Company Formation in Scotland LP

Top 5 Advantages of company registration in Scotland

1. Has a legal personality (unlike other LPs), allowing for holding assets and entering contracts.
2. 0% Tax on profit realized outside of Scotland.
3. Quick incorporation.
4. Possibility to stay anonymous on the register.
5. No accounting nor reports nor tax returns.

Roadmap

How long does it take to register a Company in Scotland LP?

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

What are the steps to register a company in Scotland LP?

The registration process of a company in Company Formation in Scotland LP 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 Scotland?

The limited partnership is seen as a «flow-through» structure, which means it is not liable to any corporate taxes.

• The partners are liable to pay an income tax to the Irish Tax Administration if they are resident of Ireland and/or if the profits have been generated on the soil of Scotland
• Therefore, profits generated out of Scotland attributed to partners also out of Scotland will not be taxed

What Double-tax treaties has Scotland LP?

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 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 for company registration in Scotland

• 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 company registration in Scotland

• 3 options of your desired name for the company and a company contact email address
• Names, addresses and emails of all partners
• 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/shareholders 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
• Scotland is part of the Hague Convention of the Apostille

Accounting and auditing

• No accounting nor auditing for partnerships operating outside of Scotland

If you do business in Scotland, it will be required for LPs whose general partner is a Scottish limited company to provide the following:

• balance sheet
• profit and loss account
• partners’ report & auditor’s report

Residential requirements

What are the residential requirements in Scotland LP?

There are no residential requirements for a limited partnership.

• 100% foreign ownership is allowed
• A limited partnership is required to have a «principal place of business» in Scotland. This means having a registered address within the territory

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 company registration in Scotland