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Overview
Incorporation: 3 working days + delivery time for the courier
Minimum paid up capital: No minimum capital requirement
Overview
Scotland is the northern section of the United Kingdom that is leading global financial and business centre and an important jurisdiction for international tax planning. The UK is known internationally as a jurisdiction with a standard level of taxation; hence it has no image of a ‘tax haven’. At the same time, the UK law provides for the possibility to incorporate and use companies with zero tax rate – LP (Limited Partnership).
Scottish LP (Limited Partnership) is similar in structure to the LLP. Feature is the fact that the company itself does not pay income tax if its members are non-residents of the UK, every year it is necessary to take only a short Tax Return. Since the company does not pay taxes in the UK, it does not have resident status. Moreover, such legal entity is free to engage in activities outside the UK.
A Scotland LP company is a privately owned Limited Partnership with 2 or more persons or corporate bodies being the Partners/Members of the LP.
One of the main advantages of LPs is that, provided they do not take part in the management of the LP, the liability of each of the limited partners is capped at the amount of its contribution to the LP, which means that limited partners benefit from the same limited liability status as shareholders in a limited company.
LPs are broadly transparent for UK direct tax purposes and are not treated as separate taxable entities by HMRC. UK tax residents who are partners in LPs are directly assessed to tax on their share of the income or gains of the LP and therefore are not subject to multiple layers of UK taxation.
Partners who are not UK resident or ordinarily resident will only pay UK tax on UK source income, including their share of profits arising in the UK if the partnership carries on a trade in the UK.
There are no requirement for filing the accounts.
Nominee service is allowed.
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Name Check |
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Company Incorporation |
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Local secretary |
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Government fees |
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Registered office for 1 year |
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Delivery of original documents |
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Apostilled documents |
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Nominee director and shareholder |
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Total amount: |
€850 |
€1,500 |
€2,000 |
Comprehensive Guide to Company Incorporation
General information
Company structure
- ▪ Only one general partner (can also be a legal person, no nationality restriction)
- ▪ Only one limited partner (can also be a legal person, no nationality or residency restrictions)
Confidentiality
Beneficial owners’ details – disclosed to the Registered Agent of the company and is held by the agent on a confidential basis.
Taxation
LP companies that do not carry on any commercial operations in UK; do not derive any income from UK sources, and are managed and controlled by Members who are not UK residents, are exempt from U.K. corporate tax.
Other benefits
There are no restrictions on form of meeting for partners and no restriction for place of meeting.
Accounting requirements
No obligation to file annual accounts with Revenue Service Every Scottish LP must keep appropriate accounting records, and prepare a Financial Statement annually. Also, Tax Declaration (form SA 800) must be submitted to the UK Inland Revenue annually.
Secretary
Not Required
Registered Agent
Not Required
Registered office
Required
Company name
- ▪ Language: Any
- ▪ Letters: From Roman alphabet
- ▪ Company name must end with: Limited Partnership or L.P.
- ▪ Restricted Words: Bank, Trustee Company, Assurance, Building Society, Trust Company, Royal etc.
- ▪ Names Requiring Consent or a Licence: Fund management, insurance, Banking, reinsurance, assurance, trust management, collective investment schemes, trusteeship business provision
N.B.
- ▪ Restricted connections for company name: name of state, national or local government.
- ▪ Any name that implies illegal activity or implies royal or government patronage is restricted.
- ▪ Registrar may reject any name which it considers undesirable or contrary to the public interest.
- ▪ Company name is restricted to be identical or similar that of an existing company.
- ▪ In case when foreign language is used for company name the translation in Dutch or Englsih may be asked by Registrar to ensure conformity to above listed restrictions.
Incorporation
- ▪ Name check and approval
- ▪ Filling incorporation documents with the Registrar of Companies
- ▪ Registration Forms
- ▪ A standard set of original corporate documents
- ▪ Payment of government subscription tax on the authorized capital
- ▪ Provision of registered office and registered address for one year
- ▪ Scan and forward of government mails coming to the registered address
Please provide us with the following documents and data:
Incorporation
- ▪ A notarized copy of valid passport (of each Shareholder, Director, Beneficial Owner, Authorized Signatory)
- ▪ A copy of proof of residential address (ex. utility bill of each Shareholder, Director, Beneficial Owner, Authorized Signatory that is not older than 3 months) in English
- ▪ Optional: A notarized copy of Bank reference (of each Shareholder, Director, Beneficial Owner, Authorized Signatory)
- ▪ Optional: CV (of each Director and Shareholder)
N.B.
- ▪ If Shareholders and/or directors are legal persons, then it is required to submit full set of apostilled company documents and if company is operating more than 1 year it is required to submit certificate of Good Standing.
- ▪ If documents are not in English language or language of particular country, then they must be accompanied by a notarized translation.
Capital
- ▪ Amount of paid up capital
Company name
- ▪ Three company names in order of preference