Offshore Company Registration in the UK
8 June, 2021
An offshore company is a company that is registered abroad instead of in the country where the operational business takes place and the offices are located.
An offshore company can be an interesting model for a company.
If you are thinking of implementing an offshore model and are considering the UK, you should read on here.
In questo articolo imparerai tutto ciò che devi sapere sulla creazione di una società nel Regno Unito e sul modello offshore sull’isola.
Perché dovresti considerare il Regno Unito per la tua azienda?
Il Regno Unito è stato fondato nel 1922 ed è composto da quattro paesi con circa 65 milioni di abitanti: Inghilterra, Galles, Scozia e Irlanda del Nord.
La capitale è Londra e conta attualmente circa 8,5 milioni di abitanti.
Il Regno Unito offre un ambiente molto favorevole alle start-up con la sua common law e la forma giuridica della British Limited.
Il capitale sociale minimo richiesto è solo una sterlina britannica.
L’ingresso nell’Unione Europea nel 1973, la giurisdizione della Corte di Giustizia Europea e la libertà di stabilimento hanno permesso all’inizio del 21° secolo di costituire e gestire società britanniche come la Limited all’interno di altri Stati membri dell’UE senza alcun effetto negativo effetti.
Con solo una stabile organizzazione nel Regno Unito, attualmente si applica una bassa aliquota dell’imposta sulle società del 19% ai profitti della Limited. Tuttavia, il vantaggio fiscale rispetto alla costituzione nazionale può essere realizzato solo se la sede principale dell’attività è nel Regno Unito.
Se l’amministratore delegato gestisce l’attività quotidiana e il destino della società britannica dall’Italia, ad esempio, allora la legge fiscale italiana si applica agli utili aziendali a seguito della stabile organizzazione in Italia innescata dalla residenza italiana del consigliere delegato.
Di conseguenza, anche la stabile organizzazione italiana deve essere iscritta nel Registro delle Imprese italiano.
Tuttavia, se l’unica stabile organizzazione e la sede principale dell’attività è in Inghilterra, si applica la legge fiscale inglese.
Non ci sono dichiarazioni IVA anticipate o pagamenti anticipati in Inghilterra; invece, l’IVA viene dichiarata ogni tre mesi e pagata direttamente.
Inoltre, in Inghilterra non esiste una dichiarazione IVA annuale.
Inoltre, devono essere presentati un resoconto annuale e l’autovalutazione della società per azioni.
Quindi, se apprezzi una rapida ed economica costituzione di società a responsabilità limitata all’interno dell’UE, il Regno Unito ti offre esattamente questi vantaggi.
Gli amministratori e gli azionisti sono pubblicamente disponibili nella Companies House.
Dal 2018 devono essere iscritte al Registro delle Imprese anche le Persone con il Controllo Significativo (PSC) o i Beneficiari.
L’ufficio delle imposte responsabile e del Regno Unito è HMRC (Her Majesty’s Revenue and Customs).
Le tasse ritardate o non pagate sono punibili con multe a volte severe, a seconda della durata della trasgressione. In generale, tuttavia, i funzionari fiscali del Regno Unito sono molto amichevoli e disponibili.
Numerosi vantaggi di costituire una società in Inghilterra :
- Incorporazione molto veloce
- Capitale sociale molto basso
- Capacità giuridica immediata della società
- Responsabilità limitata immediata
- Società genuina
- Costituzione di società in un paese dell’UE
- Direttiva UE madre-figlia
- Libertà di stabilimento
- Settore finanziario stabile e rispettabile
- La valuta locale è la sterlina britannica (sterlina)
- La lingua ufficiale è l’inglese
- Diritto comune
- Diritto societario favorevole alle imprese
- Politica, economia e magistratura stabili
- Aliquota dell’imposta sulle società del 19%
- Stato di non-dom possibile se residente nel Regno Unito
Procedura per la costituzione di una società nel Regno Unito
Dopo aver ricevuto il pagamento della tassa di elaborazione, una copia del passaporto e una fattura di consumo, può avvenire la costituzione della società in Inghilterra.
