COMPANY IN ENGLAND

Brexit did not affect the trade and economic potential of the state — local enterprises still have access to the European market. Registering a company in the Kingdom is one of the most beneficial options due to its century-old tradition of protecting property rights and promoting business.

There are the following organizational and legal forms on the territory of the UK:

• LTD (similar to LLC);
• LLP (Limited Liability Partnership);
• Business Partnership;
• SLP (Scottish Limited Partnership).

A limited liability company (LTD) is the most advantageous form of registration. A minimum amount of documents and information is required from its founders.

What documents are required?

The following documents are required to set up a business in the UK:

• application form;
• charter;
• partnership agreement and memorandum of association;
• minutes of the meeting of the members;
• resolution;
• trust declaration;
• certificate.

In turn, the beneficiaries will need to prepare the following documents:

• copy of the passport;
• scan of a diploma of higher education;
• bank statement;
• summary.

All the above documents must be in English. Cortax will help you with a professional translation of the texts of the required certificates and their notarization.

What do you need to know before registering a company in the UK?

Important information about the specifics of English business:

• company founder can be either an individual or a legal entity;
• no requirements for citizenship and residency;
• minimum number of participants is 1 director and 1 shareholder (who may be the same person);
• nominal service under a trust agreement is possible;
• information about the members and founders is publicly available;
• information about the controlling persons/entities is stored in a special register (PSC);
• the minimum authorized capital is 1 GBP.

In addition to these specifics, each company must have a unique name and a legal address. A company cannot be registered without an office (virtual offices can be used as an option).

The registrar issues a certificate with the partnership number, the charter of the registered partnership, the minutes of the meeting, and certificates of participants' shares after the registration. The documents can be obtained electronically.

Specifics of taxation in England

The following taxes apply to organizations in the Kingdom:

• corporate tax. The base rate is 19%. Dividend tax for non-residents is 0%;
• VAT (PVN). The base rate is 20%. It is compulsory to register as a tax payer, if the annual turnover is over 85 thous. GBP;
• progressive income tax. The base rate is 20%. There are also rates of 40% and 45%;
• mandatory contributions. The employer pays 13.8% for remuneration of employees.

There are no requirements for hiring or payroll in the UK. Most of the existing local firms do not have any employees at all.

Cortax helps every business willing to establish in the English territory and benefit from one of the most economically developed countries. We translate documents, help with their notarization, and take intermediary actions in order to reduce your costs and time for registration.