Benefits
- 0% UK tax for non-resident partners, with no business activity in UK
- No UK corporate or income taxes, with pass-through tax status
- Receive GBP, EUR bank details by opening a Wise Borderless Account remotely
- Open international banking accounts with Barclays, Lloyds, or HSBC in Jersey, Isle of Man
- Eligible for Stripe payouts in GBP or EUR within 7 business days, and PayPal Business account
- Sell on Amazon Marketplace and other e-commerce sites
Compliance Obligations
- Must file annual accounts with Companies House
- Eligible (but not required) to register for UK VAT through UK MOSS
- Mandatory VAT registration threshold of £85,000 in taxable sales
Formation Requirements
- Limited liability for all members, with minimum of 2 members required
- All members may be natural or legal persons.
- Unlike UK Ltd., there is no requirement to have at least 1 natural person in a UK LLP.
- Possible for 1 person to form a UK LLP by appointing a second member with 0% equity, who is a UK Ltd (or other legal person)
- Must provide a registered office address and agent in the UK