Scotland – is a country, which is a member of the United Kingdom of Great Britain and Northern Ireland on the rights of autonomy. The capital of the state is Edinburgh. Population is over 5 million people. The official currency is the British pound. The country`s economy is based on the development of offshore oil and gas, power generation and providing a wide range of financial services. At the heart of the Scottish legislation is Anglo-Saxon law, but a number of significant differences, particularly in its corporate part, makes this region attractive for international business. Respectability of jurisdiction refers to the advantages of the company in Scotland, which is not in fact as offshore and thus contributes to the improvement of the business reputation of the company.

Company registration in Scotland can be in the form of limited partnership (Limited Partnership, LP), which was approved by the Law of the Partnership in 1907. In this case, the subject of taxation becomes not a legal entity, but partners, the profit among which is distributed in certain proportions according to the partnership agreement. If parterres are not resident in the UK and the company has not been operating in the country, it exempts from the payment of local taxes and become the taxpayers at the place of residence.

But in this case the company can not take advantages of the benefits that provides the agreement on avoidance of double taxation.

There are the following benefits of company registration in Scotland:

- Positive image of company registered in respectable jurisdiction;

- No foreign exchange controls;

- No requirements to the size of the authorized capital;

- There is no need to submit financial reporting and audit;

- Ability to avoid additional costs for bookkeeping;

- Ability to use nominee services;

- Private and legal persons of any residence can act as partners.

The company in Scotland has a structure, providing the presence of at least one general partner, who is charged with the control function and unlimited liability, and at least one dependent partner. His degree of responsibility is limited by his contribution to the partnership. It is possible to combine the functions of the main partner and director. Changing partners leads to the establishment of a new legal entity with a new name. Partners can act as private and legal persons of any residence.

Taxation

Scottish limited partnership is not considered as subject of income tax. Revenues from the company`s activity are considered as partners profits in proportion to their shares and are taxed at the place of their registration. That is, if the partners are residents of tax-free zones, than the company will be exempt from paying taxes.

Financial statements

It is not necessary to submit the financial reporting and auditing for the company in Scotland. Bookkeeping is required, but without providing to the tax authorities. The exceptions are options under which the partner is a legal entity in the form of Limited Company. To avoid the reporting, it is necessary that offshore companies were as the partners and the presence of non-resident private persons.

Company name must contain the abbreviation LP or the word Limited. It is prohibited to use in the company’s name the words that will be misleading potential partners and customers. Such terms as «bank», «insurance», «trust» can be used in the name with appropriate licenses.

Company Registration in Scotland provides a legal address, which is entered into a partnership agreement and by which business correspondence is conducted. The place of the office location can be Scotland or Wales. The company registration procedure in Scotland takes 12 working days and can be make remotely.