United Kingdom of Great Britain and Northern Ireland (UK) is a constitutional monarchy located off the north-western coast of continental Europe. The country includes the island of Great Britain, the north-eastern part of the island of Ireland and many smaller islands of the British Isles. Large portion of the United Kingdom's GDP comes from the service sector. United Kingdom also has a large automotive business, millions of tourists every year and well developed air traffic.
Company formation When you start a business in the UK you must choose a structure for your business. Most businesses in the UK are: sole traders, limited companies, partnerships. When setting up business in the UK you may need to apply for a licence, depending on what your business is.
Please check the expected company name and address with us to learn if such is available. Details about company Director and Secretary Share Capital and Shareholder Details You must register for VAT with HM Revenue and Customs (HMRC) if your business turnover is more than £79,000.
Maintaining a company Returns must be filed annually, failure to do so is considered a criminal offence and may result in a fine depending on the company type and duration of delay. Your Corporation Tax rate depends on how much profit your company makes and may change on 1 April each year. Corporate tax rate In United Kingdom corporate main tax rate is changed from year to year in 1st April.
Rate From 1 April 2014 Profits £300,000 or less (small profits rate) 20% Profits above £300,000 (main rate) 21% Company types We recommend and offer formation of the following types of companies:
Limited Liability Company Limited Partnership Scottish Limited Partnership(SLP) For more information on benefits of each type please contact us.
Tax system The corporate tax in the UK is 20-23%, but due to the UK taxation system there are commercial opportunities available to reduce tax payable for those engaged in international business. For more information on taxes in the United Kingdom please contact us.
Business migration in Latvia and Lithuania What are the possibilities to obtain a residency permit in Latvia or Lithuania (both are in European Union)?
IMMIGRATION IN LITHUANIA (UP TO 1 YEAR): Lithuanian Immigration Law provides ability to apply for residence permit up to 1 year through investments in business. In order to obtain temporary residence permit in Lithuania, the investment must fulfil following conditions:
a company has at least EUR 28,000 share capital; a company has genuine economical activities and pays minimum taxes; the presence of investor is necessary for business activities of a company. IMMIGRATION IN LATVIA (UP TO 5 YEARS): Latvian Immigration Law provides ability to obtain residence permit if the foreigner`s activities are related to business. Residence permit might be granted for:
Official of the company: Manager Director, Chief Executive, Board Member, Proxy, Representative of Branch, Representative of foreign merchant Shareholder of existing or newly established company: Residence permit through investment in share capital in the status of shareholder, for example, company formation and registration or acceding to existing company with significant investment Residence permit through investments in subordinated capital of credit institution Conditions for officials in the company Foreigner is entitled to residence permit if he holds a position of:
Board member (Manager Director, Chief Executive), Proxy, Representative of Branch, Representative of foreign merchant Please note! Although the residence permit is issued for 5 years, it must be registered each year. At the moment of registration, the following should be established:
Company must run actual business and generate taxes at least EUR 21,350 / year (this provision is not applicable to a new company) Conditions on investing in the equity capital of an enterprise According to Latvian Immigration Law there are two options:
The amount of investment must be at least EUR 35,000 Temporary residence permit is issued for up to 5 years though the foreigner is obliged to register the residence permit each year. Failure to do this might be basis for annulment of residence permit. For the second and following years, the foreigner shall approve his contribution to Latvian economy:
Company must run actual business and generate taxes at least EUR 40,000 / year
Getting a job and working in Latvia is one of the reasons why one might want to acquire a residence permit in Europe (an example of this would be a residence permit in Latvia). Working in Latvia also allows you to enjoy all the benefits of residing in the EU, such as freedom of moving in the Schengen area, the chance to be employed and do business in the member-states with fewer requirement, as well as travel to European destinations without the need for a visa (with some exceptions).
Vacancies As of now, there are approximately 29 704 vacancies available in Latvia. That is 3.2% of all the job positions, both occupied and vacant, in the country.
Wages and expenses In Latvia the minimum wage is EUR 430, while the average salary is EUR 806.
A single person in Latvia spends an average of EUR 594 per month, not including rent.
The Latvian Investment and Development Agency, in cooperation with the European Social Fund, has announced a call to support job creation. Expected funds are expected to reach LVL 12,000 for each job created, capped at LVL 1.5 million for a project.
The Call for Activity is scheduled for November 1, 2012 and will last until March 23, 2013. The activity aims to create new jobs. Applicants can be companies registered in Latvia that plan to create at least 50 full-time jobs and plan to maintain these jobs at least three to five years after the project realization. The compensated expenses are: monthly salary up to LVL 500 net, expenses for training new employees and the Value Added Tax (VAT) of these expenses. The maximum financial resources available cover 50% of expenditure on salaries and general training and 25% of expenditure on special training. The tender will start on November 1st and will run until March 28th, 2013. The project can be started immediately after the approval and there is no need to wait for the closing date of the tender.
