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United Kingdom – Limited Liability Partnership
  • The United Kingdom is one of the leading financial and business centres of the world. It is a significant jurisdiction for international tax planning. This country is known worldwide as a jurisdiction with a standard level of taxation. However, UK legislation provides the opportunity for incorporating and operating companies with a zero rate of tax by means of the Limited Liability Partnerships (LLP).
  • An English LLP with foreign members, which does not carry on a business in the UK and derives no income on UK territory, is not liable to tax in the UK. According to the tax laws of the Great Britain, a LLP is not considered as a separate subject of taxation. The founders should pay taxes from the profits received by the LLP in their place of residence in proportions according to their share of interests belonging to them in the LLP.
  • As an example, an English LLP which has as members one Belize company and one BVI, which receives the income only outside of Great Britain, will not be assessed for tax. Taxes will be paid by the members in their country of their residence if it is stipulated by the legislation of that particular country.
  • The favourable tax regime of LLP companies does not remove the requirements for filing of financial statements. Every LLP is obligated to file financial statements with Companies House each year, and the relevant Partnership Tax return must be filed annually with HMRC (Her Majesty Revenue & Customs).

GENERAL INFORMATIONTotal area - 243,610 sq km
Population - 63,000,000
Location - click here to see the map of offshore jurisdictions
Political status - parliamentary monarchy
Capital - London
Official language - English
Official currency - British Pound (GBP)
Time zone - GMT -/+ 0
Company typeLimited Liability Partnership (LLP)
Directors/OfficersUnited Kingdom LLP companies require a minimum of 2 Members, who may be natural persons or corporate bodies from any legal jurisdiction. There is no statutory requirement for a Company Secretary to be appointed.
Each United Kingdom LLP company must file a Register of its Members with the Companies House of England and Wales.
ShareholdersThe legislation on LLP does not consider status of shareholders. The capital of the company is divided between its Members.
SecretaryThere is no statutory requirement for a Company Secretary to be appointed.
Authorised share capital Standard authorised capital = GBP 300.
There is no statutory requirement for capital to be fully or partly paid on incorporation.
Company Names The name of a United Kingdom LLP company must end with the words Limited Liability Partnership, or the suffix "LLP".
Company names containing restricted words such as "Bank", "Insurance", "Trust", "Assurance", "Building Society", "England", "British", "European", "Irish", "National", etc. will not be permitted unless an appropriate national operating licence or special permit has been obtained by the company. Also the words "International", "Holding", "Group" are subject to individual acceptance by Companies House.
Beneficial Ownership information Information with regard to ultimate beneficial ownership must be disclosed to the Registered Agent of the company and is held by the agent on a confidential basis.
Filing of Annual ReturnAn Annual Return must be submitted every 12 months after the date of registration.
Filing of Financial StatementsA Financial Statements must be submitted every year to the Companies House; relevant Partnership Tax Return – to the HMRC (Her Majesty Revenue & Customs).
Corporate TaxationIf the Members of the LLP are non-residents in the UK and the LLP does not derive any income within the UK, the LLP is exempt from UK corporate tax.
Tax TreatiesLLP companies which have no business activities in the UK; do not derive any income from the UK sources, and are managed and controlled by Members who are not UK residents, are not regarded as resident for tax purposes in the UK and therefore are not entitled to take advantage of international Double Tax treaties concluded by the UK with other countries.
Timeframe for incorporation 2/3 working days. A complete set of company documents can be delivered in 4/5 weeks.
Takeover of management & secretarial services for an existing United Kingdom LLP companyPossible, following verification of Beneficial Ownership and agreement with and discharge of liabilities to previous corporate service provider in the UK.
Description of incorporation documentsClick here for itemised description of company documents.
"Ready-made"("Shelf") companiesWe are happy to register new company in this jurisdiction in accordance with client instructions.
Price of United Kingdom LLP companyEUR 1,470, including incorporation costs, full domiciliary (Registered Agent/Office) costs, set of documents legalised by Apostille, including General Power of Attorney.
Cost of annual support servicesEUR 1,120 per year, including annual Government Duty, full domiciliary (Registered Agent/Office) costs, General Power of Attorney for current year.
  • INTERNATIONAL OVERSEAS SERVICES has the following comments: -
  • An English LLP is the ideal solution for those who prefer to operate with an EU-incorporated entity but to have at their disposal a fully tax-exempt vehicle at the same time.
  • Given the above-stated advantages, English LLP companies are very popular tools for conducting international business.
  • In the UK there are certain obligations, including submitting of financial statements, which must be fulfilled by every type of company including a LLP. For late delivery of financial statements, Companies House imposes considerable penalties, and criminal liability is considered under the law.
  • The favourable tax regime of a LLP is based on its “pass-through” status in that all profit received by the LLP is considered to be transferred to its members. Accordingly, if the members are resident in a taxpaying jurisdiction, they will be obliged to pay tax in their country of residence proportionally to their share of participation in the LLP company.