Formation:
24 hours (premium fee applies) or 5-6 working days (standard incorporation procedure)
Shelf Companies:
Available
Authorised Share Capital:
Unlimited and no restriction on currency
Issued Share Capital:
- Minimum paid up share capital = £1
- No restriction on currency
- No capital tax on issued share capital
Directors:
- Minimum number of directors: 1
- Individual director required although corporate directors are also permitted
- No restrictions on residence or nationality
Secretary:
- Not obligatory
- No restrictions on residence or nationality
Shareholders:
- Minimum number of shareholders: 1
- Corporate shareholders permitted
Public Filing:
- Audited financial statements must be filed every year within ten months of financial year-end (exemptions available from audit requirement). For accounting periods commencing on or after 1st April, 2008 the period for filing accounts will be reduced to 9 months from the financial year-end
- Annual return must be filed every year
Corporation Tax Rates:
- Profits up to £300,000 at small company rate 20%
- Profits between £300,000 and £1,500,000 at marginal rate 27.75%
- Where profits are above £1,500,000, the entire profits will be taxed at full rate 26%
Note: The small company rate is subject to certain criteria being met. Where a company has other associated companies, the £300,000 small company threshold will be divided by the number of associated companies.
Corporation Tax Returns:
Must be filed within twelve months of accounting period end.
Capital Gains for Companies:
Rates above apply subject to potential exemption where a UK resident company sells shares if certain conditions apply
Withholding Tax:
- Dividends: 0%
- Royalties: 20%*
- Interest: 20%*
(*Can be reduced/eliminated with careful planning or on application double tax treaty relief may be available)
Double Tax Treaties:
Over 125