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The United Kingdom, made up of England, Scotland, Wales and Northern Ireland, is an island nation in northwestern Europe. England – birthplace of Shakespeare and The Beatles – is home to the capital, London, a globally influential centre of finance and culture. England is also site of Neolithic Stonehenge, Bath’s Roman spa and centuries-old universities at Oxford and Cambridge.

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Companies and Structures

The United Kingdom offers a number of company structure formats to suit the needs of those wishing to invest their money within the country. Among them are the sole trader for those who want to undertake alone, the Limited Company where the members are legally separated from the incorporated company and finally the Partnerships where two or more people can establish an agreement to carry out business together. The latter are the ones we will present below.

Before starting to describe the structures of the associations, it is necessary to know that the United Kingdom has a quite favorable environment for business. For example, as an entry point, you should know that in the UK the registration of a partnership takes less than 24 hours.

Thus, its modern financial services, low and transparent bureaucracy, political stability and economic diversity, make the United Kingdom one of the main favorable countries for the investment of nationals and foreigners.

On the other hand, although the big island is not considered an offshore destination, it has certain degrees of confidentiality in the handling of the business that you carry out.

Partnerships in the United Kingdom

Partnerships are known to be fairly simple business structure formats. They do not have directors or shareholders, but partners who are on equal terms of management responsibility based on an agreement between them. This results in shared control of the business.

Evidently, these conditions and others may vary according to what is established in the agreement between partners.

Types of UK Partnerships

There are three types of partnerships in the UK. These include the following:

  • “Ordinary” Partnerships

  • Limited Partnerships

  • Limited Liability Partnerships (LLP)

1.Ordinary Partnerships

According to the Partnership Act of 1890, partnerships are a group of two or more persons conducting business as a group. There is no legal separation between individuals and the partnership. That is, every act performed by any member of the partnership affects the partnership. Therefore, it can be said that person and company have the same face.

The latter involves that profits, debts and contract celebrations made with persons outside the partnership involve all members within the agreement.


  • Create a Government Gateway account to access the HCMR site.

  • State the name of the company, address and members

  • Submit details of the business activity to be carried out

2.Limited Partnership

They are a similar format to partnerships in terms of the establishment of an agreement between two or more persons. But it differs in that it is registered with Companies House. In addition, the partners can live outside British territory (however, they must have a place of business in British territory) and are exempt from submitting business accounts to Companies House.

Mostly it is a Structure Used by Investment Funds.

The structure also consists of a general partner and limited partners. The general partner is in charge of managing all activities related to the business and the limited partners have responsibilities limited by the amount of money they contribute.


  • The registration of the partnership is made before the Companies House by filling the LP5 form.

  • Detail the name of the company, the nature of the business, the place where the economic activity will be carried out, the names of the general partner and the limited partners.

3.Limited Liability Partnership

It is also a company management format formed by two or more members that was created in 2001 in the United Kingdom. Its functionality is a merger between the ordinary partnership and the limited partnership. However, unlike these, the LLP exists as a legal entity and can act on its own account to hold assets and make loans.

It is usually used by companies related to professional services, legal or accounting firms, as well as companies in the real estate sector.

Part of the advantages offered by this format and for which it has become very famous is that the members are not directly liable for the debts incurred by it.


  • The registration is made before the Companies House filling the form LL IN01.

  • It must detail the name of the company, the members that compose the association and the registered office.

  • To have a registered office in the United Kingdom.

You should consider that choosing any of these types of structures results in different administrative procedures. However, at MUNDO we are at your service to advise and facilitate all of this. We have experienced local experts who will provide you with a quality service.


One of the reasons that made many people choose the associations is because of the confidential nature of the associations’ information regarding members and account statements. Some of the information was only available between those who were part of the partnership and the institution where it was registered. The information was not publicly available.

Today, due to the automation of bureaucratic processes, the House Companies has an open register of all companies registered in the United Kingdom. This information is available to the public.

It specifies all the activity related to the companies. This makes the business environment in the UK more transparent.

On the other hand, the HCMR in conjunction with the House Companies updated the manual of disclosure of information related to companies (IDG30310). It specifies the following points below.

Ordinary partnerships and limited partnerships are not required to submit their constitutional agreements to government institutions. This information is handled between partners.

All information related to activities derived from the partnership must be disclosed in the declaration made to the HCMR. Such a declaration must specify each partner’s share of profit, loss or credit.

Similarly, Limited Liability Companies may keep the agreements of their members, but they are subject to submit their financial statements to the Companies House.


Just as it is important that you are aware of the different types of partnerships that exist in the UK and the procedures for setting them up, you need to know how corporation tax returns work.

