GFA TRUST has an in-house team of UK qualified lawyers offering unprecedented UK services. Taking into consideration the fact that depending upon the type of legal entity selected different consequences arise in connection to multiple sectors which affect the company’s daily affairs i.e. tax, sharing of any profits or liabilities, etc, it is of great essence that the correct type of company is formed.
Most of the businesses in the UK are sole traders, Partnerships or Limited Liability companies (Ltd). Sole traders are obliged seldom to proceed with registration with the Inland Revenue, as self-employed, and henceforth they maintain all of the profits of their transactions after tax. In partnerships, business partners are jointly responsible for the liabilities of the company and also jointly enjoy the profits of their business, although each will be taxed separately (The Partnership may be differentiated between ‘Ordinary’ or a ‘Limited Liability Partnership’).
The mostly selected legal entity is that of a Limited Liability Company (Ltd) whereby the liability of the Shareholder(s) to the creditor(s) is limited to the capital which was initially invested. The incorporation process of a UK Ltd takes only 1 day and it is a rapid process via the online system of Companies House. The tax on offshore profits is 21-28% depending always on the figure of profit and there are no exchange controls.
The jurisdiction’s Local Requirements are limited to the existence of a Registered Office/Registered Agent which/who is to be located in the UK with no obligation attached as to the presence of a local Company Secretary or Director In general, under the UK corporate law regime there is no requirement to hold meetings. The minimum number of Directors and Shareholders is 1. It should be noted, that it is obligatory that a minimum of 1 natural person is appointed as company Director.
Public filings are obligatory in connection to the Director(s) and the Shareholder(s) of the UK Ltd , hence, safeguarding the Ultimate Beneficial Owner(s) from publicly disclosing their information. Furthermore, in connection to the Annual Filing Requirements, there exists the obligation for the submission of the company’s Annual Return and Audited Accounts (the Audited Accounts are not considered as obligatory if the company qualifies as a ‘small company’).
The UK companies may proceed with the issuing of share warrants which may be conceived as identical to the concept of bearer shares. Company re-domiciliation is not permitted under the UK jurisdiction, whereas the acquiring of shelf companies and the appointment of Corporate Directors is.