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Scotland
Scottish companies benefit from a favorable tax system, high legal certainty and a dense network of double taxation treaties at a reasonably cost. Privacy-conscious shareholders also incorporate offshore shareholders from the British Virgin Islands or other overseas territories into corporate structures. Due to the ease of administration, long-standing reductions in corporation tax and speedy court decisions, British companies enjoy a high degree of trust and popularity as a center for their business activities.
Doing business in Scotland
Although still formally dependent on Great Britain, despite unceasing considerations of secession, currently intensifying thanks to Brexit, it has its own political system and law, which is based on Roman law.
Scottish MPs can participate in the outcome of questions concerning the fate of England, on the other hand, thanks to its own parliament, Scotland has autonomy in decision-making on some issues. The function of the Scottish Parliament was restored in 1999, and national self-confidence was greatly strengthened. The advantage is above all the minimal bureaucratic burden. Basically, the entire territory of Great Britain, not excluding Scotland, has very favorable conditions for doing business.
The employees are flexible enough, and thanks to this, unemployment is generally significantly lower on the Islands. AÂ stable and simple legal system, in which one can easily navigate, definitely means another significant currency. It only takes 24Â hours to start a company.
The banking and finance sector is perfectly developed in the country, thus providing a stable background. Education also reaches a quality level, university graduates reach a top level, and every year more and more of them decide to start building their careers in the country. The Scots are also renowned for their loyalty.
Basic information about Scotland
- Scotland is one of the autonomous countries of the constitutional monarchy of the United Kingdom of Great Britain and Northern Ireland and is located in the northern part of the island of the same name.
- It has a separate currency which is the Scottish pound. It is not different in shape and size from the British one, you may encounter several modifications. However, abroad, you may encounter a problem with their exchange, especially in smaller banks and exchange offices.
Basic information
- Type of legal entity: LTD
- Incorporation time: Within hours, speed is one of the major reasons for the popularity of business corporation formation in this jurisdiction
- Number of partners: At least one, the maximum number is not limited. Both a natural person and a legal entity can become a partner
- Residency: The partner does not have to be a resident of the country
- Share capital: The minimum amount of share capital is not set in any way
- Owner shares: Not allowed
- Anonymity of the owners: Anonymity is ensured, data on shareholders cannot be obtained from the commercial register. Only the founder is listed here. It is also possible to use a nominee shareholder to preserve privacy
Taxation
- Non-residents are only required to pay tax on profits and income generated in this territory
- The main rate of income tax is 23 %, up to a turnover of £300,000 then 20 %
- VAT is paid after reaching a turnover of 2.5 million crowns
- The tax rate is 20Â %
- Bookkeeping is mandatory, as is tax reporting
Ke staženÃ
ZENRON For 20 years we have been helping you with business in the UK and abroad, setting up companies abroad, asset protection, tax optimisation, insolvency issues.
Zenron
United Kingdom
Office 410 7 Whitechapel Road
London, E1 1DU
United Kingdom
+44 2080 890917
info@zenron.org
Zenron
Hungary
Stefania Park Office Building
Stefánia út 101-103
Budapest 1143
Hungary
+36 1 701 0417
info@zenronhungary.com