GREAT BRITAIN (Private Limited Company)

Country’s geography & information in brief: Great Britain or the United Kingdom of England, Scotland Wales & Northern Ireland is situated in the West Europe on islands to the north from France. State structure – constitutional monarchy. Major currency – pound sterling. Official language – English.

Entity type: Private Limited Company registered in England, Scotland & Wales.

Directors: Minimum number – one, a private person or 2 if one of them is a legal person the other must be a private one, residents of any country.

Shareholders: minimum number – one. Shareholders may be private or legal persons, residents of any country.

Secretary: Minimum number – one. The director can’t be the secretary, if he is the sole director. May be private or legal persons, residents of any country.

Authorized capital: standard declared capital is of 1 000 GBP.

Names’ restrictions: name shall end with “Limited” or “Ltd”. The use of “National”, “International”, “Holding”. “Group” is allowed only if provided information about the companies forming part of such a holding, group, etc.

Requirements: Company must have a registered address & a secretary in GB.

Information about the beneficiary: the register of directors & secretaries in GB is public. Information about the beneficial owner may be provided only to the secretary & are kept private.

Audit & financial reports: it’s necessary to keep books, prepare & file annual return, financial accounts to the Companies House & Inland Revenue.

Constituent documents set: Certificate of Incorporation, Appointment of First Director, General Power of Attorney, Memorandum & Articles of association, Minutes of the meeting of directors, Regulations for management, Share certificate.

Nominee service: allowed.

Transfer of an alien company to Midland Consult service: possible, but only with consent of the previous secretary company in GB.

Currency control: no

Taxation: for detailed information about taxes & fees please visit GB Inland Revenue web page http://www.hmrc.gov.uk/

Additional information: LTD per incorporation are residents of GB & accordingly pay out tax from their worldwide income. The following accounts shall be filed:

Annual Return includes registered address, beneficiaries & management bodies of the company. It is to be filed every 12 months from the formation date. The dead line is within 28 days.
Accounts include information about company’s financial activity. The first account is due to be filed within 10 months from the moment the account period ends. By default the account period comprises the end of the month following the anniversary month of the incorporation. Considerable fines may be imposed for late accounts filing. The account shall be made on the basis of bank statements, contracts, agreements, invoices. If a company’s turnover is less than 5 million GBP (about 10 million USD) financial account may be prepared & filed to the corresponding authorities by the company’s accountant & signed by the company’s directors without any help of an auditor. If a company haven’t carried out any business it may file so called Dormant Accounts in special form. That can be done by its secretary.