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Formation. Only licensed Agents may organize Company’s in UK.

 

The Memorandum and Articles of Association must be signed by the subscriber of the company. The subscriber may be any private person or body corporate without any restrictions. OLYMPUS SERVICES offers ready-made companies in the UK and provides the service to act as the nominee shareholder .

 

Board of Directors. The business and affairs of the company are managed by a Board of Directors that consists of one or more persons who may be individuals or companies. There are no nationality limitations.

 

Registered Legal Office and Agent. A Company must appoint a Registered Office within the country and a Registered Agent on its discretion. If a company changes its registered office address after incorporation, the new address must be notified to Companies House.

 

Disclosure.  In addition to the above registrations, the Registrar must be notified when the members of a LLP or LTD agree to change in membership. Attention! The home addresses of the members and the accounts of the company will be public. Anonymity can be saved by using nominees.

 

Bearer Shares. Bearer shares are NOT allowed in this jurisdiction. Private company limited by shares.

 

Taxation. The company has to submit Annual accounting reports to the Companies House and the UK Tax Authorities. These reports required only to large size companies or companies trading on the London Stock Exchange. Corporate tax changes according to the amount of profit:

 

	2006-2007		2005-2006
	£	%	£	%
Starting Rate *	1 - 10,000	19	1 - 10,000	0
Intermediate Profits	10,001 - 50,000	19	10,001 - 50,000	23.75
Small Company Rate	50,001 - 300,000	19	50,001 - 300,000	19
Intermediate Profits	300,001 - 1,500,000	32.75	300,001 - 1,500,000	32.75
Large Companies	1,500,000 +	30	1,500,000 +	30

 

Books, Records and Common Seal. A Company must have a corporate seal, which may be kept outside or within the territory of UK. Seals must be used if the company enters into a contract which, if entered between natural persons, would be required by law to be in writing and under seal. A Company shall keep such accounts and records, as the directors consider necessary or adequate. Audited accounts need to be filed with the Companies House. An annual return providing details of directors and shareholders must be submitted, but for small companies, there is an exception

 

Powers of Attorney. A Company may grant general or special Powers-of-Attorney to any person, to act on its behalf and to execute contracts, agreements, deeds and other instruments. These powers are not recorded in the Public Registry.

 

Amendments. The Memorandum and Articles of Association may be amended by either a resolution of directors or of shareholders and the amendment filed with the Registry of Companies.

 

Certificates of Good Standing. Good Standing Certificates for a Company can be obtained upon application to the Registrar of Companies.

 

What is a Limited Liability Partnership (LLP)? An LLP is a partnership which is in it a legal entity, and whose partners enjoy limited liability. The partnership has existed as a corporate form in UK corporate legislation for more than a century, but a new limited liability act, which was passed in 2000, has totally modernized the partnership, making its operation much more simple and convenient. An LLP is formed by partners (at least two) for the purpose of carrying on a lawful business with a view to profit. The liability of the partners is limited to the assets of the LLP. The LLP does not have directors as it is usually managed by the partners, although it is also possible to appoint a manager. The structure of an LLP is different from that of an Ltd. In addition, there are significant differences from the point of view of taxation. Limited companies are taxed as corporations; while LLP companies are taxed at income tax rate of partnerships.