Benefits of UK Offshore Company Formation
There are many possibilities given to potential companies looking to establish themselves within the UK. Being an international financial, cultural, and commercial centre gives many incentives to the prospective company looking to go offshore. The UK is one of the world’s leading financial centres with over 300 banks and 9,000 branches and is rated as second in the world’s top financial centres.
Though the UK is not commonly associated as an offshore tax haven it has most all the same features as a traditional offshore jurisdiction yet remains a modern financial centre. With close geographical proximity to Europe, access to European and global markets, the possibility of benefiting from various trade agreements, and access to several the UK’s Double Taxations treaties, the opportunities are endless. The UK has some of the world’s leading banks making it far easier to open an offshore bank than in many other offshore centres.
The UK offers several offshore products, some of which offer tax-through structures that make one’s company free from paying local taxes, such as the UK LLP and thus are afforded the same prospects as an offshore company, all the while maintaining the prestige and respectability that traditionally comes from incorporating in a high-tax jurisdiction.
UK Company Formation Package
Main Characteristics of a UK Offshore Company
|Company Type||Private Limited Company.|
|Governing corporate legislation||UK companies are regulated under the Companies Act 2006. The UK Companies House is the governing authority.|
|Information published relating to company officers||Upon registration of the company, the names of company officers will appear on public record. A register of “people with significant control” has been in force since the 6 April 2016|
|Accounting requirement||Accounts and tax filing must be submitted by year-end.|
|Taxation||The current Corporation Tax rate for company profits in the UK is 19%. (see https://www.gov.uk/corporation-tax-rates and https://www.gov.uk/guidance/corporate-tax).|
|Time to form||The UK has a fast and efficient registry. Company formation can be processed electronically within 2-3 days (upon validation of your identification documents).|
|Stability||Very stable jurisdiction with an excellent reputation.|
|Communication||Good communication means.|
|Time zone||Convenient time zone (GMT).|
|Paid up capital requirement||Minimum share capital: £1.|
|Renewal Date||Anniversary date of the company / Each Year|
|Basis of legal System||Under Common Law.|
|Minimum directors/shareholders||Minimum of 1 director and 1 shareholder.|
|Bearer shares||Bearer shares are not permitted.|
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Scope of Services
* UK Private Limited Company
|Services and Documents Provided (Company Formation Service Fee)||Status|
|Company name search in UK Registry|
|Registrar of shareholders, directors and members|
|Customer support 24/7|
|Services and Documents Provided (Government Fee)||Status|
|Certificate of Incorporation|
|Memoradum of Association|
|Articles of Association|
|Certificate of Incorporation (Government Fee)||Status|
|Submission of all documents to the Financial Services Commission (FSC) and attending to any clarifications on the structure and applications required.|
|Submission of application to the Registrar of Companies|
UK Offshore Company Registration is ideal for?
What are the required documents for the UK Offshore Company Formation ?
UK Offshore Company Starting from $ 1000
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Frequently Asked Questions – UK Offshore Company Formation
You do not need to be a UK individual to have a limited company. A foreigner can have 100% ownership of the UK company.
An LLP has a more flexible structure compared to a limited company while still remaining benefits of being a body corporate. Profits sharing among members of an LLP can be varied and the members’ agreement is not required to be registered with the Companies House. In addition, it’s not mandatory for a limited company to hold an annual general meeting.
UK incorporation regulations require Private Limited Companies to pay UK Corporation Tax at a rate of 20 – 28%, which is determined after a company has filed their annual returns. Company Directors are also liable to pay UK income tax for any profits from the company. No taxes are paid on the dividends of a holding company and there is no double taxation on dividends distributed through to EU member countries.
After setting up a company in the UK and going through the incorporation process, a Unique Taxpayer Reference (UTR) number will be issued by the HM Revenue and Customs (HMRC), which will be sent to the Company’s registered address. The HMRC will instruct you how to register your company, file the company accounts and pay corporate taxes.
The minimum paid up share capital for a UK Private Limited Company is GBP 1 with a usual authorized amount of GBP 1,000. Capital is usually denoted in the form of shares with one share being the minimum.
All UK Companies must file and annual return and annual accounts the UK Inland Revenue every year no matter if a company has traded or not.
UK Companies are required to submit audited accounts, though all companies earning less than GBP 5.6 million can apply for an audit exemption
The details, information and names of all Directors and shareholders are made publicly available. All financial and accounting records are publicly available. The details of the beneficial owner are kept confidential. Nominee services are allowed, which can make names and details of shareholders and directors confidential.
There’s no law or restriction applying to owning a UK bank account as a non-resident. Yet, the application process can be quite complicated.
Each bank has different conditions. And they have the right to approve or disapprove your bank application.
So, make sure you think through before opening a bank account on your own. Because a heavy load of paperwork and a hassle process might not be worth your effort.
The advice here is to get help from professionals. Over the years, we’ve helped businesses open bank accounts in the UK. You can rely on our skilful team for a high success rate of bank applications.
If you’re incorporating a UK company with us, consider using our banking support as well.
Skwer Group have more than 35 years combined experience in offshore company formation, our global network of registered agent based in more than 20 major jurisdictions, allow us to offer our clients the best services at a very competitive price.
Each client receives a tailor-made service, aligned with the latest jurisdiction laws. In addition, we also provide related services such as bank account opening and accounting services.