UK Private Limited Company
United Kingdom Private Limited Company
Overview of a UK Limited Company
The United Kingdom (UK) offers several company formation vehicles, used for a variety of business endeavours. The Private Limited Company (PLC) is the most widely used and gives individuals and companies the most flexibility out of all the other company types.
There are two main types of UK Private Limited Companies, those that are limited by shares and those limited by guarantee, the former being the most common. There are over two million such companies registered with the UK Companies House, making the UK and the UK Ltd Company a long established destination for commercial and business activities.
The UK is a signatory to over 100 different forms of treaties and is a well-known and established world financial centre. Its numerous trade advantages, proximity to the European Union, and its double taxation treaties all give UK companies an edge in the globalizing world of commercial and financial business.
UK Companies Act
The UK Companies Act goes back to 1985. Legislation has been amended twice since then, in response to the ever-evolving global financial marketplace.
A UK Private Limited Company is a separate legal entity that remains distinct from its members and directors. All individuals and entities affiliated with a UK PLC have limited liability that protects them from being held personally liable for the debts incurred on the part of the company; making the maximum liability limited to the amount of capital or issued shares.
This attractive company formation structure gives single member companies and small businesses an opportunity to attract potential investors and gives legal and financial protection to members and shareholders alike.
Private Limited Company UK: Key Corporate Features
|UK Private Limited Company||Corporate Details|
|Type of Entity||Private Limited Company|
|Type of Law||Common Law|
|Governed by||UK Companies Act 1985
Amended in 1985 and 2006
|Registered Office in UK
|Shelf company availability||Yes|
|Our time to establish a new company||1 – 2 business days|
|Minimum government fees (excludes taxation)||£15|
|Corporate Taxation||20 – 28%|
|Access to Double Taxation Treaties||Yes|
|Share capital or equivalent|
|Standard currency||GBP, £|
|Minimum paid up||£1|
|Bearer shares allowed||No|
|No par value shares allowed||No|
|Publicly accessible records||Yes|
|Location of meetings||Anywhere
|Corporate directorship allowed||Yes *(but needs at least one individual)|
|Publicly accessible records||Yes|
|Corporate shareholder allowed||Yes|
|Location of meetings||Anywhere|
|Local or qualified||No|
|Requirements to prepare||Yes|
|Audit requirements||Yes *(small companies are exempt)|
|Requirements to file accounts||Yes|
|Publicly accessible accounts||Yes|
|Recurring Government Costs|
|Minimum Annual Tax / License Fee||N/A|
|Annual Return Filing Fee||£ 15, electronic submission
£ 30, for hardcopy
|Requirement to file annual return||Yes|
|Migration of domicile permitted||Yes (subject to approval be Inland Revenue)|
Top Uses & Advantages of Setting up a Limited Company in the UK
- Single member ownership is available
- Nominee Services are permissible
- The UK has numerous Double Taxation treaties
- The UK has over 100 trade agreements in place
- A world leading financial centre
- Access to various trade markets in the European Union (EU)
- A private limited company has a separate legal existence from its members
- A Limited company legitimizes itself for many business activities
- A UK private limited company has a strong and structured shareholder conflict resolution procedure in place
- Simply transferability procedures of ownership of shares.
- A number of national insurance benefits.
- Limited Liability status gives credibility to suppliers and customers from the transparency of the UK company system
- Business expenses can be claimed against tax
- Commercial Activities
- Trading House
- Holding Company
- International investment Company
- Asset Protection
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