| Legal System |
English common law. |
| The System of the Common State Registrar |
The company records (name, registration date, shareholder, director, address) are kept by the public registry. The registering authority is The Companies House. |
| Registration Procedure |
Documents are submitted to the Registrar on paper. The beneficial owner is not required to be present at the registration and filing procedures. |
| E-Registration |
Available. |
| Pre-incorporation Procedures (statement of compliance, affidavit, etc) |
Mandatory filing of the Statutory Declaration, signed in the presence of a Notary Public, Commissioner for Oaths or Justice of the Peace. A lawyer involved in the formation of the company or one of the directors or secretary of the company should make an oath at the Court. |
| Company Name |
Prior name approval is required. The name may be in English or in a language that uses the Latin alphabet. Company name must be ended in LIMITED or LTD. The words: "Bank", "Insurance", "Trust", "Assurance", "Building Society", "England", "European", "British", "Irish" etc. are not allowed. |
| Incorporation Documents |
Memorandum & Articles of Association. Original documents shall be drawn up and kept in the English language. |
| Share Capital |
The minimum share capital GBP 1, one share. Most common: GBP 1000 divided into 1000 shares with nominal value of GBP 1 each. Registered shares only; bearer shares are not allowed. |
| Beneficial Owner |
The beneficial owner can be any physical person. Information about the beneficiary is not reflected in the Registrar. |
| Shareholder |
At least one shareholder (physical person or legal entity). Maximum 50 shareholders for private companies. Transfer of shares to trust and use of nominee shareholder is allowed. |
| Director |
At least one director; minimum one of the directors should be a physical person. |
| Secretary |
Not required. |
| Registered office |
A registered office in UK is required. |
| Residency |
Is determined by the place of management of the company. |
| Income Tax |
19%
25%* |
| Taxes on Dividends |
0% |
| Taxes on Capital Gains |
0%* |
| Taxes on Interest/Royalties |
20% |
| Tax Withheld at Source |
20% of income in the form of interest and royalties. |
| VAT |
20%. VAT is levied on sales of goods and services and on import from non-European countries. |
| Specific National Taxes and Levies |
None |
| Reporting |
Each year is fully reported in accordance with the IFRS. |
| Audit |
Mandatory annual audit. |
| Cost Accounting Rules |
Costs must be justified and documented. |
| Tax Administration |
Formal, in accordance with the requirements of the law. |
| Use of Tax Treaties |
More than 25 countries. |
| Terms of Use of Tax Preferences |
Tax residency. |
| Controlled Foreign Corporation in Jurisdictions with Low Tax (CFC) |
The legislation restricting the use of Controlled Foreign Companies registered in law tax jurisdictions is applicable. The law is currently being reviewed. |
| Disclosure of Information |
Information about beneficiaries is revealed by the decision of a Court. |
| Language |
English. |
| Registration of Company |
From EUR 5 500. |
| Administration of Company |
From EUR 6 900 per year. |