Type of Company for International Trade
Private Limited Company ("Ltd"). A same day
incorporation service is available from Companies House
for an additional fee.
Any name that is identical or too similar to an existing
company; any name which would be considered offensive
or suggests criminal activity; or any name that suggests
the patronage of the Royal Family or which implies an
association with Central or Local Government of the
United Kingdom. Restricted names which usually require
a licence or other Government Authority include the
use of the following words:- assurance, bank, benevolent,
building society, Chamber of Commerce, fund management,
insurance, investment fund, loans, municipal, reinsurance,
savings, trust, trustees, university or their foreign
language equivalents for which the approval of the Secretary
of State is first required.
Language of Documentation
Whilst the name of company can be in any language,
the documentation must be in English. Any name in a
language other than English must be accompanied by a
certified translation to ensure that the name is not
Classes of Shares Permitted
The normal category of shares are ordinary
shares but, subject to the circumstances of the company,
they may be preference shares, deferred shares, redeemable
shares and shares with or without voting rights.
Corporation tax (which includes Capital Gains
Tax) is paid by UK companies based upon accounts, which
are submitted to the Inland Revenue and the Registrar
of Companies at the end of the company's financial year.
A company is free to choose its financial year-end.
Companies pay corporation tax at the rate of 19% where
the net profit before tax does not exceed ￡300,000.
The tax payable increases thereafter in stages until
the net profit before tax reaches ￡1.5 million where
the top rate of corporation tax is charged at the rate
of 30%. These limits for the lower and higher rate of
corporation tax apply to the total profits (worldwide)
of group companies and associated companies. Obtaining
the lower rate of tax can be problematic for UK companies
owned outside the UK.
Financial Statement Requirements
All UK companies are required to file accounts
prepared in statutory form with the Registrar of Companies
and the Inland Revenue. Companies whose annual turnover
does not exceed ￡5,600,000 are not required to file
independently audited accounts and in such cases the
directors must self-certify the accounts. Accounts must
be filed and are available for inspection by the public.
Whilst every effort has been made to ensure that
the details contained herein are correct and up-to-date,
it does not constitute legal or other professional advice.
We do not accept any responsibility, legal or otherwise,
for any error or omission.