More companies locate their businesses in the UK than anywhere else in Europe and the UK start-up revolution shows no sign of ending. UK economy enters 2018 in better health than many would have given it credit for. Looking beyond Brexit, the key challenge for the government is to boost UK productivity growth, which has been the second slowest in the G7 on average since 2010.
Private Company Limited by Shares:
- Authorised share capital is not required, instead, a statement of capital is required. This capital may be expressed in any convertible currency.
- Minimum issued share capital is one share
- Non-voting shares, common shares and preferred shares are permitted
- Minimum one director required of any nationality
- Annual meetings of the Directors are not mandatory
- No Secretary is required, but the duties of the company Secretary remain and Directors can serve as Secretary
- The identity of Shareholders, secretary (if applicable), Directors and People with Significant Control (PSCs) must be provided to Companies House and this information is available on public record
- Local registered office address in England and Wales or Scotland is required
- Submission of annual financial statements is required
Private Company Limited by Guarantee:
- Members’ liability is limited to the amount guaranteed on winding up of the company
- They are usually formed by professional, charitable, trade or research association
- The Articles of Association must state that dividends are not paid to members and that any profit or income is to be spent on promoting the company’s objects
Public Limited Company (PLC):
- The Articles of Association must state that it is a public limited company.
- The authorised share capital must be at least £50,000 or equivalent value in Euros of which 25% must be paid up.
- A general meeting of Shareholders must be held annually. Meetings need not be held in the UK.
- Must have at least two Directors, (one must be an individual), two members and a Secretary with a professional qualification.
- A public limited company that wishes to have its shares traded on the London Stock Exchange (LSE) must comply with the requirements of the LSE as well as those set out in the Companies Act.
Private Unlimited Company: There is no limit to the members’ liability
Taxation:
- Resident companies are taxable on their worldwide profits
- Non-resident companies are taxable only on the trading profits attributable to a UK PE plus UK income tax.
- Corporate tax is currently 19% , it is proposed to be 17% beginning of 1 April 2020