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Tax Haven UK

The United Kingdom also simply known as the UK or Great Britain is an island nation which is located off the coast of Europe. The United Kingdom is made up of England, Wales, Scotland and Northern Ireland. The United Kingdom has been a part of the European Union for a few decades. The population of the tax haven of United Kingdom was estimated to be at more than sixty (60) million inhabitants. England has the largest population among the other territories which make up the United Kingdom. The main language of the United Kingdom is English whilst Irish is spoken by the population of Northern Ireland and Welsh is spoken by the population of Wales.

The United Kingdom is one of the world’s more developed countries and has the fifth largest economy in the world. The United Kingdom was one of the first countries to become industrialized in fact the Industrial Revolution began in the United Kingdom. The economy which once depended heavily on the export of manufactured products is now based on the United Kingdom service sector. The United Kingdom has one of the strongest and most reputable financial centers in the world. The financial center of the UK specializes in insurance and the provision of banking services. Over the years the United Kingdom has been able to attract some of the world’s largest and powerful branches to relocate to the territory. Many of the world’s leading companies have also relocated to the United Kingdom.

The United Kingdom is not a tax haven in the traditional sense. Tax havens are those countries which have low or no taxation in place for foreign corporations and offer offshore services such as offshore banking, the formation of offshore companies, the formation of offshore trusts and foundations and the registration and ships and vessels among others. What the United Kingdom offers is the formation of a Limited Liability Partnership which is also known as a UK LLP. This type of business structure is recognized around the world and can be used for trading anywhere in the world including the United Kingdom. A Limited Liability Partnership formed in the tax haven of the United Kingdom is viewed as one of the best limited partnerships ion the world as this offshore company is backed by very strict and modern legislation.

The United Kingdom Limited Liability Partnership of the United Kingdom can receive benefits which are enjoyed by offshore companies if it is structured properly. This has led many persons to refer to this business company as a UK offshore company and sometimes refer to the territory as a tax haven. The UK LLP is not taxed as a business corporation but the members of the partnership are taxed on the income that they have received from the Limited Liability Partnership. If the Limited Liability Partnership conducts no business operations within the United Kingdom or no business with residents of the territories then the business partners will pay no local taxes in the income gained from the UK LLP.

The United Kingdom has long been referred to as a tax haven for very rich persons. This is because there is a system which was put in place which allowed the mega rich citizens of Britain to save on taxes. The systems is simple these residents will apply for a residency status known as Non Domiciled tax status. Persons who applied for this residency status would not pay local taxes on foreign income. It must be noted that taxes will be paid on any foreign income which is remitted to Britain. This type of residency status has attractive many wealthy people from all over the world to make Great Britain their home. The British government has since passed laws which would obligate non domiciled residents to pay a fee which is nothing compared to a tax rate of 40% which is levied in the territory.

Forming a Limited Liability company in the United Kingdom gives investors the benefit of knowing that the company is supported by one of the best economies in the world which has model judiciary and legal systems in place. As one financial giant in the world’s economy the United Kingdom is dedicated to expanding its current financial dominance around the world. A United Kingdom Limited Liability Company is easy to set up with only two members needed. It takes about five days to incorporate a UK LLP. Persons from any nationality can form a United Kingdom Limited Liability Company.

The United Kingdom as a tax haven is very stable and is also a respectable trading tax haven. The formation of a Limited Liability Partnership (LLP) in the tax haven of the United Kingdom provides security for the owners of the company as well as an excellent business environment and financial center.