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Select the type of business you want to set up. This can be either sole traders or proprietorship, limited companies, and business partnerships. You can also register as an overseas company.
A sole trader is the easiest way to start a business in Scotland. To do this, you must have a National Insurance (NI) number, register for self-assessment with HM Revenue and Customs (HMRC). You must also have a unique business name.
A limited company can be limited by shares or a guarantee. Those limited by shares have shareholders while those limited by guarantee have guarantors and a guaranteed amount. It invests profits back to the company.
In partnerships, you and your partners share responsibility for your business.
Choose the company name. To do this, you need to check the rules that apply to business names, check whether the name is available, and check the existing trademarks.
Choose the company director and company secretary.
Decide who the shareholders or guarantors are. All companies need at least one director or guarantor. You should also identify the people with significant control of the company.
Prepare the memorandum of association.
Check and confirm the records you need to keep.
Register the company at the Company House. This is the stage you register for Corporate Tax.
Register for operating licenses. You can use this online tool to find the licenses you need to register. You need to register for insurance also.
GFSC is a fast-growing consultancy firm in corporate and banking industries that helps clients from around the world.
We have some of the most experienced professionals in the industry. We will help you draw the memorandum of association, register and protect your intellectual property, open and maintain your corporate bank accounts, deal with immigration issues, and set up your office in Scotland.
It is possible to register a company within 24 hours. However, for international companies, the process can take up to four weeks because of the additional documents that are required.
The standard corporate tax in Scotland is 19%. This is set to reduce to 17% from April 2020. These are the lowest corporate taxes in the G7.
There is also a standard VAT of 20%. A reduced rate of 5% applies to certain goods while some goods have zero percent VAT.
No. You can use services of an attorney to have the business registered.
Yes. Most of the processes an be done fully online.
Yes. We are experts in more than 70+ jurisdictions. Take a look here on all the company formation jurisdictions we offer.
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