London, despite the growing influence of its competitors (Singapore and Hong Kong) is still one of the most important and largest international Business and Financial Centers of the world. Great Britain should not be counted only as a country which has lost 95% of its territories due to historical events, because there is also – the Commonwealth of Nations. There is not much sensible information about British companies on the Internet and not all questions about the use and structuring of British and Scottish companies and partnerships are disclosed, but most of all we can see suggestions of company registrations instead of useful information. There is also particularly little sensible information about immigration to the United Kingdom and the trend toward stricter conditions for immigration to this country.
The high stability of the economy, conservatism, security of investments and the world’s most advanced banking system attract many investors who want to open a company in the United Kingdom to do business and use double taxation avoidance mechanisms.
In the United Kingdom you have many options of what kind of business you can carry out. It is also necessary to remember that each structure has its own advantages, which mainly relate to taxation, or rather its simplification. And most importantly, it is perfectly legal and the government only helps entrepreneurs, does not lose a lot of capital, as well as your business because of taxation, as it can be in other states.
Here is a list of company options which can be set up, even if you are not a British resident:
- private company limited by shares, LTD
- limited liability partnership, LLP
- limited partnership, LP
- public limited company – PLC
- private company limited by guarantee
- private unlimited company
- branch of a foreign company
- self-employed person
If you want to become self-employed in the United Kingdom, you must adhere to the following requirements:
- The founder must be at least 16 years old
- No legal person can be appointed as director of the company
- At the time of opening you must provide at least 3 variants of the name indicating the legal form
- Copy of one page of director’s passport with photo
- Full name, date of birth, address of residence of the director (in block letters) confirmed by the place of residence (statement for the last three months of utility bills)
- Similar data on all other participants (passport copies are not required)
- Specify the amount of the share capital (from £1)