For clients who want to build a reliable business in the prestigious jurisdiction, we recommend the incorporation of LTD.
LTD (Private Limited Company) is a resident company with general tax base and an obligation to submit reports. Most of LTDs are incorporated in England. Companies Act 2006 provides a comprehensive code of company law for the United Kingdom. LTD have the right to engage in commercial activities, unless a special license is required. When forming a company in England, there are a few name restrictions: words like “Bank”, “Insurance”, “Trust”, “Assurance”, etc. are not allowed. The company name registered in England should end with the word “Limited”, or the abbreviation “Ltd”.
When you register a company, you need Articles of Association. A Company can use model articles, the standard default articles prescribed by the Companies Act 2006 (Annex 1).
The company`s shareholders can be both individuals and legal entities – residents of any country. The minimum number of shareholders and directors is one. Directors must be individuals (by the Amendments of 2015), residents or citizens of any country. Unlike most EU members, nominee directors are allowed in the UK. A private company does not need to have a secretary unless the company’s articles of association require it.
This company has a share capital and the liability of each member is limited to the amount, if any, unpaid on their shares. There are no requirements for the minimum and maximum amount of share capital.
An LTD should have a registered office in the UK for the Register of Companies and inspection.
Companies are required to keep accounting records, submit financial statements, tax returns, and annual report (since 2016 – annual confirmation statement) to the Register of Companies.
If you want to close down the company and you don’t have any assets to liquidate you could dissolve the company and have it struck off the Companies House register.
This companies are white-listed from tax avoidance. The UK company can register a VAT number, which facilitates transactions within the EU, and allows the use of the so-called reverse mode. Great Britain adopted treaties for the avoidance of double taxation with many countries, including Russia, Kazakhstan, Ukraine, Latvia, and others.
We advise our clients to have a registered agent in the UK who will provide nominee service, a legal address, help in filing documents, provide secretarial services and facilitate the use of the company for your business. Our professionals will quickly solve any problems related to the proper registration of the company and other issues related to your business.