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UK OFFSHORE COMPANY 
FORMATION

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Overview

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The UK, or companies formed in England and Wales, provides several types companies, and each one is taxed differently, and/or used for different purposes.

In general, companies formed in London have a straight forward process

Limited Liability Partnerships (LLPs) are usually formed by non-residents who want a tax free entity formed in a prestigious entity like the United Kingdom.

Limited Companies (LTDs) are not taxed free entities, but are used by many as an "agent company" or as a trading company as even though they are taxed, the owner would be trading through a company formed in a prestigious and white listed jurisdiction.

UK Limited Liability Partnership LLP

LLPs are pass-through entities,  hence you will not pay taxes if you don’t reside in the UK and your LLP does not operate in the UK.

Besides not getting taxed if you don’t engage in UK Business, you can easily open a fully functional UK Bank Account online or in person, connect it to Stripe or PayPal.

 

Requirements

  • 2 Members, minimum: these can be individual members, corporate members, of a mix of both.

  • Registered Address to receive official communications from the Companies House, HMRC, court house, etc.

  • Register for self-assessment: Each Partner has to register for “self-assessment”, where each Partner fills a form, and mails it to the HMRC (tax authority), informing the HMRC, in summary, that the Partner does not live in the UK, and also provides additional personal information.

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UK Limited Company (LTD)

A UK LTD is not a tax-free entity, but it is a good option as you can manage it all remotely, you can open a bank account without a problem.

  • 1 Shareholder, minimum.

  • Yearly tax statements, even if the company is dormant.

  • Easy to open bank account.

  • If the UK has signed a tax treaty with your country of tax residency then you can benefit from only being taxed in one jurisdiction (in case your country of tax residency has a worldwide tax system, this can help you).

Yearly Maintenance Expenses:

 

The yearly maintenance expenses will depend on whether you file the tax statements yourself, or if you hire an accountant and bookkeeper whose fee will vary depending on the amount of transactions you had.

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UK Agency

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Some jurisdictions, such as Belize, Cayman Island, Cook Islands, Samoa, etc. are havens that don’t require you to do accounting or bookkeeping, the ownership of these companies is very private, but because of those benefits, these jurisdictions are blacklisted and tagged as non-cooperative jurisdiction, you will face problems such as a lot of paperwork when receiving or sending a wire transfer, and you also won’t be able to access payment gateways such as PayPal and Stripe.

So the main problem with those jurisdictions is the ease to access the financial system. This problem is by-passed by creating a UK Agency, which is a UK Limited Company that acts on behalf of the main offshore company to collect payments or to act on behalf of the main offshore company.

Besides setting up the UK LTD structure, the following is needed to this strategy

  • Agency agreement between the two companies, and the UK Agency will pay taxes based on its earned commission for acting as the agent.

  • UK LTD (agency) shareholder(s) should not be the principal offshore company.

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 jffc@offshoreaffairs.com

Whatsapp: +50582282916

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Disclaimer: Nothing on this website shall be considered nor be a substitute for legal, tax, or financial advice. Please contact your licensed advisor for legal, tax, or financial advice.