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The United Kingdom lies on British
Isles off the Western Coast of Europe. It's one of the several
economic "superpowers" of the world.
The country may be referred to as an Offshore
Financial Center (OFC) not in terms of local tax legislation,
but rather as a suitable jurisdiction for offshore/onshore
business operations. Evidently, the UK has the mildest "tax
climate" in the European
Union (only Ireland can somewhat compete) and is often
used as the base multinational corporations operate from in
other EU countries. The UK is the cradle of Common
Law. British corporate law became a model of perfection
for the overwhelming majority of offshore lawmakers of the
world.
Tax system facts:
Corporation Tax for 2001-01 starts from 10% for profits amounting
up to GBP10,000. The country is evidently the world champion
in the number of concluded (110) Double
Taxation Treaties, and it provides excellent opportunities
for international tax planning.
The
best offshore/onshore tool in the UK: Private Limited
Company
Outstanding features:
- expeditious formation process
- there is no minimum share capital, standard issued share
capital GBP1,000
- the company may have the sole Member who may be one
of its Directors
- Names disclosure in public records: beneficial
owner(s) - NO, shareholders (members) -YES, directors
-YES
- Bearer shares:
NOT ALLOWED
- Non-resident directors: ALLOWED
- Local Registered Office required: YES
- Company Secretary required: YES
- Annual return filing requirements: YES, the filing fee
is GBP 15.00. The annual return may be filed electronically.
Applicable legislation: The Companies Act, 1985 (as amended
in 1989 and later)
UK private limited companies may be used as Nominee
Companies. Needless to say, care must be taken and tax
professionals' advice is strongly recommended before starting
some practical implementations.
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