Formation of Scottish Limited Partnership
Scotland has a Western-style open mixed economy closely linked with the rest of Europe and the wider world. Traditionally, the Scottish economy has been dominated by heavy industry underpinned by shipbuilding in Glasgow, coal mining and steel industries. Petroleum related industries associated with the extraction of North Sea oil have also been important employers from the 1970s, especially in the north-east of Scotland.
Part of the United Kingdom that covers the northern third of the island of Great Britain, Scotland, is a leading global business and financial center and an important jurisdiction for international tax planning.
A Limited Partnership registration in Scotland offers different advantages than other company formation in the UK. Scottish LPs are considered legal entities and therefore can hold assets in their own name, as well as having significant tax benefits that distinguish them from the structures available in England & Wales.
Scottish Limited Partnerships are not considered as offshore companies as there is no offshore legislation in UK.
All companies are formed under the same legislation, whether they do business in UK or outside of the territory.
Companies that do not derive any income from sources in UK and have partners who are not UK residents are not subject to tax.
Advantages of formation of Scottish Limited Partnership:
Summary of Scottish Limited Partnership and main characteristics:
| General Information | |
|---|---|
| Type of company | Partnership |
| Corporate Legislation | Limited Partnership Act 1907 |
| Taxation | For Non-resident sourced activities - Corporation Tax – 0% Tax on Dividends – 0% Territorial taxation system 0% for non-residents that do not derive any income from sources in UK. |
| Currency | Standard Currency - Pound sterling - GBP£ Share Capital can be in GBP or EUR |
| Paid up capital requirement | No paid up capital required (1 GBP£) |
| Time zone | GMT (UTC) |
| Directors (Partners – General Partner) | |
| Minimum no. required | 1 |
| Local Partner required | No |
| Location of Meetings | Anywhere |
| Shareholders (Partners – Limited Partner) | |
| Minimum no. required | 1 |
| Location of Meetings | Anywhere |
| Company Secretary | |
| Required | No |
| Local Secretary required | No |
| Registered office required | Yes |
| Share Capital | |
| Standard Currency | GBP£ |
| Standard Authorized Capital | 100 GBP£ |
| Minimum paid up capital | No (1 GBP£) |
| Accounting Requirements | |
| Preparation of accounts | Required (can be completed by Consil Formation) |
| Requirement for audit | No |
| Accounts public accessible | No |
| Requirement to file Annual Return | Yes (can be completed by Consil Formation) |
| Further Information | |
| Bearer shares | No |
| Confidentiality | Yes |
| Nominee services | Available |
| Need to travel | No |
| Apostille | Yes, Hague Convention 1961 |
| Owners | Individuals or Corporate |
Register your Scottish Limited Partnership
- Document Notarization per document: € 500
- Bundle of documents Notarization;
- Document Apostillation per document;
- Bundle of documents Apostillation.