Registering a company in Scotland in 2024

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.

Advantages of opening a Scotland enterprise:

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”.

About a taxation:

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.

About a tax return:

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.

About a VAT and EORI

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.

Read also:

About the public registry:

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.

To set up an enterprise in Scotland. Benefits:

  • 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.

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