Scotland is an autonomous state within the United Kingdom of Great Britain and Northern Ireland, population- 5 254 000.
The legal system of Scotland is based on the English Common Law with local amendments.
Limited Liability Partnership (LP), incorporated under the Limited Partnerships Act 1907, can conduct business in any part of the world.
| Tax | Rate | |
|---|---|---|
| Income (Corporate) LP tax | no | each partner pays the tax separately; it depends on the state where a partner is registered as a taxpayer |
| Double tax treaties - as LP companies are not UK taxpayers, these treaties are not applicable | ||
Advantages
- No corporate (income) tax
- It is not necessary to submit annual financial statements to Companies House, but this does not exempt the company from fulfilling legislative requirements as to preparing and retaining those
- An LP may be used for international trade, for service provision, asset protection, as an investment company etc.
Disadvantages
- As LP companies are not UK taxpayers, Double tax treaties are not applicable
- Required to prepare and submit financial statements to HMRC tax return anually
- In case the company acts outside the UK, no VAT number can be obtained
| Name | Must end with the words “Limited Partnership” or abbreviation "LP" Words like “Insurance”, “Bank”, “Chamber of Commerce”, “Co-operative”, “Credit Union”, “Group”, “Holding”, “Building Society”, “Royal” etc. may only be used by assent of the authority in charge |
| Share capital | The standard authorized share capital is GBP 2 000, not required to be paid before incorporation |
| Partners of an LP | At least two. An LP is managed by a general partner. The general partner has unlimited liability. The liability of other partners is limited |
| Registered Address | Required in Scotland |
| Annual reporting | Required to prepare and submit the company’s financial statements to the HMRC tax authority |
Company formation packages Request package prices
Timeframe
| Incorporation of a new company along with the preparation of apostilled documents | 20 business days |
Annual support (beginning with the second year) Request price
Annual financial statement – required
Information that has to be provided by the customer
Incorporation process is possible as soon as the Due Diligence procedure is completed. Please fill in and send us the Order form; immediately afterwards, we are going to send you the information on the document required within the boundaries of the Due Diligence procedure.
1. Consult to determine the order. To choose a jurisdiction for a company we offer a consulting services:
- via telephone +(371) 67280645
- via e-mail: consult@bbp-net.com
- via online question form found in the header Ask an expert
- Navigation through our web site will help you to determine: benefits, prices and requirements in respective jurisdiction
2. Issue of invoice and settlement of order. Within one business day of filling in the online application form, you will receive an invoice via e-mail. You can pay the invoice using money transfer to the BBP bank account provided in the invoice or via Internet, using PayPal. We suggest using PayPal only in case the amount is less than 200 EUR.
ATTENTION! The invoice number should be written in the details of payment!
A payment acknowledgement will be sent to you as soon as we will receive the payment.
3. After we receive the required Due Diligence documents from you, we shall commence the incorporation or the preparation of the documents required in order to carry out the acquirement of a ready-made company.
4. Document delivery to the client. Documents are sent via international courier mail.
5. Further supporting services. We guarantee to inform, assist and provide you with all the necessary services for further support of the company.
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