Reddito estero esentasse per i non dom
Lo status di non-dom è un uso legale del Regno Unito e garantisce che le persone residenti nel Regno Unito ma non domiciliate fiscalmente (residenti ma non domiciliate) non debbano pagare l’imposta sul reddito estero se rimane all’estero e non viene rimesso nel Regno Unito (base di rimessa).
Tuttavia, a causa delle norme CFC esistenti, il non-dom dovrebbe garantire che vi sia una sostanza sufficiente (fuga di sostanze) nelle società estere.
Anche se questo non è attualmente strettamente controllato in Gran Bretagna, c’è sempre il pericolo che il ‘fisco’ colpisca e quindi possa essere costoso.
Company Formation England Costs
Formation costs and running costs of a UK Limited
The formation costs are a one-time fee of 550 € as well as annual costs for the maintenance of the UK Limited amounting to 400 € per year excluding bookkeeping, annual accounts, and tax return.
The latter items depend significantly on the number of accounting records and must therefore always be quantified on a case-by-case basis.
Opening an account with an established bank
We support you in opening an account with an established financial institution.
If the director is domiciled in the United Kingdom, there is no obstacle to opening an account within the United Kingdom. If the director is domiciled outside the United Kingdom, opening an account is only possible to a limited extent.
The Brexit and the consequences for your Company
The coming into force of the ‘Brexit’ is only a few months away. Following its referendum on leaving the European Union, the United Kingdom announced that it would be leaving the confederation.
Since the British would like to secure as many advantages (EU internal market) as possible and to take on corresponding responsibilities within the alliance, this is contrary to the principles of the EU and there are therefore difficulties in the exit negotiations, the consequences of a Brexit are not foreseeable.
If this happens in a disorderly manner (hard Brexit), the recognition of the British Limited is at risk in any case.
This would have severe negative effects for British limited companies with their administrative headquarters in EU member states.
Cancellation of a British Limited Company
Are you already a shareholder or managing director of a British limited company and would like to delete it in view of the Brexit or for other reasons?
Contact us and we will put you in touch with a tax advisor in the UK who will carry out the ‘strike-off for you.
Accounting, annual financial statement, and tax return of the Company
In the UK, there is a duty to keep accounts, a duty to keep records, and a duty to file the annual tax return (Income Tax Statement). If you are unable or unwilling to handle these tasks on your own, we would be happy to recommend an experienced tax advisor who is familiar with UK tax law.
Characteristics of the UK Offshore Company
The UK has a fast and efficient registration process for offshore companies.
Company formation can be processed online within a day.
Note that after the offshore company is incorporated, the names of the directors, information about directors and shareholders will appear in the public records.
What are the main uses for UK Offshore Company?
These are the main sectors where offshore companies prefer to be based in the UK:
- Holding Company
- Commercial activities
- Trading house
- Asset protection
- International Investment Company
Offshore companies in the UK: Liability for income tax, capital gains tax, and value-added tax
UK tax for offshore companies
UK incorporation rules require Private Limited Companies to pay UK corporation tax at a rate of 20 – 28%, which is determined after a company files its annual returns.
Company directors are also responsible for paying UK income tax on all company profits.
No tax is paid on dividends of a holding company and there is no double taxation on dividends distributed to EU member countries.
After incorporating the offshore company in the UK and going through the incorporation process, a Unique Taxpayer Reference (UTR) number is issued by HM Revenue and Customs (HMRC), which is sent to the company’s registered address. HMRC will instruct you on how to register your company, file the company accounts and pay the company taxes.
The property will be owned by an offshore company, Arc Pte. Ltd (fictitious company name).
Only the basic rate of UK income tax (20%), will apply regardless of the amount of income.
This can result in significant savings compared to the personal property where the graduated UK income tax rates (up to 50%) apply. Property tax would be deducted at source by an agent or tenant.
