Company in Scotland

Michał Gawlak

Michał Gawlak

Partner / Attorney-at-law

General information

  • 20%
    Tax rate
  • 24 hours
    Time of establishment of the company
  • None
    Minimum capital

Scotland is part of the UK. The country’s main financial centre is Edinburgh – the seat of most companies established by foreign investors. Scotland enjoys the interest of many investors due to the gentleness of its tax authorities, its favorable membership of the European Union and its openness to foreign investment.

Scotland’s legal system is a common law system based on the Roman-Dutch continental system. The main difference from the English legal system is the Scottish regulation of trusts, which is regulated by the local Scottish Parliament. The legal system governing the establishment, operation and closure of companies in Scotland is the same as the British system.

Company registration procedure

Registration of the company:

  • The company is registered in Companies House – currently the United Kingdom (including Scotland).
  • In order to register a company you can use the registration forms available online at Companies House – in this case you only need to indicate the basic data concerning the company, such as: company name, registered office address, subject of activity, shareholder, director and shares, as well as the capital of the company.
  • The next step is to draw up the memorandum of association and the company’s statute – Companies House allows you to generate a template document.
  • The company must have at least one director and is obliged to have a registered office for registration purposes.

Shareholders:

There are no restrictions on the number of shareholders, however, a minimum of one shareholder is required to establish the company. Foreign shareholders are allowed. A shareholder may be a natural person or a legal entity.

Management Board:

At least one director must be appointed to manage the company. A shareholder may act as a director. Any change in the position of director of the company must be reported to Companies House.

Registered office:

The Company must have a registered address in Scotland. Correspondence handling and the company’s contact telephone number should be guaranteed.

Time to set up a company:

The time for setting up a company is 24 hours.

Capital:

No minimum capital requirements.

Documents:

Company documents are available online at Companies House. In order to be able to do business outside the UK, you may need to obtain notarized documents of the company, which will be accompanied by an apostille. These services are provided by notaries (notary public).

Taxes and finances

Part of Scotland’s economic strategy announced on 13 November 2007 is to provide a favourable business environment to support investment, innovation and business development.

Foreign investors in Scotland are offered a wide range of tax exemptions, including government loans and subsidies for environmental and research and development investments.

Accounting

Companies are required to prepare annual statements. Companies with revenues in excess of £10.2 million in a tax year or assets in excess of £5.1 million are required to audit their accounts.

Tax rate– Income tax: 33.5% from £300,000 to £1200,000, 31% above– Capital gains tax: 18%– Dividend tax: 10% to £ 37400 of the value of dividends, 32.5% to £ 150,000 and 42.5% above– VAT: 17,5%
Minimum capitalNone
ShareholdersNatural or legal person – at least one shareholder
Foreign shareholdersYes
Foreign holdingYes
Legal obligationsMandatory annual audit when exceeding the turnover limit
Annual fees starting from the 2nd yearNominated shareholders, registered office, power of attorney, preparationand submission of the annual report and zero income cost declarations: 1500 € + VAT plus shipping costs
Deadline3 working days from submitting the documents
Registered officeRegistration address in Scotland, it is advisable to have a physical office for VAT registration.
BankingFor Scottish LP companies active outside the UK, we recommend opening an account in banks located in Latvia, Estonia, Denmark, or Cyprus. Please contact us for more information.
AccountingCompulsory annual accounts.

Other information

Our clients often choose Scottish companies LPP (partnerships), whose shareholders are other companies – e.g. from BVI. To be able to open a bank account, you need the help of specialists and divide the procedure into several separate steps. Please note that banks rarely agree to open bank accounts for companies with complex shareholdings.

Do you want to establish a company in Scotland?

Contact

Contact

Contact us by filling out the form at the bottom of the page.
Remember, the more information you provide us at the beginning of cooperation, the sooner we will be able to prepare an offer for you. If we deem it necessary due to the scope of the inquiry, we will offer you a paid consultation aimed at preparing an offer for you with elements of tax planning.

Payment

Payment

Choose the payment method – we accept transfers and payment by credit / debit card and blik.

The stage of collecting information necessary to establish a company

The stage of collecting information necessary to establish a company

After accepting our offer, we will send you a list of information and documents that we will need to establish a company for you quickly and efficiently. At this stage, our specialists will provide you with professional advice and experience enabling you to efficiently collect the required documents and information.

Receipt of company documents

Receipt of company documents

After registering the company, we will inform you about obtaining the documents – we can send them to you by courier, or arrange their collection at the office. If you have chosen the service of opening a bank account that requires personal appearance, our specialist will provide you with the company’s documents when assisting you in opening a bank account.

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Michał Gawlak

Partner / Attorney-at-law

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