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The United Kingdom ("UK") comprises England, Scotland, Northern Ireland and Wales and is one of the member states of the European Union. It has an area of some 244,100 square kilometres (94,250 sq. miles) with an estimated population in excess of 57 million. London is one of the world's leading centres for banking, insurance and other financial services; lying between New York and Tokyo it is the third leg of the world's capital markets. Not the least of its attractions is that it is a politically stable English speaking country.

 

United Kingdom


The corporation tax rates are relatively low compared with other EU nations. From April 2008 smaller companies having a net profit of under £300,000 per annum will be liable to 21 %, whereas the higher rate of corporation tax will be 28%.

Generally speaking, a UK company is taxable on its world wide income at the rates indicated above but various possibilities exist to create low tax or no tax UK entities which can be used to great advantage.


Corporate Law

The main legislative acts regulating the activities of the enterprises are the Companies Act in the wording of 1985 (and subsequent editions) and The Income and Corporation Taxes Act in the wording of 1988.


Types of registered companies 

  • Private companies limited by shares
  • Private unlimited companies
  • Private companies limited by guarantee
  • Public limited companies
  • Limited liability partnership, which allows you to organize and conduct business almost in tax-free regime, because annual reporting is available at the place of registration of the company founders, and they can be both physical and legal persons.


Capital  

To register a joint stock company of open type at least two shareholders and one director are required. The authorized capital of this kind of enterprise shouldn’t be less than 50 000 British pounds sterling. The size of the share capital is unlimited.


Structure of the company.
 

Registration of a British company requires only one director. In October 2009 a new law will be adopted, according to which, the company will be required to have at least two directors (one of which may be physical, while the other - legal entity). The exception is made for those companies, which have only one director - a natural person.

The company may have only one shareholder, who can be both physical and legal entity. There are no claims to citizenship of the shareholder, director and secretary. In order to own and operate the British company you don’t need to be a British citizen. All British companies are required to have a secretary.


Taxation

The initial rate of 0% 0-10000 GBP
Initial rate - 0% applies to companies whose tax base is less than 10'000 GBP. 
Tax deductions 23,75% 10001-50000 GBP (marginal relief)
Tax deductions are provided for companies, which have the tax base for corporate income tax more than 10'001 GBP, but less than 50'000 GBP. In this case, when calculating the amount of tax deductions the coefficient 19/400 is used.  

The rate for small companies, 19% 50001-300000 GBP
The rate for small companies, 19% is applied to companies whose tax base is more than 10'001 GBP, but less than 300'000 GBP.

Tax deductions 32,75% 300001-1500000 GBP (marginal relief)
Tax deductions are provided for companies, which have the tax base for corporate income tax more than 300'001 GBP, but less than 1'500'000 GBP. In this case, when calculating the amount of tax deductions the coefficient 11/400 is used.
 
Main rate 30% 1,500,001 GBP and more
The basic rate of corporate tax - 30%. It is suitable for companies whose tax base is more than 300'001 GBP.
 
The company is obliged to obtain VAT number only if the annual turnover exceeds £ 60,000 (there are three VAT rates: Standard - 17,5%, discount - 5% and zero). Company may obtain a VAT number, if it conducts business activities in the UK.


Audit of financial statements and bookkeeping 

EnglishCompanies are required to deliver every yearto Companies House (The Registrar of Companies) financial statements certified by auditors.Terms of statements’ submission - 10 months after the fiscal year end (7 months for public companies) and tax returns to tax authorities (Inland Revenue), which should also be enclosed with a copy of the report. Deadline for submission of reporting - 12 months after the end of the fiscal year.

Company may submit statements without audit certification, if the annual turnover has not exceeded 1 million pounds, and the balance of the company was less than 1.4 m pounds. For late delivery of reports the penalty will be imposed on the company.


Britain has signed about a hundred agreements on avoidance of double taxation with many countries of the world:


Australia, Austria, Aden, Algeria, Antigua, Argentina, Bangladesh, Barbados, Belize, Belgium, Belarus, Burma, Bhutan, Bolivia, Borneo, Botswana, Brazil, British Virgin Islands, British Guyana, Brunei, Canada, Chile, Vietnam , Guyana, Gambia, Ghana, Germany, Guernsey, Gilbert Islands, Gold Coast, Hong Kong, Fiji, Finland, Denmark, Jersey, Dominican Republic, Egypt, Zaire, Zambia, Zanzibar, Zimbabwe, Israel, India, Indonesia, Jordan , Iran, Ireland, Iceland, Ireland, Italy, Japan, Kazakhstan, Kenya, Cyprus, China, Korea, Kenya, Kuwait, Latvia, Lebanon, Lesotho, Lithuania, Luxembourg, Mauritius, Malawi, Malaysia, Malay , Malta, Morocco, Mexico, Mongolia, about. Montserrat, about. Maine, Nigeria, Netherlands, Netherlands Antilles, New Zealand, Norway, Newfoundland, Oman, Pakistan, Palestine, Papua New Guinea, Poland, Portugal, Rhodesia, Romania, Russia, Saudi Arabia, Senegal, Seychelles, St. Vincent and the Grenadines, Saint Christopher and Nevis, Saint Lucia, Singapore, Slovakia, Solomon Islands, Sudan, United States, Sierra Leone, Thailand, Taiwan, Tanganyika, Trinidad and Tobago, Tunisia, Turkey, Uganda, Ukraine, Uzbekistan, Islands Faro, Fiji, Philippines, Finland, Falkland Islands, France, Czech Republic, Switzerland, Sweden, Sri Lanka, Ellis Island, Estonia, Ethiopia, Yugoslavia, South Africa, Zambia, Zimbabwe.


