To set up a limited partnership in Great Britain, you don’t have to be a resident. A partnership can be registered by almost everyone, regardless of the place of residence or citizenship.
A limited partnership is legally binding, which in practice means that each member’s responsibility for the partnership is limited by the amount of capital they have brought into the business.
There is no legal requirement for a minimum value of share capital. This means that you can set up a limited partnership without investing large amounts at the very start.
Running a business in the UK you have a Personal Allowance of up to £12,500, which considerably simplifies starting a business.
How much you contribute towards National Insurance depends on how much you earn. If you make less than £9,568 per year, you don’t have to make any NI payments.
If you want to have a minimum amount of formalities to complete when running a business, while paying small National Insurance contributions and having a large personal allowance, then starting up a limited partnership in the UK is an ideal choice. Although the office of a limited partnership has to always be within Great Britain, if you have an online shop then you can have a virtual office set up.
To set up a limited partnership you will need to:
Starting up this type of partnership can be done in under 48 hours, with all registration done online.
Owning a limited partnership brings a variety of benefits, including a simple registration process, annual settlements with the tax office, fairly low contributions towards National Insurance, and a substantial personal allowance. Therefore, running your business on this basis is very simple and relatively inexpensive. Additionally, if you settle your accounts in Great Britain for at least 10 years, it is possible for you to receive retirement benefits.
The biggest disadvantage of a limited partnership, which is significant if you don’t reside permanently in Great Britain, is that the company headquarters must be registered under a UK address. However, this shouldn’t be an issue if you work remotely, for example, if you are an IT specialist, graphic designer, translator, architect, tutor, or even if you have an online store.
If you are looking for an effective way to minimise your company’s costs or you want to set up your first company in the UK, a limited partnership is most likely the best option. Are you still wondering about whether this is the solution for you? Get in touch with us, and we will answer your every question and will advise on how to optimise your accounts.
Here is what we can offer:
The service we offer involves all formal and accounting aspects linked with running a business. With us, you don’t have to worry about any formalities which you must remember when starting and running your own companies because we will take care of them for you. Thanks to this you will be able to give 100% to your business.
When working together with us, you always know how much you will pay, and what you’re paying for. Whenever possible, we draw up the total costs right at the very beginning, so you don’t have to worry about any hidden fees. Our advisors are waiting for you to contact them. We are available every working day from 9am to 5pm. Just drop us an email or give us a call, and we will respond as soon as possible.