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| NAME REQUIREMENTS | | Name Restrictions (Requires Approval) |
Must end with one of the following suffixes: Limited or Ltd.; assurance, bank, benevolent, building society, Chamber of Commerce, fund management, insurance, investment fund, loans, municipal, reinsurance, savings, trust, trustees, university. | | SHARE CAPITAL | | Currency | £ 1 | | Authorised share capital | £1000 (standard) | | Bearer shares | Not Allowed | | Public Register of shares | Optional | | DIRECTORS | | Minimum Directors | 1 (Resident director not Required) | | SHAREHOLDERS/MEMBERS | | Minimum Shareholder | 1 | | COMPANY SECRETARY | | Company Secretary | Required (Individual or corporate) | | Local Requirements | Must maintain a local Registered Agent and a local Registered Office. | | ACCOUNTS | | Filing of accounts | Required 9 months and 1 day to file with the HMRC 10 months to file with the companies House | | Audit Required | Audit exemption for small companies*. | | Filing of Annual Return | Required | | INCORPORATION PROCEDURES AND TIME FRAME | | Fill out Incorporation form | 10 Minutes | | Send us due diligence of proposed directors and shareholders | Depend on Client | | Upon Completion of the above | | Check availability of company's name in the Registry of Companies | 2-3 hours | | Preparation of incorporation documents | 0.5 days | | Signing of incorporation documents | Depend on Client | | Submission of documents to the Financial Services Commission (FSC) | n/a | | Upon completion of the above | | Incorporate the company with the Registry of Companies and payments of registration fees & Charges | 1 to 2 days | | Prepare post-incorporation documents | 1 day | | Certification of post incorporation documents by notary | n/a | | Tax Residence Certificate | n/a | | Business Registration Certificate | n/a | | BANK ACCOUNT | | Bank account opening Requirements | -Authenticated passport (must be current and valid) and
-One/two copy of your most recent utility bill to prove your current residency.
-Letter from an accountant
-Letter from secretary
| | Time to open a bank account | 3-5 working days | | TAXATION | | Tax rate on net profits are: 20% for the first £300,000, 30% when profit is above £1,000,000, there is a marginal relief rate for profit between the two figures |
To qualify as a small company, at least two of the following conditions must be met:
- Annual turnover must be £5.6 million or less;
- The balance sheet total must be £2.8 million or less;
- The average number of employees must be 50 or fewer.
To qualify for total audit exemption, a company must - Qualify as small (see above)
- Have a turnover of not more than £5.6 million; and
- Have a balance sheet total of not more than £2.8 million.
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