Scotland is part of the United Kingdom of Great Britain and Northern Ireland but also enjoys rights of an autonomous state. It is not officially included into the list of offshore countries and operates as per the legislation of Great Britain with some amendments. Taxation in Great Britain is standard with quite high taxes and liabilities on reporting. However, companies conducting their businesses outside the country are governed by the special regulations. Limited Partnership (LP) is usually implied when you here "an offshore company" in Scotland. It is characterized by the following:
· if the partnership is running outside Great Britain and the owners are not residents of the UK, then the official tax rate is 0%;
· no requirements for the charter capital, as well as for the partnership documents keeping;
· no need to submit reporting if no activities are conducted within the UK;
· a registration office in Scotland is mandatory;
· no currency exchange regulation;
· LP shall not be subject to audits;
· there is no need to register a company, you can purchase a shelf company, the UK legislation does not prohibit such operations;
· firm owners details are confidential, as well as the financial data are confidential.
Offshore limited partnerships are most often set up in the UK for trading, consulting and information businesses, as well as holding entities. Scottish partnerships are independent legal entities and are entitled to conclude contracts, initiate court proceedings and so on.