However, it is possible for the owner to apply to HMRC for a release that would allow them to receive the income gross.
Capital gains tax for offshore companies
Capital gains tax is a tax on the gain when you sell (or “dispose of”) something (an “asset”) that has increased in value.
It is the profit you make that is taxed, not the amount of money you receive.
You bought a studio apartment for £150,000 and later sold it for £200,000.
This means you made a gain of £50,000 (£200,000 minus £150,000).
Usually, non-resident UK offshore companies don’t pay capital gains tax. The territorial scope of this CGT depends on the taxpayer’s residency and not where the asset is located.
This means that there is normally no capital gains tax for offshore companies arising from the disposal of UK assets unless the gain is covered by corporation tax.
However, there are exceptions to the general rule in connection with UK real estate. An example of the exceptions: Offshore companies may be subject to corporate income tax or income tax on income from UK real estate, depending on whether the company trades in or invests in UK real estate. Where corporation tax applies, capital gains are also included in the levy.
UK VAT – What is the rate of VAT in the UK?
Value Added Tax (VAT) is charged on the sale of goods and services in the UK. The standard VAT rate in the UK is 20%.
The reduced VAT rate of 5% applies to some goods and services, such as child car seats and household energy.
If a business does not have an annual turnover of more than £85,000, VAT registration is not required.
A business that registers can gain a number of benefits through registration, such as the ability to reclaim input tax and collect VAT from customers. Businesses register through the (HMRC) website.
Some things are exempt from UK VAT, such as stamps, financial and property transactions.
The VAT rate that businesses charge depends on their goods and services.
What is the best offshore company structure?
There are 3 offshore company structures that are often chosen by entrepreneurs for offshore company formation:
- Limited Liability Partnership (LLP)
- Private Limited Liability Company (LTD)
- Public Limited Company (PLC)
The table below lists some characteristics of these different offshore company structures:
Company Structure Main Features
Limited Liabilty Partnership (LLP)
- The separate legal entity from its members
- Taxed as a partnership
- Must have at least two designated members
- Must be registered at Companies House
- Accounting and filing requirements are similar to those of a company
- Ability to issue debentures, make fixed and floating charges on assets
- A privately-held business entity with no more than 50 shareholders
- Limited liability of shareholders
- Can contract, acquire assets, sue, or be sued under its own name
- Enjoys low tax rates/tax exemption on income earned outside its jurisdiction
- Restricts shareholders from trading shares publicly
Public Limited Company (PLC)
- Also known as a publicly-traded company
- Can issue shares that can be purchased or traded by anyone on the London Stock Exchange or Alternative Investments Market
- Must have at least two shareholders and issue shares worth at least £50,000
- Must appoint at least two directors and a qualified company secretary
- Can sell shares to raise capital without incurring debt
- Exists as a legal entity separate from its owners
Summary of an Offshore Company Formation in Great Britain
The UK limited company is quick and inexpensive to set up, has immediate legal capacity, and is ready for use.
In the shadow of Brexit, however, it may soon become uninteresting for many founders.
Those who would like to delete their British Limited can have this done through a British tax advisor, we are happy to recommend one.
The structure that provides your offshore model with the most benefits is the Private Limited Company (Ltd.).
With an Ltd., profits can be shared by shareholders while maintaining financial liabilities.
Ltd24ore – The Shortcut to your Offshore Company
To ensure that you do not make any mistakes and do not lose track of things when setting up your offshore company in the UK, we are happy to provide you with advice and support.
The team of Ltd24ore consists of experienced professionals who will help you with many years of expertise in setting up your offshore company.
With overview, empathy, and the essential professional knowledge we ensure a smooth and satisfying process.
Working with us you will enjoy the following benefits:
- Online constitution without a notary
- Reduced cost of opening
- Online accounting, bookkeeping, and tax management service
- Preparation of company accounts and the tax return filing included
- Free access to accounting software based on artificial intelligence
- Assistance via chat, e-mail, telephone
- Consultancy with c
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