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Offshore in the UK: advantages of jurisdiction
Offshore as one of the types of business allows to build the business more flexible, and also creates opportunities for companies exit to the international arena. These factors argue for the creation of offshore companies in different parts of the planet. England is no exception to the rules.
English jurisdiction: main features
Offshore in such country like England, is difficult to qualify as classic, but lawmakers have made sure that their country remained economically and legally stable state.
The lack of crises and currency risks creates real prerequisites for offshore company’s registration in this country. In addition, the undoubted advantages of registering a business in the UK include:
- country prestige status;
- partners and creditors confidence to the business on this territory;
- possibility of expanding the business and exit the company on the international arena.
Country’s legislation allows to create businesses in a few organizational forms on limited liability (company, partnership) both non-residents and residents. They are designated, respectively, as the LLC and LLP. If the entrepreneur is registered as a company, the income tax is about 20%.
Most commonly, offshores exist in the form of partnership, if its activities are carried out outside the country, it isn’t subject of taxation. Under the UK law, governing the activities of offshore companies, it is said that if the partnership income is founder’s profit, they are free from taxes. If the tax-free companies (offshore) establish the partnership, it also acts as a base to avoid taxation.
The LLP founders are usually simple offshore companies with jurisdiction in another country. Partnership is responsible for reports exchange about the address and partners each year, about cash transactions in tax period. The report should be clearly stated that the company did not carry business in UK.
Differences between companies and partnerships
Offshore in the UK in the form of a company or partnership:
- Nominal capital - is the share of each shareholder, its liability is limited within the contribution in the total capital;
- For share sailing one need to singes a simple contract, the company maintains a share register;
- Dividends on shares are not taxable.
- Partners organize legal body: the founders are responsible within deposits;
- The possibility of transferring the tax burden on the partners, i.e. taxable income can transferred to the partner’s jurisdiction, but these benefits apply only to UK tax residents: the income is transferred without UK interference.
Methods of offshore company’s registration in England
There are three methods:
1. Submission of a written application to the registration authority. It's Companies House.
2. Online registration. It is necessary to register in advance on the website of the public company register.
3. Address to the agent.
Using one of three ways, the entrepreneur will be able to register his business in one of the developed countries.
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