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  UK Companies
Key Corporate Features

General

Type of entity :

Private limited

Public Limited

Type of law:

Common

Common

Shelf company availability:

No

No.

Our time to establish a new company:

2 weeks.

2 weeks.

Minimum government fees (excluding taxation) :

Not applicable

Not applicable

Taxation on foreign income:

19% to 30%

19% to 30%

Double taxation treaty access:

Yes

Yes

Share capital or equivalent

Standard currency:

GBP

GBP

Permitted currencies:

Any

Any

Minimum paid up:

£1

£12,500

Usual authorised:

£1,000

£50,000

Directors or Managers

Minimum number:

One

Two

Local required:

No

No

Publicly accessible records:

Yes

Yes

Location of meetings:

Anywhere

Anywhere

Members

Minimum number:

One

Two

Publicly accessible records:

Yes

Yes

Location of meetings:

Anywhere

Anywhere

Company Secretary

Required:

Yes

Yes

Local or qualified:

No

No

Accounts

Requirement to prepare:

Yes

Yes

Audit requirements:

Yes but small company exceptions

Yes but small company exceptions

Requirement to file accounts:

Yes

Yes

Publicly accessible accounts:

Yes

Yes

Other

Requirement to file annual return:

Yes

Yes

Change in domicile permitted:

No

No

Company Information

A 'custom-made' UK company formation has many advantages over an off-the-shelf-company. It is usually more economical to incorporate a company with the client's choice of name, directors, shareholders and authorised share capital than to purchase a shelf company and change these particulars after incorporation.
The intended situation of the registered office can be stated from the outset and, if they wish, clients can be named as the first director and secretary.
A same day incorporation service is available from Companies House for an additional fee. The Certificate of Incorporation of such companies shows their place of incorporation as being London.
In addition, to the companies' registry in Cardiff, which covers England and Wales, additional company registries are situated in Edinburgh for Scotland and Belfast for Northern Ireland

» Type of Company for International Trade and Investment Private or Public Limited Company.

» Procedure to Incorporate
Submission of Memorandum and Articles of Association, Declaration of Compliance and Statement of the First Directors and Secretary and notification of the situation of the Registered Office with the requisite fee to Companies House.

» Restrictions on Trading
Yes, for specified groups, which include banking, insurance, financial services, consumer credit related services and employment agencies.

» Powers of a Company
A Company incorporated in the United Kingdom has the same powers as a natural person.

» Language of Legislation and Corporate Documents
English.

» Registered Office Required
Yes, must be maintained in the United Kingdom.

» Shelf Companies Available
No.

» Time Scale to Incorporate
Ten to fifteen working days or one day on payment of an additional fee to Companies House.

» Name Restrictions
Any name that is identical or similar to an existing company any name which would be considered offensive or suggests criminal activity or any name that suggests the patronage of the Royal Family or the Government of the United Kingdom. Restricted names include the use of the following words:- assurance, bank, benevolent, building society, Chamber of Commerce, fund management, insurance, investment fund, loans, municipal, reassurance, reinsurance, savings, trust, trustees, university or their foreign language equivalents for which the approval of the Secretary of State is first required.

» Language of Name
Whilst the name of company can be in any language, the documentation must be in English. Any name in a language other than English must be accompanied by a certified translation to ensure that the name is not restricted. However, if the company is incorporated in Wales, documentation in Welsh will be accepted.

» Names Requiring Consent or Licence
Banking and all financial services activities such as insurance.

» Suffixes to Denote Limited Liability
Limited, Public Limited Company or the relevant abbreviations.

» Disclosure of Beneficial Ownership to Authorities
No, but disclosure may in certain circumstances be required for accounting purposes. (Accounts must be filed and are available for inspection by the public).

Compliance

» Authorised and Issued Share Capital
Private Company - The minimum issued capital is one share, but further capital is usually issued to reflect the stability and strength of the company. A private company is normally incorporated with an authorised share capital of £1,000.
Public Company - The minimum authorised share capital for a public company is £50,000 of which £12,500 must be paid up (in case of liquidation the full £50,000 must be paid). The minimum issued capital is two shares.

» Classes of Shares Permitted
Ordinary shares, preference shares, deferred shares, redeemable shares and shares with or without voting rights.

» Taxation
Taxation is paid by companies in the UK based upon audited accounts, which are submitted to the Inland Revenue at the end of the company's financial year. A company is free to choose its own year-end. Companies pay capital gains tax and corporation tax at the rate of 19% where the net profit before tax does not exceed £300,000. The tax payable increases thereafter in stages until the net profit before tax reaches £1.5 million where the top rate of corporation tax is charged at the rate of 30%.

» Double Taxation Agreements
The United Kingdom is party to more double tax treaties than any other sovereign state.

» Licence Fees
None.

» Financial Statement Requirements
All UK Companies are required to file accounts with the Registrar of Companies. There is an exemption given in favour of limited liability companies where they have a small turnover, which generally is defined as being below £1,000,000. In those circumstances the directors must self-certify the accounts without the requirement to have a formal audit.

» Directors
A private company must have at least one director and a public company must have at least two directors.
Directors may be natural persons or bodies corporate. They may be of any nationality and need not reside in the United Kingdom.

» Company Secretary
A company secretary must be appointed. The company secretary may be a natural person or a body corporate. They can be of any nationality and need not reside in the United Kingdom.

» Shareholders
For private companies, the minimum number of shareholders is one and for public companies the minimum number is two.

» Important Note
International tax planners are able to utilise UK structures to minimise taxation for international business. For further information, please ask us to contact you.

 


 
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