The UK LLP has a pass-through tax structure that shifts the tax burden of the LLP to its members, enabling the LLP to bypass UK taxation requirements. An LLP is not seen as a separate entity for taxation purposes, which falls upon its members who are only required to pay taxes on income sourced from the UK. Though the members are obliged to pay taxes on all foreign profits in their home country of residence, they are not subject to any UK tax.

A Limited Liability Partnership UK gives companies many advantages including a flexible structure, limited liability for its members, and minimal corporate formation requirements. There are no company structure requirements for the management of an LLP, nor are there provisions for company meetings, directors, secretary, or capital, all of which makes the UK LLP a highly desirable company formation vehicle.

Key Features

UK LLP

Corporate Details

General

·         Type of Entity

Limited Liability Partnership (LLP)

·         Registered Office in UK

Yes

·         Shelf company availability

Yes

·         Our time to establish a new company

 1 – 2 days

·         Minimum government fees (excluding taxation)

None

·         Corporate Taxation

None

·         Access to Double Taxation Treaties

No*

Share capital or equivalent

·         Standard currency

GBP, £

·         Permitted currencies

Any

·         Minimum paid up

None

·         Usual authorized

None

·         Bearer shares allowed

No

·         No par value shares allowed

No

Directors

·         Minimum number

None required (Members act as Directors)

·         Local required

No

·         Publicly accessible records

N/A

·         Location of meetings

N/A

·         Corporate directorship allowed

N/A

Members

·         Minimum number

Two

·         Publicly accessible records

Yes

·         Corporate shareholder allowed

Yes

·         Location of meetings

Anywhere

Company Secretary

·         Required

No

·         Local or qualified

No

Accounts

·         Requirements to prepare

Yes

·         Audit requirements

Yes (small companies are exempt)

·         Requirements to file accounts

Yes

·         Publicly accessible accounts

Yes

Other

·         Requirement to file annual return

Yes

·         Migration of domicile permitted

No

Advantages

  1. The UK is a respected jurisdiction and international financial and trade center
  2. No local taxation if business and residence are outside the UK
  • Benefits of having access to European markets
  1. No capital requirements
  2. Details of beneficial owners are kept confidential
  3. Limited partnership liability of members is limited to the capital contributed
  • LLP is legally separate from its members
  • LLP is no taxes as a separate entity, members are taxes individually on profits
  1. Minimum LLP requirements
  2. Tax is based upon residence and location of commercial activities
  3. Members may include individuals an corporate entities

The Valsen Advantage

  • Speedy, Efficient and consistent Services.
  • Relentless effort to obtain bank accounts.
  • Expert advice on structuring options.
  • Dedicated ongoing compliance support.