THE MAIN CHARACTERISTICS OF THE UNITED KINGDOM COMPANY

General

Type of entity Private Limited (LTD)
Type of law Common
Shelf company availability Yes
Our time to establish a new company 3 days
Minimum government fees (excluding taxation) Not Applicable
Corporate Taxation 19%
3% with an agency agreement
Double taxation treaty access Yes

Share Capital or Equivalent

Standard currency GBP
Permitted currencies Any
Minimum paid up GBP 1
Usual authorised GBP 1,000

Directors

Minimum number One
Local required No
Publicly accessible records Yes
Location of meetings Anywhere

Shareholders

Minimum number One
Publicly accessible records Yes
Location of meetings Anywhere

Company Secretary

Required No
Local or qualified No

Accounts

Requirement to prepare Yes
Audit requirements Yes, but exemption for small companies
Requirement to file accounts Yes
Publicly accessible accounts Yes

Other

Requirement to file annual return Yes
Change in domicile permitted Yes

Presentation of jurisdiction

At first glance it seems harder to be more “onshore” that the United Kingdom. However, tax provisions and corporate structures of that jurisdiction attract close attention of major players in the business world. With more than 130 bilateral treaties, Britain has probably the best tax treaty network in the world. In addition, being in London a prime global investment hub, it presents the UK to appear as a good gateway to European markets.

Who should choose the UK Company and for which activities?

Who?

  • Entrepreneurs;
  • Consultants;
  • Stockbrokers;
  • Yacht owners.

Which activities?

  • International trade;
  • Inheritance tax purposes;
  • Holding of intellectual property rights (IP);
  • Ownership of movable and immovable property;
  • E-Commerce.

INTEREST OF THE JURISDICTION

Advantages of a company in UK:

  • Popular jurisdiction because of the simplicity of the applicable corporate law (Common Law);
  • Costs of incorporation and management relatively inexpensive in comparison with other European countries;
  • Although not strictly a tax haven, the United Kingdom corporate taxes rates are among the lowest.

Disadvantages of a company in UK:

The accounts of the company must be audited annually although there are some exemptions:

  • For a company of less than 50 employees, a turnover lower than GBP 5 million and a balance sheet total not exceeding GBP 2.8 million is required;
  • For a company of less than 250 employees, a turnover lower than GBP 5 million and a balance sheet not exceeding GBP 11.4 million;
  • Corporate tax payable on profits instead of flat tax.

How to proceed

To incorporate or purchase a company the following documentation should be provided:

  • A completed application form signed by the company or by the representative;
  • Copy of valid passport;
  • A personal bill, which is less than 3 months old from the date of the application;
  • Payment of our fees.

Note: additional documents may be required depending on the certain offshore bank.

Set-up time: From the moment, we are in possession of all required documents:

  • Incorporation of a company or purchase of an existing company: 3 days;
  • Delivery of the original company documents: 15 days;
  • Offshore Bank: offshore bank account opening: 3 weeks.