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UNITED
KINGDOM Company Formation
About
UK
The
United Kingdom consists of England, Scotland, Wales and Northern Ireland
and can be found in the Western Coast of Europe. The United Kingdom is a hereditary monarchy, with Queen Elizabeth II being the
Head of State. It has a population of approximately 58 mil., out of which about 8 mil. live
in London.
Legal
system in UK
Common
Law.
UK
Economy
The
UK is considered as one of the world's greatest trading powers and financial centres. Its economic power is amongst the top four in Western Europe, with large coal,
natural gas and oil reserves and energy production. It is a leading financial services provider, particularly in banking services
and insurance services.
Currency
in UK
British
Pound (GBP or STG)
Language
in UK
English is the official language
Type
of a UK Company for International Trading and Investment
UK
Private Limited Company.
Company
Law in UK
Companies Act 1985 (as amended) Income and Corporation Taxes Act 1988.
Capital
requirement of a UK private limited company
Minimum
issued capital - 1 share of GBP 1. Usual authorized share capital -
GBP100 divided into 100 shares of GBP 1 each.
Classes
of shares: Ordinary shares, deferred shares, preference shares, redeemable shares, shares with or without voting rights.
Restrictions
on activity of a UK company
A
UK Company is not allowed to undertake business in banking, insurance, financial services, consumer credit related services and employment agencies, unless special consent or license is given.
Taxation
of a UK company
The
UK enjoys lower corporation tax rates in comparison to other EU countries and a UK company can be used as an effective low tax vehicle. Companies pay capital gains tax and corporation tax at the rate of 20%, when
net profit before tax does not exceed GBP 300,000. When net profit before tax reaches GBP 1.5 mil., corporation tax is charged
at the rate of 30%. Companies engaged in international business have many opportunities to reduce
their taxation to 0%.
Double
Tax Treaties between UK & other countries
100
double tax treaties. UK has more treaties than any other sovereign state.
Annual
Returns of a UK company
Yes. Annual
Return filing fee: GBP 15.
Annual
License Fee in a UK company
NIL.
Annual
Financial Reporting of a UK company
Yes,
but a company whose annual turnover does not exceed GBP 1,000,000, is exempted from audited financial statements, and the directors must certify
the accounts.
Registered
Office & Registered Agent in UK
Registered
Office: Must be maintained in either England or Wales.
Registered
Agent: No.
Company
Secretary in a UK company
Yes.
The company secretary can be either an individual or body corporate
of any nationality.
Directors
in a UK company
The
minimum number of director is one. The director can be either an individual
or body corporate of any nationality and need not to be resident in
UK. The particulars of director(s) are available for public inspection.
At least one director must be an individual.
Shareholders
in a UK company
The
minimum number of shareholder is one. The shareholder can be either
an individual or body corporate of any nationality and need not to
be resident in UK. The particulars of shareholders) are available for
public inspection.
Disclosure
of Beneficial Ownership in a UK company
The
particulars of shareholder(s) are available to the public’s inspection. While anonymity can be preserved by using nominee services or setting up an offshore
IBC to hold the share(s).
Disclosure
of directors in a UK company
Yes,
but anonymity can be retained by the use of nominees.
Disclosure
of shareholders in a UK company
Yes,
but anonymity can be retained by the use of nominees setting up an
offshore IBC to hold the share(s).
Confidentiality in
a UK company
Anonymity
can be retained by the use of nominees.
Exchange
controls in a UK company
No.
Language
of Name in a UK company
Can
be incorporated using any language in Latin Alphabet.
Name
restrictions in a UK company
Any
name which the Registrar considers undesirable, obscene or offensive
and names such as royal or imperial, or which suggests the patronage
of the U.K. government.
Language
of corporate documentation in a UK compan
English.
Timescale
for incorporation
1
working day. however, delivery time up to 2 weeks should be allowed.
Shelf
companies available in UK
Yes.
Legislation
for Money Laundering Prevention in UK
Yes.
Suffixes
to denote Limited Liability of a UK company
Limited
or the relevant abbreviations.
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