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Owning a company in England is not only respectable but also safe in terms of protecting your assets. It is one of the world’s financial centers with a transparent judicial system.
Most businesses register companies either as a Limited Liability Company or Limited Liability Partnership.
Let us consider the legal aspects of each legal form.
Registration of a Limited Liability Company in England
To set up a company, you need to decide on its name (it must not be identical to the other names already registered in England).
There are no requirements for the nationality of the founders, this can be an individual or a legal entity from any country in the world. The limitations for directors include only the following factors: an individual must be at least 16 years old whereas a legal person cannot act as a company director.
The number of founders is one or more.
There are no requirements for depositing share capital in a bank account.
Registering a company in England requires an office, which our company provides (the address is not a mass one). This is where all correspondence from the Companies House, the Tax Office, HM Revenue & Customs and other organizations will come in.
The director and founder may be the same person.
In order for VERITAS JUS to start the company registration process, you will need the following documents:
A copy of the director’s passport – the photo page;
Proof of the director's residence address and his/her exact address in Latin characters;
The details of all the founders (name, date of birth, and place of residence);
At least three variants of the company name (check for uniqueness, one of them will be used for the company registration);
The amount of share capital may be £1 or more.
If there is more than one founder, their shares in the company's activities must be distributed by the time the company is incorporated.
About taxes in England
LLP shall pay Corporation Tax (corporation tax on profits), which as of April 01, 2017, is 19% in the UK, previously it was 20%. The worldwide income (i.e., derived both in and out of the UK) of UK resident companies is subject to corporate tax, with the foreign tax credit option.
Non-UK resident companies are only liable to tax on income derived from UK sources.
Capital Gains Tax for Business is from 18% or 28% depending on the increase in income.
VAT rate is 20%, 5%, and 0%.
Other taxes are property taxes, inheritance tax.
Dividends are generally exempt from taxation unless they are received on deposits in a bank or other financial instrument. Dividends received by an English company from ordinary shares or those from shares in other companies are mostly exempt from income tax, regardless of the holding period.
English law has provisions on controlled foreign companies, transfer pricing, and some rules on tax evasion.
You will need to submit financial statements to the tax authorities once a year even if the company has no profits.
Documents proving company registration in England
Certificate of Incorporation;
Memorandum of Association;
Articles of Association;
Minutes of the Meeting of Subscribers;
Minutes of Meeting of Directors;
Share Certificates;
Non-Trading Warranty.
Nominal service documents will also be provided
Power of Attorney;
Letter of waiver from the Nominee Director;
Letter of waiver from the Registrar;
Declaration by the Nominee Director on the provision of nominal services;
Deed of Indemnity;
Declaration of Trust from a Nominee Shareholder;
Instrument of Transfer.
A full set of apostilled documents will be sent to you to open a bank account. The price of the documents apostilization is £150. Sending by post outside the EU is £100.
Registration of a Limited Liability Partnership in England
To set up a company, you need to decide on its name (it must not be identical to the other names already registered in England).
There are no requirements for the nationality of the partners – this can be an individual or a legal entity from any country in the world, including offshore companies.
The number of partners is two or more.
The LLP does not have a director. The company is managed by a designated member.
There are no requirements for depositing share capital in a bank account.
Registering an LLP in England requires an office, which our company provides (the address is not a mass one). This is where all correspondence from the Companies House, the Tax Office, HM Revenue & Customs and other organizations will come in.
The partners’ liability is limited to their contribution, including the unpaid part of their share in the partnership. If one of the partners signs documents that have not been agreed by the other partners, the other partner or other equity holders will not be liable for the actions of the signatory. The LLP has one general partner, who has unlimited liability, and a limited partner, who is only liable to the extent of his/her contribution to the partnership and does not participate in the management of the partnership.
For VERITAS JUS to start the LLP registration process, you will need the following documents:
Copies of the members’ passports – the photo page and proof of address, exact address in Latin characters;
At least three variants of the company name (check for uniqueness, one of them will be used for the company registration);
The amount of the authorized capital;
Information on designated members (in short, these are the members selected by the general meeting of partners for accountability and representation with public authorities).
About taxes in England
There is no LLP taxation as such, and it is important to understand that each member shall pay taxes on their income in the LLP in the state where they are resident. The UK only deals with its residents, if not, the tax authorities will not inquire whether you have paid your taxes on income earned in an English LLP. However, it is your responsibility to submit financial statements and keep accounting records.
Documents confirming registration
Certificate of Incorporation (the main company document registered with Companies House, containing a unique partnership number);
Memorandum and Articles of Association (Articles of Association of a registered partnership);
Minutes of the first directors' meeting of the partnership;
Certificate of Partnership Shares (stocks).
A full set of apostilled documents will be sent to you to open a current account.
VERITAS JUS Consultancy company provides the following services:
Registration of trademarks, logos, patents, utility models, and inventions in Russia and abroad
Registration of a yacht or other vessel under the Seychelles flag
Offshore registration in the BVI (British Virgin Islands)
Registration of companies in offshore and onshore jurisdictions
Registration of a company, offshore company in Belize
Company registration in Cyprus
Company registration in Panama