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United Kingdom Limited Liability Partnership (LLP)
Great Britain is one of the leading global financial and business centers, as well as an important place for international business development and tax planning. Britain is known as a country with standard tax legislation. However, British law includes the possibility to register special companies – Limited Liability Partnership, which are subject to a 0% tax rate. Basically, these are offshore companies in the UK.
What is United Kingdom LLP?
The British GLP, also known as the English GLP, is a company with at least two founders whose declared domicile is outside the UK and does not carry out any economic activity or income in the UK. British law provides that such a partnership is not an independent taxpayer. Each partner pays tax on their share of profits in their home countries in proportion to the number of shares they hold in the company.
Why Establish United Kingdom LLP?
English GLP is an appropriate solution for those entrepreneurs who want to get a company registered in the European Union and make sure they are not taxed. Because England GLP founders have to pay taxes in their home countries if their legislation provides for them. But if the home countries are tax-free zones such as Belize, Nevis or the British Virgin Islands, then the company is subject to a 0% tax rate there as well.
In the light of these benefits, English LPP partnerships are a very popular tool for entrepreneurs to develop international business.
It should be noted at once that England’s GLP has to submit financial reports to the relevant state institutions. They also closely monitor whether these reports have been filed and impose penalties in case of non-submission, even with criminal liability for more serious offenses.
What are the operating rules of England GLP?
- Business Type: Limited Liability Partnership
- Directors: At least 2 members, natural or legal person from any country. The list of partners must be submitted to the Enterprise Register of England and Wales.
- Shareholders: The shares of the Company are divided among the partners.
- Secretary: There is no statutory requirement.
- Authorized Share Capital: The standard share capital is 300 British Pounds, which can be paid in full or in part at the time of registration.
- Name: The title should end with the words: Limited Liability Partnership or abbreviation: LPP. If founders want to include in the title the words Bank, Insurance, Trust, Assurance, Building Society, England, British, European, Irish, National, International, Holding, Group, etc., they must obtain a special license.
- Founders Data: Founders are known to the trustee, others are confidential.
- Annual report: To be submitted every 12 months from the date of registration
- Financial reports: The partnership must prepare an annual financial report and submit it to the Register of Enterprises.
- Taxes: Not applicable if the declared partners of the partner company are located outside the UK and do not carry on any economic activity and do not receive income in the UK.
- Double Taxation Agreement: Does not apply to England GLP if the partner’s founding partner is outside the UK and does not carry out any economic activity and income in the UK.
How to set up an United Kingdom LLP?
In order to establish the English LPP, it is necessary to prepare a registration package consisting of a registration certificate, statutes, minutes of the founders’ meeting, general authority and several other documents. Developing them requires specific knowledge of the requirements of English law, so it is better to entrust it to professionals.
Preparation of the registration package usually takes 4-5 weeks, while the registration process itself takes 2-3 working days.