The Location:
The United Kingdom of Great Britain and Northern Ireland is commonly known as the United Kingdom (UK) or Britain, and is located in western Europe, with the North Sea to its east; the English Channel to its south, and the Celtic Sea to its south-south-west. It is the 78th-largest sovereign state in the world and the 11th-largest in Europe, and ranks as the third largest economy in Europe (after Germany and France). The capital is London; the official language is English, and the currency is the Pound Sterling (GBP). It is a member of: the Commonwealth of Nations; the Council of Europe (COE); the G7; the G20; NATO; the Organisation for Economic Co-operation and Development (OECD); the World Trade Organization (WTO), and the European Union (EU) – until its formal departure from the EU following the Brexit vote of June 2016.
*Please note that changes may apply to company formations following the UK’s planned exit from the European Union.*
Key Benefits & Features of Company Formation:
- Four main company options are available: Public Company Limited by Shares (plc); Private Company Limited by Shares (Ltd); Private Unlimited Company, and Private Company Limited by Guarantee.
- Limited companies can be registered in England, Scotland, Wales or Northern Ireland.
- Large number of double taxation treaties (DDTs).
- Shareholders and owners are usually protected from the liabilities of the business centre.
- Business can be conducted anywhere in the world providing there is a registered UK office address.
Public Company Limited by Shares (plc)
- The company’s shares are offered for sale to the general public through the Stock Exchange.
- Members’ liability is limited to the amount unpaid on their shares held.
Private Company Limited by Shares (Ltd
- The members’ liability is limited to the amount unpaid on shares held.
- Requirement for Director is a minimum of one, with at least one being a natural person.
- Requirement for Shareholder is a minimum of one.
- Can have a Secretary, but not mandatory.
- Shareholders and members can be from any country – resident or non-resident.
Private Unlimited Company
- Members’ liability is unlimited.
Private Company Limited by Guarantee
- The members’ liability is limited to the amount they have agreed to contribute to the company’s assets if the company is wound up
Additional Information:
- Company registration is through the Companies House.
- Companies are required to have a UK registered office address.
- In order to open a bank account, a visit to the UK is required.
- Companies are required to file an annual return to the Companies House.
- Companies are required to file annual tax returns with HM Revenue & Customs.