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Ltd, Legal and Taxation Aspects

Company formation in UK – Limited / Ltd, Legal and Taxation Aspects

Company Type: Private Company Limited by Shares (Limited)
Name: Can be chosen freely; must include “Limited” or “Ltd.”
Capital: Nominal capital must be at least 1 GBP (1.40 €); can be increased at any time; shares do not have to be paid up. It suffices if the founders assume personal liability.
Shares: Company stakes
Shares Index: Yes (Register of Members)
Registered Agent Requirement: No
Registered Headquarters: Yes
Entry in the Public Register: Company is entered in the commercial register (Company House).
Shareholders: At least 1 partner (shareholder) can form the company (natural or legal person).
Directors: At least 1 natural or legal person, no professional qualifications required.
Secretary (Commissary): Yes, but without any legal rights or powers. The secretary acts as administrator in the company, primarily maintaining the lines of communication with the English authorities.
No professional qualifications necessary; can also be a legal person.
Incorporation Period: 1 week (shelf companies are common)
Disclosure of Beneficial Owner: No
Disclosure of Shareholders: Yes
Disclosure of Directors: Yes
Trading Restrictions: The formation of certain trade and service companies is subject to statutory regulations. They require special authorisation or the issue of a licence. This applies only to the banking, insurance and investment sectors.
Taxation: Profits are taxed if the company is active in Great Britain. The first 14 000 € of profit are tax free. The starting rate for profits between 14 000 € and 28 000 € is 11.875 %. The top rate of 26.97 % is levied on profits over 1 million €.Turnover tax is 17.5 %.The company is considered a “non-resident company” if it does not do business in Great Britain, the management is not resident Great Britain, no shareholder meetings are held in Great Britain and there is no chief executive in Great Britain. These companies are tax free.
Double Taxation Agreements: Yes
Financial Statements: Yes
Tax Returns: Yes
Accounting: Yes
Annual Reports: Yes; a check is carried out to ensure that the structures (director, secretary, partners, registered headquarters) are still correct; must be carried out annually and reported to the English commercial register.
Formation Costs: 440,00 Euros
Annual Running Costs: 1 170,00 Euros (Minimum) – 9 610,00 Euros (Maximum)