Scotland is an autonomous administrative unit of Great Britain. The capital of Scotland is the city of Edinburgh. The key sectors of the Scottish economy include IT, oil & gas production, alcohol production, aquaculture, finances & IT.
By registering a company in Scotland, foreign businessmen can receive a number of tangible advantages, such as remote business registration in Scotland, business-friendly tax system & lack of reporting requirements.
Those seeking to register a company in Scotland can choose from several organizational & legal forms (e.g. LP, SLP, LLC, etc.), of which the most popular one is, undoubtedly, SLP.
By registering an SLP in Scotland, its owners get a right to own assets, as well as conduct any commercial & investment activities. Registering a partnership in Scotland requires compliance with the following requirements:
- having partners (one general partner & one partner with limited rights);
- a general partner can only be a general partner of one Scottish partnership;
- a general partner must be registered as a VAT payer;
- preparing & submitting a set of standard documents to regulatory authorities.
There’s no requirement for an authorized capital. Normally, establishing a company in Scotland takes up to 2 days.
Profits of a Scottish LP earned outside Scotland are exempt from taxation. An SLP’s income is considered income of its founders. Participants are required to pay taxes in the country of their residence; hence, the tax rate for SLPs is 0%.
Opening a Corporate Account with a Scottish Bank
Opening a corporate account in Scotland is relatively easy because banking institutions take a favorable view of SLPs. Seeking to register a company in Scotland? Need advice on company registration in Scotland? Why not contact IQ Decision UK?