Scotland is a very profitable business solution. What attracts owners of enterprises to register a company in Scotland is the European status for their business, which, at the same time, exempts profits from taxes. In addition, Scotland is a highly stable region, both economically and politically.
According to YB Case expert study, registering a company in Scotland takes a relatively short time - up to 2 weeks, and all that is necessary for individuals: copies of passports, a confirmation of addresses for individuals, and for legal entities - also registration documents and copies of passports of all involved in registration.
The Scotland LP is not in vain considered a “bestseller” in the global business environment. It has a general tax-free structure, a confidentiality, an absence of requirements for filing financial statements. It is successfully used both for intermediate trade and for holding shares of subsidiaries and real estate. So:
- no taxes, if profits are earned outside the UK and partners are not residents;
- lack of checks by fiscal authorities;
- EU transparent tax structure;
- lack of financial statements;
- the possibility of using it as a holding company for almost any subsidiary;
- the ability to register an EORI number;
- lack of currency control;
- the ability to open an account with an EU bank or to open an account with a bank in Scotland;
YB Case help: a VAT registration for non-resident Scotland LPs is extremely difficult in the EU. Decide to register a business in Scotland, you need a VAT number. We will assist in buying a ready-made Scotland LP with a registered VAT.
Separately about reports: deciding to open a Scotland LP, open a bank account in Scotland, you do not need to hand over accounting, as the law states, that “You do not need to send accounts to a registrar, if the general partner is not a company with a public limited company”.
Limited partnerships are a “transparent tax”.
As with regular partnerships, limited partnerships are a “transparent tax”. This form is one of the main features of its use in the venture capital industry, as well as in real estate investments.
Planning to establish a commercial firm in Scotland, it is the LLC form, that is transparent from the point of a view of taxation, since each partner/participant is responsible for taxes and for the partnership itself.
Having decided to open an LP in Scotland, you will receive a tax-transparent company, if there is no activity in British territory. Partnerships must file a NIL tax return each year with UK tax authorities (HMRC).
YB Case team offer the information about NIL for LP in Scotland on the official website: HMRC.
A Scottish Limited Partnerships, consisting of 2 companies, most likely will not require a VAT number. This form is not intended for a trading with VAT.
However, if an EORI number is required for customs, this number can be easily used.
This law applies to acts of companies in 2006 and LLCs, and not to LP and LLP. In addition, it refers to “people with a significant control” in the enterprise.
If you have finally decided to open a Scotland commercial firm and open an account in the UK, remember, that there is an additional benefit in another aspect: companies, whose dividend taxes are paid by English companies, are not withheld. That is, dividends, that an English organization receives from another company, are fully exempt from a corporate tax.
Experienced specialists of YB Case will assist you in registering a company in Scotland or in buying a ready-made UK company, that will have a full set of documents with a legal address. We will also assist in opening a bank account in Scotland.
- a complete absence of taxes, if a profit is made outside the borders of the UK, and partners are not its residents;
- a confidentiality of the company;
- there are no accounting requirements;
- there are no requirements for the preparation of an annual report;
- there are no checks by fiscal authorities;
- for the work of the company, only two partners are sufficient;
- the ability to open an account with one of the best banks in the world;
- there is no currency control.