The actual amount of tax will depend on a number of factors, such as personal income, business profits, where you work from and other sources of income you may have.

Guidance (HS380) relating to the payment of tax by members of HMRC partnerships stipulates that UK resident partners are liable to tax on the worldwide profits of the partnership.

In addition, if the partnership operates overseas, the return is made on remittances earned on profits made overseas.

Non-resident partners are exempt from filing tax returns only if the profits were not generated in the UK.

Taxes Payable

You personally pay income tax on all gains after the personal tax allowance is exceeded (currently £12,500 per year).

  • 20% up to £37,500.

  • 40% from £37,500 to £150,000.

  • 45% above 150,000 pounds

Consequences of Not Declaring Taxes

There is a series of penalties in case you incur in not declaring your taxes in the United Kingdom. In this case it can happen that HMRC collects what you owe through your earnings or pension, ask the tax collection agencies to collect the money, sell your property (in case you live in UK territory), take money from your bank accounts, take you to court, make you bankrupt and close down your business.

What can we do for you?

At MUNDO we understand that these processes can be time consuming and difficult if only one person is in charge of doing it. That is why we provide you with a full line of experts in the field of company formation and business structures in the UK.

We have an efficient and skilled group of corporate lawyers, tax advisors, auditors and accountants. You will be in good hands trusting our organization. Don’t wait any longer and be part of a great experience towards the success of your business.

    • Government Agencies

      Department for Business, Energy and Strategic Industry – (BEIS

      This ministry is in charge of generating the necessary policies to make the United Kingdom a safe and innovative place for business, the environment and work.

      It is currently supported by 42 other government agencies.

      Department for International Trade (DIT

      This ministry in charge of attracting international investment and generating links with countries and organizations in the area of business.

      Ministry of theTreasury (

      This is the ministry in charge of directing the country’s economic policy. It oversees public spending and the stability of the economy in general.

      Ministry of the Interior (

      It is the body in charge of designing and executing the country’s security and order policies. It covers areas such as migration, intelligence services or anti-drug agencies.

      Ministry of Exports (

      It is in charge of ensuring quality standards in goods with a British seal.

      Markets and Competition Authority


      The body is in charge of making the British economy a healthy and efficient market for consumers and traders.

      HM Treasury


      It is in charge of the country’s fiscal policy. As well as transparently administering all revenues obtained through tax policy.

      Bank of England (

      It is the country’s main bank and is in charge of managing monetary policy.

      UK Business Bank (

      It is one of the agencies that work with the Ministry of Industry, Business and Energy.

      UK Companies House (

      The agency is in charge of incorporation and liquidation of UK companies.

    • Residency

      The United Kingdom is one of the destinations chosen by both young people and adults to reside. The big island is attractive because it offers tax and legal advantages for those who wish to start a business there or find a stable job.

      There are different schemes to achieve residency. You can be an entrepreneur, a company representative or someone looking for a job offer. Rest assured that with that status you qualify for the following types of visas that we will discuss below.

      Innovator Visa and Partner Innovator Visa

      This type of visa is designed for those who aim to set up or run a business in the UK or for those looking to join a UK partner.

      The requirements are:

      -Be 18 years of age or older.

      -Possess the ability to develop or manage any type of work or business in the UK.

      -English proficiency at least at CEFR B2 level. This means being able to speak, write and read the language.

      -Have £50,000 available for investment.

      -Possess an amount of £1270 for self-support 28 days prior to visa application.

      -No criminal record 10 years prior to visa application. This must be certified by the country where you last resided.

      It is important to know that the requirements for both types of visas are the same. However, the procedures to apply for this type of visa are not the same. Let’s see.

      Services to Innovator Visa Applicants

      At MUNDO we are committed to ensuring that your innovator visa application is done to the letter. That is why we offer the following services:

      -Conducting KYC (Know your costumer) through an independent agency.

      -Initial call and interview to get to know the applicant and their motivations for applying. As well as their language skills and business management skills.

      -Select a support agency to obtain the institutional endorsement that certifies the applicant’s business plan. This support agency will be one authorized by the Ministry of the Interior.

      -Work with the applicant on his/her business plan. In it, the necessary feasibility is worked out to guarantee its success.

      -Create a liaison between the applicant and the body issuing the endorsement.

      -Negotiate with the support body to certify the applicant’s business plan. This will enable the applicant to obtain a membership from the body.

      -KYC and AML (test to prove that the applicant is not involved in money laundering activities) by the body issuing the institutional guarantee.

      -Submit to a legal advisor authorized by the immigration office prior to the visa application.

