LP company registration in Europe (England, Ireland, Scotland) and Canada
LP (Limited Partnership), or limited partnership, is a form of business partnership that allows you to open a ready-made business in Europe (LP) or Canada, and is not subject to independent taxation. An organisation can consist of a minimum of 2 partners, where one has full management rights and the other has limited management rights.
Limited Partnership is usually used so that the business owner retains full control of the project, but is able to attract investors. Sometimes this form is used to run a family business, in development companies, for accelerated registration of an international company in Europe (England, Ireland, Scotland) and Canada.
Benefits of limited partnerships
The main advantage of LP is in the taxation system: if the company does not receive income in the country where it is registered, no business tax is charged.
Other pros of this form of business include:
- payment of taxes by the partners themselves at the place of tax residence;
- benefits for limited partnership partners;
- greater flexibility in management and income distribution than in joint stock companies;
- minimum formalities and documents;
- fast processing: it takes about 2 weeks to register and 3 weeks to open an account;
- LP excludes double taxation;
- limited partners are protected from risks associated with the company's activities, they are not liable for the debts and obligations of the firm;
- good investment opportunities.
Features of LPs in Canada and the UK
Limited Partnerships are very popular with investors in Canada and the UK, as these countries provide large tax incentives for partnership members. Strong trade links with the EU are also a big advantage. Let us consider the specific features of the jurisdictions.
England:
- no payment of tax in the UK;
- public register of beneficiaries;
- filing of accounts is mandatory;
- partners can be both individuals and legal entities;
- no requirements for authorised capital;
- it is possible to obtain an extract from the commercial register;
- apostille is mandatory.
Canada:
- no tax requirements;
- no apostille;
- closed register of beneficiaries;
- no share capital requirements;
- no filing requirement;
- no possibility to obtain an extract from the commercial register;
- LP may include individuals of any residency, as well as legal entities.
Ireland:
- is not a UK tax payer;
- closed register of beneficiaries;
- no requirement to publish financial statements;
- only EU residents can be partners;
- no authorised capital required;
- it is possible to obtain an extract from the commercial register;
- apostilisation.
Scotland:
- no tax is payable in the UK;
- closed register of beneficiaries;
- confidentiality: no reporting requirement;
- individuals of any nationality and other organisations can join the partnership;
- authorised capital from £2;
- partnership can own land and property;
- a registered office in Scotland is required;
- an extract from the commercial register can be obtained;
- apostille required.
How do you open a partnership?
Intelligent Solution Group has been helping companies and individuals to open and register businesses in different countries since 2011. We take care of all issues related to opening an LP in Europe and Canada:
- studying the company's activities;
- selecting the jurisdiction for the registration of activities;
- we carry out company registration (and account opening, apostilisation, notarisation of documents) on a turnkey basis;
- we help to register a ready-made small and medium-sized business in Europe (England, Ireland, Scotland) and Canada;
- we undertake full support, accounting and annual renewal of companies.
Registration of companies abroad with ISG will be quick and easy, and we will also help you to further understand the intricacies of tax laws and preparation of financial and legal documentation.
What documents do I need to open an LP in Canada?
Need to provide:
- passport
- utility bill
- company name
- type of activity
- constituent documents, our specialists will help to prepare the questionnaire.
What documents do I need to open an LP in Scotland?
Need to provide:
- passport
- utility bill
- company name
- type of activity
- constituent documents, our specialists will help to prepare the questionnaire.
What documents do I need to open an LP in Ireland?
Need to provide:
- passport
- utility bill
- company name
- type of activity
- constituent documents, our specialists will help to prepare the questionnaire.
What documents do I need to open an LP in England?
Need to provide:
- passport
- utility bill
- company name
- type of activity
- constituent documents, our specialists will help to prepare the questionnaire.