GENERAL INFORMATION
The UK financial services industry
- Recognised as a hub for international capital flows with close links to the Channel Islands
- A premier financial city for banking, insurance, foreign exchange, bond trading, accounting and legal services
- Home to the London Stock Exchange, AIM and SFM markets
- Stable legal and regulatory environment with a common law system which is attractive to foreign business
- Mature and sophisticated infrastructure
Other basic facts: | Time zone | Greenwich Mean Time |
Official language | English | |
National currency | Pound Sterling (GBP) |
KEY CORPORATE FEATURES OF UK COMPANIES
| INCORPORATION OPTIONS | |
| Shelf company availability | Yes - however more economical to incorporate a company rather than purchase a shelf company |
| Time taken for incorporation | One (1) day. Subject to satisfactory completion of JTC’s client take-on process |
| SHARE CAPITAL | |
| Permitted currencies | Any |
| Standard currency | GBP |
| Minimum issued capital | One (1) |
| Authorised capital | Usual is £1,000 |
| Par / nominal value | Optional |
| DIRECTORS | |
| Minimum | One (1) |
| Corporate directors | Yes, if the body corporate acting as a director is registered under the Financial Conduct Authority to provide such services and does not itself have any corporate directors |
| Local director requirements | Optional |
| Location of meeting | Anywhere |
| Minimum number of meetings | One (1) |
| Publicly accessible records | Yes |
| SHAREHOLDERS | |
| Minimum | One (1) |
| Bearer shares | Not allowed |
| Corporate shareholders | Allowed |
| REGISTERED OFFICE | |
| Requirements | Must be in England or Wales |
| ACCOUNTS | |
| Preparation of accounts | Yes |
| Audit requirements | Yes, but for small company exemption |
| Filing of audited accounts | Yes |
| Publicly accessible records | Yes |
| ANNUAL REQUIREMENTS | |
| Annual return | Yes |
| Tax return | Yes, CT 600 Corporation Tax return |
| Financial statement | Yes |
| GENERAL | |
| Legal system | Common Law |
| Corporate re-domiciliation | Yes, subject to approval of the Inland Revenue |
| Double taxation treaty access | Yes |
| Exchange control | No |
| Taxation | Corporation tax (which includes Capital Gains Tax) is paid by UK Companies based upon accounts, which are submitted to the Inland Revenue and the Registrar of Companies at the end of the Company’s financial year. A company is free to choose its financial year-end. Companies pay corporation tax at a rate of 20% |
The information in this document is not advice of any kind but general information only and should not be relied on as legal advice. Kensington Trust Group recommends seeking professional advice on legal or tax issues affecting you before relying on it. While Kensington Trust Group tries to ensure that the content of this document is accurate, adequate or complete, it does not represent or warrant, express or implied, its accuracy, correctness, completeness or use of any of the information. Kensington Trust Group does not assume legal liability for any loss suffered as a result of or in relation to the use of this document. To the extent permitted by law, Kensington Trust Group excludes any liability for negligence, for any loss, including indirect or consequential damages arising from or in relation to the use of this document.