Company Formation in Great Britain LLP

Top 5 Advantages of Great Britain

1. Limited liability: you are only liable to your investment.
2. Doesn't have the «‎tax scheme» reputation of an LP.
3. Hybrid corporation-partnership form with the advantages of both.
4. Tax-free (as long as business is conducted outside of the jurisdiction)
5. Very quick incorporation.

Roadmap

How long does it take to register a Company in Great Britain LLP?

• 1-3 working days
• Can be done remotely in a few days

What are the steps to register a company in Great Britain LLP?

The registration process of a company in Company Formation in Great Britain LLP is very simple. The experts of LegalBison will assist you throughout every step of it:

1. Initial consultation and agreement
2. Payment of the full invoice
3. [IF REMOTELY]: Notarization of POA by client
4. Preparation of registration documents
5. Document signed at the notary
6. Official register validity: immediately

Taxes

How high are the corporate income tax in Great Britain?

An LLP which is carrying on a trade or business with a view to profit is treated for specified tax purposes as a partnership.

• As a flow-through form, this implies that there is no corporate income tax whatsoever, and that members are taxed in Great Britain, given they are resident and are conducting their business in Great Britain

What Double-tax treaties has Great Britain LLP?

Many countries have bilateral conventions to avoid double taxation and prevent fiscal evasion

Albania, Algeria, Anguilla, Antigua-and-Barbuda, Argentina, Armenia, Aruba, Australia, Austria, Azerbaidjan, Bahrain, Bangladesh, Barbados, Belarus, Belgium, Belize, Bermuda, Bolivia, Bosnia-and-Herzegovina, Botswana, Brazil, British Virgin Islands, Brunei Sultanate, Bulgaria, Cameroon, Canada, Cayman Islands, Chile, Czech Republic, China, Colombia, Croatia, Curaçao and Dutch Antilles, Cyprus, Denmark, Egypt, Estonia, Ethiopia, Falklands Islands, Faroes Islands, Fiji, Finland, France, Gambia, Georgia, Germany, Ghana, Gibraltar, Greece, Grenada, Guernsey, Guyana, Hong Kong, Hungary, Iceland, India, Indonesia, Iran, Ireland, Israel, Isle of Man, Italy, Ivory Coast, Jamaica, Japan, Jersey, Jordan, Kazakhstan, Kenya, Kiribati, Kosovo, Kuwait, Kyrgyzstan, Latvia, Lebanon, Lesotho, Liberia, Libya, Liechetenstein, Lithuania, Luxembourg, Macedonia, Malawi, Malaysia, Malta, Marshall Islands, Mauritius, Mexico, Moldova, Monaco, Mongolia, Montenegro, Montserrat, Morocco, Myanmar (Burma), Namibia, Netherlands, New Zealand, Nigeria, Norway, Oman, Pakistan, Panama, Papua New Guinea, Philippines, Poland, Portugal, Qatar, Romania, Russia, Saint-Kitts-and-Nevis, Saudi Arabia, Senegal, Serbia, Sierra Leone, Singapore, Slovakia, Slovenia, Solomon Islands, South Africa, South-Korea, Spain, Sri Lanka, St Lucia, Sudan, Swaziland, Sweden, Switzerland, Taiwan, Tajikistan, Thailand, Trinidad-and-Tobago, Tunisia, Turkey, Turkmenistan, Turks & Caicos Islands, Tuvalu, Uganda, Ukraine, United Arab Emirates, United States of America, Uruguay, USSR, Uzbekistan, Venezuela, Vietnam, Zaire, Zambia, Zimbabwe

Status: End of 2020

Decide first

1. What is your objective by setting up a limited liability partnership?
2. Do you want to buy a ready-made partnership or start a new one?
3. Do you want your name to be hidden in the registry?

Documents to provide

• Passport copies (a scan) of all individuals above, also beneficiary owner if applicable
• A Power of Attorney (in case of a remote company registration)
• Certified company documents (in case at least one of the shareholders is going to be a foreign company)

Information needed to get started

• 3 options of your desired name for the company and a company contact email address
• Names, addresses and emails of all shareholders and board members
• Short description of your companies’ activity

Remote incorporation

• The whole incorporation process can be conducted remotely. No travel necessary. Notarization of documents is necessary
• A Power of Attorney (POA) from (all) partners is needed
• The POA is sent to you by us based on the services you want
• You have to certify the POA by a notary and in some cases legalize it by apostille (some countries need full legalization)
• Once you have the POA on your hands, we double-check, and you send us the original form (physical document!) via courier to our address
• Great Britain is part of the Hague Convention of the Apostille

Accounting and auditing

Great Britain LLPs must keep accounting records. The records must include:

• entries showing all money received and spent by the LLP
• a record of the assets and liabilities of the LLP

The accounting reference date of an LLP is usually the last day of the month in which its anniversary of incorporation falls but this may be changed with the agreement of the members

• You are required to file your LLP’s accounts at Companies House in accordance with the Companies Act 2006. Accounts must be submitted no longer than 9 months after the period ends

Residential requirements

What are the residential requirements in Great Britain LLP?

A Great Britain LLP company requires an address in Great Britain. This address will be publicly available.

• PO boxes are tolerated, but there must be a physical address and postcode after the PO Box number
• There are no residency requirements. An LLP needs at least two registered members, including a publicly disclosed PSC (person of significant control). Nominees are legal and available

LegalBison offers help with all of the above requirements. We assist and are local on ground. Speak now for free with one of our consultants to get your business started.

FAQs about Great Britain