Great Britain
Great Britain offers long-term economic and political stability and the prestigious international reputation of the companies based here. There is a possibility to establish a large amount of various kinds of enterprises here with limited or unlimited liability, including acquisitions of already established companies. The enterprises pay corporation tax to an amount of 21 % of their profit before taxation that will not exceed 300.000 GBP. Furthermore, the tax rate is increased incrementally, until the gross profit before taxation reaches 1.5 m GBP, in which case the top tax ratio is paid, i.e. 31 %. Non-resident companies, that are managed and controlled from a location outside the territory of Great Britain where the income of which is not accrued from British sources are exempted from British taxation.
Great Britain has many agreements on the avoidance of double-taxation. The withholding tax on dividends ratio, the interests and license fees range proportionally between 0 % and 25 %. There are agreements on double-taxation avoidance with Argentina, Australia, Austria, Belgium, Brazil, Canada, the Czech Republic, China, Cyprus, Denmark, Finland, France, Germany, the Slovak Republic, Greece, Hungary, India, Indonesia, Israel, Italy, Japan, Luxemburg, Malta, New Zealand, Norway, Poland, Portugal, the USA and with many others. There is no minimum amount of approved share capital required to establish a British company, however, at least one share must be issued. When establishing a company with defined scope of business, it is necessary to get a license - this is particularly valid for banking, insurance, financial services, services connected with consumer credits and services of labour-mediating agencies.
INCOME TAX - the rate is equal to 20 % of annual income of 0 - 34.800 GBP and 40% if the income exceeds 34.800 GBP.
CORPORATION TAX - 21 % - profit up to 300 000 GBP, 29.75 % - profit between 300.001 - 1.500.000 GBP, 28% - above 1.500.000 GBP.
Should the company have a turnover higher than 67 000 GBP during the last 12. months, it is obliged to register as a VAT payer.
Suitable conditions for international transactions:
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Legal form
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Private Limited
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Time required to establish a company
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7-10 days
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Registry of executives / shareholders
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Accessible to public
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Basic capital / minimum paid capital
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1 000 / 1 GBP
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Minimum number of shareholders / executives
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1 / 1
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Executives – non-residents / legal entities permitted
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Yes / Yes
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Bearer shares / name permitted
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No/ Yes
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Required registered agent / address
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Yes / Yes
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Required local secretary of the company / local General Assembly
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Yes / No (anywhere in the world)
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Submission of accounting reports / Annual report
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Yes / Yes
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Obligatory audit / tax declaration
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Yes / Yes
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Taxation of company income
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Yes , 20 – 40%
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Minimum yearly lump sum fee paid to the state
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-
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Possibility to use the double-taxation agreement
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Yes
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