Currently, the tax rates in Latvia are as follows: income tax 25%; State social contribution 24.09%; Corporate income tax is 15%, VAT is 21% and others. The company registration system is simplified and does not contain significant obstacles for foreigners.
Latvia is a member-state of the European Union, which is why licences for importing goods to Latvia are needed only when importing from third countries. Below, you will find a table of goods that require submitting an import licence upon entering Latvia from a non-EU country.
Combined Nomenclature codes The Combined Nomenclature (CN) codes are a system of markings developed by the European Union for the purpose of marking goods. It is used both for statistics and classifying goods. The CN codes allow distinguishing between goods in a compact and precise way. They can also be used alongside non-official descriptions of products in order to provide references in case the descriptions are inaccurate or otherwise difficult to understand.
United Kingdom of Great Britain and Northern Ireland (UK) is a constitutional monarchy located off the north-western coast of continental Europe. The country includes the island of Great Britain, the north-eastern part of the island of Ireland and many smaller islands of the British Isles. Large portion of the United Kingdom's GDP comes from the service sector. United Kingdom also has a large automotive business, millions of tourists every year and well developed air traffic.
Company formation When you start a business in the UK you must choose a structure for your business. Most businesses in the UK are: sole traders, limited companies, partnerships. When setting up business in the UK you may need to apply for a licence, depending on what your business is.
Please check the expected company name and address with us to learn if such is available. Details about company Director and Secretary Share Capital and Shareholder Details You must register for VAT with HM Revenue and Customs (HMRC) if your business turnover is more than £79,000.
Maintaining a company Returns must be filed annually, failure to do so is considered a criminal offence and may result in a fine depending on the company type and duration of delay. Your Corporation Tax rate depends on how much profit your company makes and may change on 1 April each year.
The concept of outsourcing some activities related to the day-to-day running of the company has proven to be an effective way to improve performance in many countries. Many companies have found it beneficial to eliminate all departments not directly related to their primary line of business: sales, manufacturing, or services.
We provide accounting services for small and medium sized businesses (accounting services only in Latvia, Lithuania or Estonia) and offer an efficient and friendly service that offers cost-effective solutions for your accounting and payroll needs in all Baltic States. We implement a full financial analysis of accounting and timely notification of the manager about any risks that threaten successful business development. We take care of preparing accounting reports, all necessary accounting documents related to Latvia and submitting them to the State Revenue Service, Central Statistical Office and other institutions of the Republic of Latvia.
Our accounting services in Latvia include: Financial accounting and reporting Accounting for special purposes (payroll, accounting in the customer system, helping foreign customers to fill out VAT returns, etc.) Preparation of annual accounts Creation of regulatory documents (e.g. internal accounting regulations) Communication with the tax authorities Complete management of the company's accounts Accounting advice in day-to-day business Beyond creating the books and reports, we continue to work with the client. At this stage, our services include, among other things, monitoring the accounting activities performed by the client and assisting in solving accounting issues.
Our services also include:
Ad hoc support for internal finance staff, financial controllers and management on accounting and tax issues Assistance with statutory or internal audits Conducting periodic reviews of accounting records and procedures Implementation of a model for posting transactions in the group's single currency Implementation of a reporting model for group reporting purposes Development of a methodology for creating and controlling the company budget
The British Virgin Islands are a British Overseas Territory in the Caribbean. The islands form part of the Virgin Islands archipelago. The official language is English. The British Virgin Islands are not part of the EU, but local citizens are considered citizens of the European Union.
Business needs The type of company incorporated in the British Virgin Islands is a trading company. These types of companies are very popular as offshore companies due to their tax-free status, ease of administration and flexibility. The main reasons for choosing British Virgin Island Business Company as offshore are:
No corporate tax Company formation in the British Virgin Islands takes approximately 2-5 days Shelf companies are available The director need not be a resident of or reside in the BVI A local office must be maintained Board meetings can be held anywhere in the world Secretary is optional The minimum share capital is EUR 0.73 and the usual number of shares issued is 50,000 operation of a company The annual license fee is to be paid according to the following rules:
Companies with fewer than 50,001 issued shares pay EUR 260 per year. Companies with more than 50,001 issued shares pay the sum of EUR 805 per Annual documentation is not required to be submitted to the authorities, but a company must keep reliable accounting records for at least five years. The documentation must be sufficient to determine the precise financial position of the company.
Control system No corporation tax is paid to the BVI authorities in the British Virgin Islands on worldwide profits. The British Virgin Islands have double taxation treaties with Japan and Switzerland, although they have almost no benefit and are not applicable to offshore transactions.
Company Restrictions Companies must not engage in transactions that may relate to the banking or insurance industry. Company shares cannot be sold publicly. Trading in and owning real estate within the BVI is not permitted. For more information on the British Virgin Islands please contact us.
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13.04.2024 13:08