If you are planning to establish a representative company in Western Europe, Scottish LLP can be the proper choice.
This company can be ideal for enterprises in the IT territory, webshops, advisor or consultant companies.
The Scottish Limited Partnership (SLP) is a hybrid form of legal entities, which pays taxes like corporations. The SLP is a legal entity, it can have bank account(s) and properties, the only restrictions is that the company has to practise legal business activity for gaining profit.
If the shareholders of the SLP are not UK citizens and doesn’t practise business activities in the territory of the United Kingdom, the company doesn’t have to pay tax in the UK, the company has to pay taxes in the shareholders’ tax resident country.
The Limited Partnership Law (1907) is a wonderful piece of the legislation. In Scotland the Limited Partnership is a separated legal entity from the shareholders. Either the SLP, neither its shareholders are not obligated to submit financial reports.The SLPs are only obligated to submit annual tax report, which costs 295 GBP+VAT.
The Scottish SLP can’t have a bank account in the United Kingdom, but it can have anywhere else in the World. We offer remote bank account opening in other countries for our clients.