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We often think of registration of a renowned residential company, but
with a number of options and concessions. For that reason we will present you
the process of formation of companies in Great Britain, a member of the European
Union, with an extremely liberal law with respect to the formation of companies.
CHECK NEW BUSINESS TAX-FREE OPORTUNITY
- U.K. LLP (LIMITED LIABILITY PARTNERSHIP)
LIMITED LIABILITY COMPANY – U.K.
Formation:
To register a company in Great Britain at least one physical or legal
entities are needed. The basic capital of the company is 100 GBP, which is registered
in the documentation, so it does not need to be deposited. In management of the
company have to be company director and company secretary.
Managing the company:
The person responsible for running the company is the company's director,
who can be a physical or legal entity, regardless of the nationality. In the management
of the company, apart from the director, there has to be a secretary that is a
legal or physical entity, notwithstanding the nationality. The secretary is responsible
for preparing reports on the status as well as other reports.
In Great Britain you can register a company in two ways:
Ready made company:
Already registered companies with a name and register number, that have
undergone the process of incorporation but have never performed any business transactions,
"are waiting" for their future owner. The deadline for obtaining documentation
is 14 days.
Custom made company:
The company that will be registered under the name that you have chosen
and thus enter the process of incorporation. The deadline for obtaining documentation
is approximately 24 days. The chosen name of the company has to be approved and
it must not be the same or very similar to the name of an already existing English
company.
Starting up the business:
The company can start business immediately after obtaining the necessary
documentation and opening an account in a business bank through which it will
operate. The company can trade with companies from all over the world.
Registration documents are the following:
- Memorandum and Articles of Association
- Rights and duties of the company leadership
- Company register with shares
- Dry (metal) seal of the company
- Certificate of incorporation of the company
- Certificate of good standing
- Stock transfer forms
- Minutes of the meeting of the board of directors
Residential address in Great Britain:
According to the English law, every company registered in Great Britain
has to have its official address in Great Britain. If you do not have one, the
address of the company can be hired. The administrative office (from which the
business is run) can be outside Great Britain.
Opening bank accounts:
Theoretically, the account of the company can be opened in any bank,
and it practically depends on the personal reference. If you need a personal reference
in order to open an account, Excellent Consultants Ltd can give it to you.
Tax on the profit for LLC:
The tax on the reported profit is 21% and increases progressively.
Annual duties for LIMITED LIABILITY COMPANY (LLC):
- rental cost for the registered office
- financial report (possible accounting costs)
- status report
- tax evidence (it is to be submitted to the corresponding Internal Revenue)
The above-mentioned duties are to be fulfilled regardless of whether the company
is active or retired.
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