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Accenica | offshore jurisdictions - UK


offshore uk United Kingdom

Companies set up in the United Kingdom have the advantage of a low tax rate (21%) whilst still being European and being able to have a VAT number. UK companies can also be used in tandem with an offshore company to reduce the tax rate to less than 5%. This type of structure is commonly known as an "Agency Company",all business is then conducted in the name of the UK company, but on behalf of the offshore company. This structure is a simple set-up where an onshore company acts as nominee or agent for an offshore principal. This avoids the problems often seen for offshore companies trading internationally

Main characteristics:

Company type Private Limited Company
Governing corporate legislation UK companies are regulated under the Companies Act 2006. The UK Companies House is the governing authority.
Information published relating to company officers The names of company officers appear on public record. Nominee officers can be used to avoid the client's name to appear.
Accounting requirement Accounts and tax filing must be submitted by year-end.
Taxation A tax rate of 21% applies for profits below £300k. For profits exceeding £300k a bracket applies
Standard Currency GBP
Time to form The UK has a fast and efficient registry. Companies can be incorporated electronically within a day.
Stability Very stable jurisdiction with excellent reputation.
Communication Good communication means
Time zone Convenient time zone (GMT).
Secretary required Yes
Paid up capital requirement Minimum share capital : £1.
Basis of legal System Under Common Law
Minimum shareholders / directors Minimum of 1 Director and 1 Shareholder.
Bearer shares Bearer Shares are not permitted.