Scotland
Capital: Edinburgh.
Official languages: English, Scottish Gaelic.
Currency: Pound sterling.
Company registration provides the following benefits:
- There are no requirements for the minimum amount of Authorized Capital.
- To register a company, a minimum of 2 partners are required; the general partner manages the company and may act as a director.
- Obtaining the status of a European company.
Scotland is a constituent part of the United Kingdom of Great Britain and Northern Ireland, located in the northern part of the island of Great Britain. Scotland borders England in the south and is washed by the Northern, Irish and Atlantic oceans.
Scottish LP is an alternative to classic offshore companies in terms of taxation in a prestigious European jurisdiction. Scotland is onshore.
Features of taxation and reporting
Tax reporting occurs once a year to Her Majesty's Single Revenue Service (HMRC).
- The corporate tax rate is 19% throughout the UK, including Scotland.
- VAT - standard rate 20%, reduced rate 5% for some groups of goods. VAT registration is required if turnover exceeds the threshold of £85,000 in 12 months.
- There is a property tax for commercial real estate. The rate depends on the region and type of object.
- The dividend tax is 7.5% or 32.5% for larger dividends.
Company registration
Time frame for company registration: about two weeks.
The most popular form for registering a company in Scotland is Limited Partnership (LP). An LP company is organized as a general partnership with no directors or shareholders. Instead, it is the partners who form the partnership. The minimum number of partners is two.
One of the partners acts as a general partner and bears full responsibility to creditors. Its obligations are not limited to the contribution to the authorized capital.
To register a company remotely, you will need to provide the following information:
- Choosing a company name: three options are required.
- Notarized copies of ID for all participants.
- A document confirming the residence address of all participants (utility bills, bank statements indicating the address) with notarization.
- Bank statement no older than 3 months from the date of application.
A quick guide to registering a company in Scotland:
To quickly register a company, contact IT-OFFSHORE specialists. The cost of our services includes:
- Preparation of documents (collection, filling, notarization, etc.).
- Company registration.
- Payment of all government fees.
- Registration agent services for 1 year with the possibility of extension.
- Translation services.
- Delivery of registration documents to any address.
The bottom line
Scotland offers favorable conditions for starting a business, as well as a good tax regime and company status. However, when choosing a jurisdiction for a company, it is necessary to take into account not only current legislation, but also its possible changes in the future. We recommend consulting with IT-OFFSHORE lawyers to avoid possible legal consequences and ensure compliance with laws.
Our company offers comprehensive support for the company at all stages - from registration to full support of its activities. We not only help you legally register a company, but also take on many subsequent tasks.
In particular, our scope of services includes maintaining accounting and tax records, providing nominee directors and shareholders, renting a legal address, obtaining all necessary licenses and permits for the company. We actually ensure the full operation of the business in accordance with the laws of a particular jurisdiction.
