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A CFC or Controlled Foreign Corporation is a legal entity, such as a company or corporation formed in one tax jurisdiction while the beneficial owners and/or officers of that entity are ordinarily resident in another tax jurisdiction.
In the UK, under Companies Law, there are no restrictions on foreign nationals or residents being a director, secretary or shareholder of a UK incorporated company, the only stipulation is that a UK company must have a UK registered office address. There may be restrictions on foreign nationals living in the UK owning or being officers of a UK company if they are prohibited by the terms of their visa under the Home Office or Immigration legislation.
UKplc Company Registrations can form companies for overseas nationals or residents but are not qualified or authorised to give financial or tax advice on the administration of these companies and clients are always advised to consult an appropriate professional advisor.
A company is dormant if it has had no 'significant accounting transactions' during the period.
When considering if a company is dormant you can disregard the following financial transactions:
A company may not take advantage of the dormant company audit exemption if it is:
If the company has not been dormant since incorporation, but has become dormant, it may take advantage of the exemptions provided that:
Dormant accounts filed at Companies House need not include a profit-and-loss account or directors' report.
Unaudited dormant accounts are much simpler than those of a trading company but must show:
A limited company is a separate legal entity. It is registered at Companies House and has limited liability.
As the company is a separate legal entity it can continue to trade irrespectively of whether the directors or shareholders change.
A public limited company (PLC) had a Memorandum which states that it is a public company. It has an issued share capital of £50,000 minimum and is registered at Companies House as a PLC.
Before you can start trading as a PLC you will need to complete a form SH50 from Companies House and make a statutory declaration that the company complies with the minimum share capital for a PLC. This has to prove that at least 25% of the issued share capital has been fully paid. For example, where the share capital is £50,000 this would be £12,500.
For more information, please visit the Companies House website
UKplc Company Registrations is electronically linked to Companies House and forms new companies using its website. This gives you a brand new company and, depending on which package you select, the company can be formed with directors, company secretary, shareholders, share capital and registered office of your choice.
Shelf companies are already incorporated and have existing nominee directors, company secretary and shareholders. These companies have been dormant from the date of incorporation and depending on age will have had dormant company accounts filed and annual returns will also have been filed. HM Revenue & Customs will have been advised that the company is dormant.
If you are looking to setup a business with a colleague or partner, then this option may be right for you.
The LLP combines features of both limited liability companies and traditional partnerships, in that they offer the limited liability protection available to Limited Company shareholders but with the flexible nature and tax structure available to partnerships.
Limited Liability Partnerships are available to any 'two or more persons associated for carrying on a lawful business with a view to profit' by incorporation with the Registrar of Companies