uk offshore banking

UK offshore company

Map of Uniteg Kingdom

The United Kingdom lies on British Isles off the Western Coast of Europe. It's one of the several economic "superpowers" of the world. The country may be referred to as an Offshore Financial Center (OFC) not in terms of local tax legislation, but rather as a suitable jurisdiction for offshore/onshore business operations.

Evidently, the UK has the mildest "tax climate" in the European Union (only Ireland can somewhat compete) and is often used as the base multinational corporations operate from in other EU countries. The UK is the cradle of Common Law. British corporate law became a model of perfection for the overwhelming majority of offshore lawmakers of the world.

 

Tax system facts:

Corporation Tax for 2001-01 starts from 10% for profits amounting up to GBP 10,000. The country is evidently the world champion in the number of concluded (110)Double Taxation Treaties, and it provides excellent opportunities for international tax planning.

 

The best offshore/onshore tool in the UK: Private Limited Company

OUTSTANDING FEATURES

Corporative legislation
Decrees on Companies 1985, 1989, 1994;
Form of company
Private limited company (hereinafter-company);
Authorized business activities
All and any activities not prohibited by the law. Providing of banking, insurance and re-insurance, trust services is subject to special license;
Prohibited activities
None;
Taxation
The corporation tax main rate is 30% The small companies' rate is 19% for companies with taxable profits between 50 000 and 30 000 GBP and the starting rate is zero for companies with taxable profits of 10 000 GBP or below;
Name of company
Must not be identical or confusingly similar to the existing ones. The name has to end in the word Limited or Ltd. The words Insurance, Bank, Chamber of Commerce, Co-operative, Credit Union, Group, Holding, Building Society, Royal, and a number of other words are subject to approval by competent authority;
Who executes the foundation documents?
At least one signatory who subscribed for 1 share with value 1 GBP, and whose functions are limited only to signing of foundation documents and nominating of the first director;
Equity capital of the company
No requirements in respect of the minimum amount and contribution of the equity capital;
Recommended equity capital
1000 GBP, divided into 1000 shares with per value 1 GBP;
Shares
Authorized emission of both registered and bearer shares with or without par value;
Shareholders
- Minimum number
- Nominal shareholders
- Holders of trust equities
One natural or legal entity or bearers shares;
Permitted;
Permitted;
Does the law provide for non-disclosure of the information about actual owner of the company?
No
Directors
- minimum number
- nationality and citizenship
- status
One natural or legal entity;
No requirements;
All the rights apart from those falling into the exclusive competence of shareholders (determined by articles of association);
On the territory of United Kingdom  there has to be
- registered office
- registered agent
- secretary
Required;
not required;
Required, natural or legal entity;
Holding of the meeting of shareholders/directors
Annual meetings required, no requirements as to place of meeting;
Minutes may be kept at any place;
Mandatory
- keeping of accounting records
- preparing of annual account
- presentation of auditors conclusion

Yes;
Yes, including information about directors, secretaries, shareholders, number of shares hold by them, equity capital, condition of accounts
Yes, if a company's turnover of over 1 million GBP or a balance sheet value over 1.4 million GBP;
Information at disposal to the third party
Names and addresses of secretary, directors and shareholders, registered office, memorandum and articles of association, creditors claims;
Agreements on exemption from double taxation
Australia, Austria, Aden, Azerbaijan, Algiers, Antigua, Argentina, Bangladesh, Barbados, Belize, Belarus, Belgium, Ivory Coast, Burma, Bulgaria, Bolivia, Borneo, Botswana, Brazil, British Guyana, British Virgin Islands, Brunie, Hungary, Venezuela, Vietnam, Guyana, Gambia, Ghana, Germany, Guernsey, Gilbert and Ellis Gold-Coast Islands, Hong Kong, Grenada, Greece, Denmar, Jersy, Dominican Republik, Egypt, Zaire, Zambia, Zanzibar, Zimbabwe, Israel, India, Indonesia, Jordan, Iran, Ireland, Iceland, Spain, Italy, Kazakhstan, Cameroon, Canada, Kenya, Cyprus, China, Korea, Christofer and Nevis, Kuwait, Latvia, Lesotho, Lebanon, Lithuania, Luxemburg, Mauritius, Malawi, Malaysia, Malaya, Malta, Marocco, Mexico, Mongolia, Monserat, Nigeria, Netherlands Atlantic Islands, Netherlands, New Zealand, Norway, Newfoundland, Oman, Isle of Man, Faro Island, Pakistan, Palestine, Papua New Guinea, Poland, Portugal, Rhodesia, Russia, Rumania, Saudi Arabia, Swaziland, Seychelles, Singapore, Slovakia, Solomon Islands, St. Lucia, St. Vincent And the Grenadines, Sudan, USA, Sierra Leone, Thailand, Taiwan, Tanganyika, Trinidad and Tobago, Tunis, Turkey, Uganda, Uzbekistan, Ukraine, Fiji, Philippines, Finland, Falkland Islands, France, Chech Republic, Switzerland, Sweden, Sri Lanka, Estonia, Ethiopia, Yugoslavia, South Africa, Jamaica, Japan;
Term of incorporation
Approximately 3-4 weeks;
Costs of registration of company
Look at price list
Documents kept at the registered office
Register of shareholders, directors and secretaries, creditors claims;
Currency control
No;
Advantages
The high international authority of Great Britain as a member of EC The company may be used in capacity of either nominal, holding or non-resident company of Great Britain;
Disadvantages
Mandatory accounting, presenting of annual account with auditor's conclusion;
Financial year ending on:
In 60 days before the anniversary of incorporation/formation
Possibility to purchase a ready-made UK offshore  company
Yes
 

Useful links:

Companies House

Anonymous reloadable debit cards

 

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Asset Protection s.r.o. is not a law firm and does not provide legal advices or legal services. We recommended to consult licensed professionals with regards to local tax and legal matters.

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