UK & Ireland – Why and for Whom? 2023-07-03T16:07:18+00:00

UK & Ireland – Why and for Whom?

THE SCF GROUP HAS BEEN FORMING AND MANAGING UK & IRISH COMPANIES FOR OVER 25 YEARS BUT THE REASONS WHY AND FOR WHOM HAVE CHANGED SINCE THE DECISION OF THE UK TO LEAVE THE EUROPEAN UNION

WHY & FOR WHOM?

THE UNITED KINGDOM

Why? The UK has long been deemed to be one of the most attractive locations in which to establish a limited company in Europe. However, the decision to leave the EU, high inflation and increased corporate taxes have had a negative effect but some core benefits remain, namely:

  1. Lack of bureaucracy – Compared to virtually all of Continental Europe the UK is remarkably free of business related bureaucracy and is a ‘hot bed’ of entrepreneurial activity
  2. Companies can be formed in as little as 3 hours and have virtually no capitalization requirements
  3. English is the World’s main business language
  4. The UK’s common law system is considered to be much more business friendly than the slow and codified civil law system in Continental Europe
  5. London is without doubt the greatest financial and services centre in all of Europe
  6. Corporate taxes are lower than the EU norm at 25% for companies with profits over £250k
  7. Individual taxation can be very advantageous for wealthy non-domiciled but UK ordinarily resident individuals
  8. London is the main communications hub for Europe and indeed the World
  9. The UK’s economy is the 6th largest in the World

For Whom? Before Brexit the answer to this question was basically see all of the above! However, since the Brexit decision the need for individuals and/or companies previously content with trading from their home EU base to establish a genuine UK presence has greatly increased. In our view, as the UK diverges more and more from the current EU trading standard norms so too will the need for EU companies to establish a UK presence. With SCF, establishing that presence can be surprisingly cost effective and beneficial especially for those that want to establish genuine UK management and control but without the inherent costs associated with opening up their own office in London.

THE REPUBLIC OF IRELAND

Why? The Republic of Ireland has long sought to be an attractive location for multi-national companies and has long been a competitor to the UK for inward investment. Now that the UK is leaving the EU and Ireland is remaining, the attractiveness of Ireland has been greatly increased not least for UK companies needing to maintain an EU presence but nonetheless in familiar surroundings. The reasons are many but include:

  1. Lack of bureaucracy – Compared to virtually all of Continental Europe Ireland, like the UK is remarkably free of business related bureaucracy and is also a ‘hot bed’ of entrepreneurial activity
  2. Companies can be formed in as little as 3 working days and have virtually no capitalization requirements
  3. English is the main working language of Ireland
  4. The Irish common law system is almost the same as that of the UK and is therefore considered to be much more business friendly than the slow and codified civil law system in Continental Europe
  5. Dublin is a significant EU financial and services center ranking only below Frankfurt and Paris
  6. Corporate taxes are much lower than the EU norm at 12.5% and are unlikely to change in the near future.
  7. Individual taxation can be very advantageous for wealthy non-domiciled but Irish ordinarily resident individuals
  8. Dublin is a major communications hub for Europe and is the home base for the World’s largest airline Ryanair and the Irish Flag carrier Aer Lingus

The Irish economy is per capita one of the wealthiest in Europe out ranking even Germany

For Whom? Before Brexit the answer to this question was basically see all of the above! However, since the UK’s Brexit decision the need for individuals and/or companies previously content with trading from their home UK base to establish a genuine Irish presence has greatly increased. In our view, as the UK diverges more and more from the current EU trading standard norms so too will the need for UK companies to establish an Irish presence. With SCF, establishing that presence can be surprisingly cost effective and beneficial especially for those that want to establish genuine Irish management and control but without the inherent costs associated with opening up their own office in Dublin.

 

PRIORITY ENQUIRY FORM

(Strictly Confidential No Obligation)

    SCF Legal & Corporate Management Services Limited

    Address: 250 Kings Road, Chelsea, London SW3 5UE

    Telephone: 020 7731 2020   Email: enquiries@scfgroup.com

    Registration number: 05462416

    © SCF INTERNATIONAL 2023

    A FULL RANGE OF LEGAL, ACCOUNTANCY & COMPANY MANAGEMENT SERVICES

    The SCF International  specializes in providing accountancy and management services for UK and Irish limited companies, UK & Irish company management services including the provision of (where necessary) domestic directors, domestic company secretaries, registered office address services, trading offices, value added tax (VAT) registration and management, payroll (Pay as You Earn PAYE), opening up and managing UK or Irish bank account facilities, raising  invoices and any and/or all other services required to establish a bone fide managed and controlled UK or Irish limited liability company.

    Our in-house team of legally and accountancy qualified experts can also provide advice on current UK & Irish tax laws/provisions including anti-avoidance provisions, EU directives and regulations, the impact of BREXIT for both UK and EU based businesses and other relevant. In addition, where required the SCF Group can also set-up and arrange the management of companies in tax efficient EU based jurisdictions such as Cyprus, Luxembourg or Malta or indeed any jurisdiction in the world including those in the Middle and Far East.

    Property de-enveloping services – In conjunction with leading UK firms of solicitors SCF can help transfer companies currently held by what were known as ‘offshore’ companies into either more tax efficient UK companies or directly back into the names of individual beneficial owners’ often without attracting stamp duty land tax (SDLT) but still avoiding the advance tax on enveloped dwellings (ATED).

    Our fiscal migration and tax planning department is operated by qualified lawyers and accountants and can advise both domiciled and non-domiciled individuals on how to mitigate their individual and corporate tax exposure be it in the UK or abroad. Our legal & business department can provide specialized advice on all domestic and international tax planning issues but also upon ‘key’ issues such as asset protection be it in the form of trusts and private interest foundations (PIF’s). In particular, SCF can provide advice to those intending to relocate to the UK on how to do so in the most tax efficient way.

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