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If you do not consider trading in the UK or with a local British company or a permanent and substantive operation, the company is registered in the UK with other “tax-free paradise” such as British Virgin Islands, Mauritius, Belize. Compared with offshore companies such as Brunei and Bahamas, it is almost similar in terms of the establishment of the company or the maintenance of the annual management.
The most important and most important tax issue for everyone is that as long as the source of your company’s profits is not directly related to the tax residents in the UK, the offshore surplus of this part of the company’s registered tax will not be subject to income tax.
- The United Kingdom is located in an island country in western Europe. Its official name is “United Kingdom of Great Britain and Northern Ireland” and its capital is London. It is the leading center of international finance and bancassurance.
UK companies are more international companies and enjoy a very good image. The international legal status is lofty, and it is the place where most overseas companies are established in the world. As an important trading entity, economic power and financial center, the UK economy is the sixth largest economic system in the world and one of the countries with the most developed economy and the highest standard of living in the world.
2.UK company registration type
- There are many different types of UK companies to choose from, LTD(Limited company), LLP(Limited liability partnership) and PLC(Public limited company). Before setting up a company outside the UK, you can learn more about the types of registration of different UK companies.
Limited liability partnership (LLP)
Public limited company (PLC)
3.Advantages and established uses
- UK company registration process is simple: only one shareholder is required and the capital is not required.
- Tax exemption for overseas income.
- The establishment of a UK company can open an account at any bank in the world (no other foreign company’s account opening restrictions).
- Consider “legal” tax planning and focus on “brand image”.
- The role of “acceptor” increases the legal validity of the agreement contract, such as commission, royalties, copyright fees, engineering funds, research and development funds, etc.
- When setting up a company in the UK, there is no need to worry about the difficulty of getting along with other “tax- free havens”, and the tax authorities of the home have affected the willingness of customers to place orders.
4.Basic rules for UK companies
5.The UK company establishment registration regulations
- The name of the application for registration of a British company must be terminated by Limited, Co., Ltd. It cannot be terminated by a trusted company, bank, or other similar words unless the company obtains the corresponding license in the UK.
- Taiwanese English address is required.
- A passport copy of at least one director and one shareholder (maybe the same person).
- A passport copy of a secretary (unlimited nationality) is required.
- The standard registered capital is £1,000 ~ £1,000,000 (if the capital amount is higher than £1 million, an additional five-thousandths of the printing fee is required)
6.The UK company registration concept and annual review requirements
- A UK company submits an annual review report to the UK Companies Registry each year (at least every 12 months). The annual review report must be submitted 28 days before the company’s anniversary date.
- If the company does not submit an annual review report, the UK Companies Registry will assume that the UK company is registered as a business and may delete the company.
- Registered UK companies must be aware that the UK Companies Registry reserves the legal authority to pursue the investigation of the person in charge of the UK company that did not submit the annual review, and the violation of the regulations is criminal law.
- In general, eligible small companies are entitled to an audit exemption, but if the small company is a listed company, a group subsidiary, a bank, insurance, etc., it is not subject to an audit exemption.
7.Account requirements for UK company registration
- Company accounts registered by a British company as a private company must be filed within 21 months of the registration of the British company and then submitted within 9 months of the annual year-end date.
- If the registered UK company’s accounts are not submitted within the deadline, the company is required to pay a fine.
After the deadline
Not more than 1 month
More than 1 month
More than 3 months
More than 6 months
- If a UK company is established and the account is not submitted, the UK Companies Registry will assume that the company is a business and may delete the company.
- In the UK, companies must be aware that the UK Companies Registry reserves the legal authority to pursue the company’s responsible person who does not submit the accounts, and the violation is criminal law.
- There is no hard and fast rule in the UK that the accounts applied for by a British company must be accounted for by the CPA, but the directors of the company must be aware of their own responsibilities in the accounts.