Global Business Service Agency: legal services for business

Scotland is an autonomous unit of Great Britain, but due to preferential business conditions, the United Kingdom growth rates are significantly higher. By the end of 2017, according to statistics, Scotland already for the third time surpassed the UK in terms of growth rate of the country economy. Since 2014, Scotland's jurisdiction has been considered even more of a priority and more interesting than England jurisdiction, and the reason for this is a number of significant advantages of the tax haven.

Offshore in Scotland: key facts you need to know about business

1. Scotland is not a classic offshore in its usual sense. Certain types of companies – limited liability partnerships – can claim tax benefits. At the same time, in the jurisdiction it is almost impossible to get a tax certificate – VAT code. Which limits some of the activities.
2. In the jurisdiction of non-resident companies can not conduct insurance, banking, credit and recruitment activities.
3. Companies, which operate in the territory of the jurisdiction, pay habitual for the autonomy taxes:
   • Income tax for legal entities – 19%;
   • Capital gains tax – 21%;
   • VAT – 20%;
   • Tax at the source – 20%;
   • Individuals income tax – 45%;
   • Stamp duty – 1% of the amount fixed in the contract.
4. For limited partnerships where at least 2 entities are companies from the Panama, British Virgin Islands or Belize zones, all types of taxes have a zero rate.
5. All non-resident companies, which operate outside the territory of the autonomy, are completely exempt from the tax burden.
6. All contractors in Scotland are exempt from the obligation to file financial statements. Accounting records must be kept in the partnership office, but there are no requirements for reporting or annual tax audits.
7. There are no requirements to the authorized capital in the country, its payment and other forms of corporate capital of partnership.

Company registration in Scotland: some features of the jurisdiction

Staffing structure of the partnership

To open a company in Scotland will require at least one general (full) partner (director, in the usual sense), a partner with limited and unlimited liability (in the habitual understanding 123 and, 2 shareholder). Founders and managing directors can be individuals and legal entities, but not necessarily residents of the country for obtaining tax benefits. For profit beneficiary, all partners sign a trust declaration in favor of the real owner.

Minimum package of documents:

To register a new partnership, it will be necessary to have packages of identifying documents – for individuals, and registration documents – for legal entities.

The cost of opening a company is from $694. Package of apostilled documents – from $445. Services of nominal service – from $195. Annual extension of offshore (including reporting) – from $985.

Earn investment income, protect your assets in one of the fastest growing tax havens in the world with the services of GBS Agency. Ask for a consultation right now and we will quickly find the most profitable form of doing business in Scotland.