Private limited company 

Possible end of the company name: Limited and Ltd.

  • Companies are required to have shareholders, directors, secretary, legal address
  • Companies have to keep records and provide annual financial statements as the Registrar of Companies, and the Department of Inland Revenue.
  • first financial period begins from the date of registration of the company and ends a year later in the month of incorporation (for example, if a company was registered June 10, 1999, its first financial period ending 30 June 2000)
  • first financial report must be submitted no later than 10 months since the end of the reporting period
  • audit reports are required if the gross annual income is equal to or greater than 1,000,000 pounds, or property value is equal to or greater than 1,000,000 pounds
  • obligations of directors are governed by the law "On Bankruptcy"
  • in the UK there is no such thing as "nominee director", so he takes full responsibility for everything that happens in the company, including the correct tax-payment and on time submission of all reporting

 

Privet Limited Company - Standard order

 Privet Limited Company with Nominee Services 

€ 750.00

 € 1,450.00

Standard order

The documents/services which are provided to the client are:

  • Certificate of Incorporation 
  • First Resolution of Director
  • Memorandum and Articles of Association
  • Share Certificate
  • Courier services
  • Corporate seal                     

       Price - € 750.00 includes:

  • Payment of government duties for registration of offshore company
  • Services of the registered office & registered agent in UK for first year
  • Services of registered office for first year.
  • Courier

Standard order with Nominee Services:

The documents/services which are provided to the client are:

  • Certificate of Incorporation
  • Memorandum and Articles;
  • First resolution of the Directors
  • Appointment of First Directors;
  • Share Certificate;
  • Deed of Trast
  • Register of the Directors and Shareholders;
  • Letter of the acceptance of the Director;
  • Power of Attornay;
  • Apostille Bound Set in the country of registration;
  • Agreement for the provision of nominee services
  • One round rubber company stamp

Price - € 1,450.00 includes:

  • Payment of government duties for registration of offshore company;
  • Services of the registered office & registered agent in UK for first year
  • Services of registered office for first year;
  • Nominee services for first year;
  • Courier.


Ready companies 

We have specially registered some companies for your convenience if you require the company immediately or if you require company with older incorporation date. You can sign the bank account opening forms as soon as you have purchased the shelf company which lets you to receive the account number and IBAN number straight away.
All these companies have not traded or entered into any dealings or obligations whatsoever. Since their incorporation, their documents have been kept motionless on the shelf in our office. 

Registration of British partnerships 

Partnerships are very similar to the companies as they also can sign contracts, conduct business on their behalf and generate revenue for their incorporators. But they can not issue shares, there is no requirement for minimum start-up capital, they do not fall under the requirements of corporate taxation.

As a rule, the responsibility of the partners is not limited. But there may be exceptions, which could be used to benefit businesses.

Partnerships are used in order to minimize taxes and risks:

  • they are not covered by the tax authorities in the UK, so they have no corporate income tax
  • there is only a tax on profit of the partners who are not always resident in the UK in terms of taxation or taxpayers anywhere (if the partners - foreign offshore companies)
  • it beneficial to use partnerships in international intermediary 

 

British Partnership Standard order

 British Partnership with Nominee Services 

€ 750.00

 € 1,450.00

Standard order

The documents/services which are provided to the client are:

  • Certificate of Incorporation 
  • First Resolution of Director
  • Memorandum and Articles of Association
  • Share Certificate
  • Courier services
  • Corporate seal                     

       Price - € 750.00 includes:

  • Payment of government duties for registration of offshore company
  • Services of the registered office & registered agent in UK for first year
  • Services of registered office for first year.
  • Courier

Standard order with Nominee Services:

The documents/services which are provided to the client are:

  • Certificate of Incorporation
  • Memorandum and Articles;
  • First resolution of the Directors
  • Appointment of First Directors;
  • Share Certificate;
  • Deed of Trast
  • Register of the Directors and Shareholders;
  • Letter of the acceptance of the Director;
  • Power of Attornay;
  • Apostille Bound Set in the country of registration;
  • Agreement for the provision of nominee services
  • One round rubber company stamp

Price - € 1,450.00 includes:

  • Payment of government duties for registration of offshore company;
  • Services of the registered office & registered agent in UK for first year
  • Services of registered office for first year;
  • Nominee services for first year;
  • Courier.

For more information on the procedure of registration, timing and cost of the company in England, you can check with our specialists by phone +357 22 680602 or send e-mail info@ damelaw.com