Scotland

The country of Scotland is an administrative and political part of the United Kingdom of Great Britain and Northern Ireland. It is located in the north of the island of Great Britain and shares a land border with England. In addition to the territory on the main British island, Scotland also owns a large number of smaller islands. The geography of Scotland is very diverse: cultivated plains, rocky hills, large cities and uninhabited islands.
The official currency is the pound sterling. English is the state language.
Scotland is rich in minerals such as oil and natural gas. The country is the world's most developed market for tidal energy. Scotland has the biggest tidal turbines in the world.

Whisky is considered the national Scottish drink. It falls under the category of "Geographically Legislated Name" and is protected under UK, EU and World Trade Organisation law.
Fisheries and aquaculture are an important part of Scotland's sustained growth in economic prosperity. The industry provides employment for people living in the northern parts of the island.
Scotland accounts for about 8% of the UK financial market, making it the third largest regional centre for financial services exports in the UK.
Scotland has its own legal system and parliament, making it the most autonomous part of the United Kingdom after England.

6 simple steps to purchase a company

  1. choosing a country

  2. choosing a bank

  3. payment (by any method)

  4. sending documents

  5. company registration

  6. bank account opening

Main advantages

From all the possible types of advantages that open up to the founders when incorporating a company, it is definitely worth noting:

  1. Lack of currency controls.
  2. The law does not require a secretary.
  3. No residency requirements.
  4. Fast registration procedure.

Organisational and legal forms of companies

Under current Scottish law, it is possible to register your company for international business and investment in the following legal forms:

Limited Partnership (L.P.)

One of the main features of an LP is that there must be a minimum of 2 partners, one General Partner who is fully responsible for all the obligations of the partnership, managing the company; the other, the Limited Partner, is not involved in managing the LP and is only responsible for the size of its contribution to the partnership). Partners can be either legal entities or individuals.

Features of company incorporation

Based on the analysis of the current legislation regulating the activities of business entities, the following can be highlighted with regards to the specifics of the process of registering your business:

  1. The law stipulates that the legal address of the company must be located in Scotland. From this, it can be concluded that the company is required to have a registered office in Scotland.
  2. In accordance with current legislation, a company registered in Scotland may engage in any type of business except for some. Banking, insurance, reinsurance, fund management, collective investment schemes, trust management, financial consultancy: the Scottish firm must be licensed for these activities.
  3. The name of the Scottish company must consist of the letters of the Latin alphabet. Only the ending Limited Partnership or LP is acceptable.
  4. Information regarding the company's structure is open to others.

Taxes and fees

The state has the following features for levying taxes and fees

Partnerships in Scotland may be exempt from tax if the profits are made outside the UK and the partners are not UK residents. If one of these conditions is violated, the company shall pay a tax of 19% on income to the UK budget in the normal course of business.

An important feature is that a limited partnership can become a VAT payer and, accordingly, can receive a VAT number. If your activity involves VAT, there are some requirements for obtaining this number. This is relevant, for example, for companies involved in exporting and importing goods within Europe.

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