Type of Entity - Limited Liability Partnership (LLP).
Legislation - Limited Liability Partnerships Act 2000 and Limited Liability Partnerships Regulations 2001 and partly Companies Act 1985 and 1989.
Company name - The name must indicate its status by using the word ‘Limited Liability Partnership’ or its abbreviation ‘LLP’. Require approval from Companies House.
Time-scale for incorporation - 15 to 20 days.
Disclosure of beneficial owners is NOT a requirement.
Double tax treaties currently over 100 countries worldwide. The treaty benefits is determined by the residence of the members.
Ready-made companies are available.
Money laundering legislation is in existence.
Local Requirements
Registered Office and Registered Agent must be maintained.
Company Secretary is NOT required.
Public recording of shareholders, directors, must be maintained but anonymity is retained through nominees.
Accounts must be audited and filed with the Companies House, but exceptions granted for small companies.
Corporate Requirements
Minimum number of members/ owners/ partners - Two (2). May be natural persons or bodies corporate that may reside anywhere in the world.
Minimum number of designated members - Two (2). May be natural persons or bodies corporate that may reside anywhere in the world.
Minimum capital requirement - None.
Standard Authorised Capital - GBP£1,000.
Bearer shares are NOT permitted
Annual Requirements
Annual return and annual statutory meetings are required.
Statutory accounting is required.
Annual government registration fee - None, but an annual return fee of GBP£35.
Taxation – A UK LLP is tax transparent. It is taxed as if the members were partnership. Income or gains of the UK LLP are therefore treated for UK tax purposes as the income or gains of the members, in the proportions specified in the members’ agreement. Non-UK resident members of a UK LLP who are in receipt of capital gains or non-UK source income are outside the UK tax net.
