registered office
Every company registered in the United Kingdom must have its registered office also in the United Kingdom.
Annual fees paid to authorities
Annual returns filing fee is GBP 15 if filing online. Otherwise, the fee is GBP 30.
Taxation rates, exchange control, audit, other financial restraints
Tax rates varies from 21% up to 29,75% regarding annual company’s turnover, the annual return and the disclosure of profits are required. Accounts for private companies must be filed within nine months of the year end. Small groups are exempted from preparing consolidated accounts. No exchange control or other financial control is imposed. LLPs also need to file annual returns, annual accounts. Dormant and certain “small” and “medium” sized LLPs may prepare and file abbreviated accounts with the Registrar of Companies. The limited liability partnership itself will not be liable for taxation on profits or gains arising within the partnership, but the profits or gains will be assessed to tax separately on the individual partners.
Meetings
May be held anywhere in the world. Private companies don’t need to hold an annual general meeting unless they positively opt to do so.
As a member state of the EU, the United Kingdom is within the EU parent-subsidiary directive, and in addition, the UK has more than 110 double tax treaties, more than any other EU country, so that the UK is well-placed to receive dividend income with the lowest possible amount of foreign tax deduction.