      Services for Innovative Partner Visa Applicants

      -Interview to meet the applicant.

      -Delivery of business projects by the applicant to the agency.

      -Select a support agency approved by the Ministry of Interior.

      -Select and review possible investment projects where the applicant can be involved. In this case we will be in charge of reviewing the financial projections of the projects and verifying the employment background of the partners.

      -Evaluate the feasibility of the investment projects.

      -Bridging the gap between the applicant and future partners for the creation and adherence to a business plan.

      -KYC and AML performed by an independent agency.

      -Affiliation by the applicant to the business plan.

      -Submit the legal service provider approved by the immigration office to process the visa application on behalf of the applicant.

      Start-up Visa

      Designed for entrepreneurs, the start-up visa is ideal for all those who wish to take the reins of their new business and at the same time be masters of their destiny.

      The requirements are:

      -Be 18 years of age or older.

      -Possess the ability to develop or manage any type of work or business in the UK.

      -English language skills at least at CEFR level B2. This means being able to speak, write and read the language.

      -Have £50,000 available for investment.

      -Possess an amount of £1270 for self-support 28 days prior to visa application.

      -No criminal record 10 years prior to visa application. This must be certified by the country where you last resided.

      Services and Procedures to Carry out the Start-Up Visa Application

      -KYC through an independent agency.

      -Interview with the applicant for business skills, language proficiency, etc.

      -Select a support institution approved by the Ministry of Interior to obtain institutional endorsement.

      -Design and work on the business plan.

      -Negotiation with the support body to obtain institutional endorsement and membership. This consolidates and certifies that the applicant has the skills to start a business.

      -KYC and AML through an independent agency.

      -Presentation before a legal advisor approved by immigration to make the visa application before the OISC (Immigration Office).

      Oversea Company Representative Visa

      If in your case your mission is to seek and achieve the expansion of the company you work for, the foreign company representative visa is your option to choose.

      Your requirements are as follows:

      -Be recruited or employed outside the UK by a company.

      -Hold a position of high responsibility in that company.

      -Receive a reasonable salary in the UK from the parent company.

      -Have full powers to manage the company’s branch office as Managing Director within the UK.

      -Possess a business plan to execute in UK territory on behalf of the said company.

      -Speak the language at A1 level in terms of oral and written expression.

      -Undergo a tuberculosis test.

      Oversea Company Representative Visa Services

      -Assessing the client and parent company for compliance with the requirements of the UK authorities.

      -Feasibility of business expansion. A prospective analysis of the business model, investment, growth expectations within three years, etc. will be performed.

      -Prepare documents for visa application.

      -Draft visa application.

      -Meeting with the client to prepare him for his visa application interview.

      -Drafting of cover letter to be submitted with the visa application.

      -Requesting biometric data of the applicant.

      Skilled Employee Visa

      Created for those who already have a job offer from a British company or who wish to obtain British residency based on a job offer.

      The requirements are as follows:

      -Work for a British company that has been approved by the Ministry of the Interior.

      -To have a certificate of sponsorship where the employer informs about the position offered in the United Kingdom.

      -Receive a salary from that company.

      -Speak English at least at B2 level.

      -Proof of tuberculosis.

      Qualified Employee Visa Application Services

      -Invite the candidate to a free consultation with the agency.

      -Appointment of a personal trainer to assist with job interviews.

      -Advice related to the British labor market. At that moment different options to choose from are explored, always taking into account the applicant’s profile.

      -Providing information about the company where to apply for a job.

      -Preparation of documents required for the visa application.

      -Administrative processes related to opening bank accounts and social security numbers.

      Conditions to Take Into Account

      Privatus Maximus will always work to ensure that the user of our services is able to obtain the type of visa he/she is applying for. While one option may fail, new options will always be explored in order for the person to achieve their goal.

      In most cases if a bureaucratic process fails, it is because the user or applicant failed to provide some personal information required by the authorities.

      In the agency we are committed to help you achieve your goals and ensure a successful future in the business world.

    • Banking Services

      The United Kingdom is facing a rather turbulent economic landscape after a post-Brexit and post-pandemic scenario. Especially in terms of payment systems.

      UK consumers in Great Britain, Northern Ireland, Scotland and Wales have been transitioning to electronic payment methods in recent years. As internet speed, server capacity and the creation of virtual wallets improve, the Fintech sector is growing.

      From the point of view of the population, 87% make their purchases through electronic stores or applications. That is, going to the market for food, buying a T-shirt of their favorite soccer team or a house for their dog, is done from the comfort of their home.

      The e-marketplace alone is valued at USD230 billion. That figure is growing. This includes applications, online stores, delivery services, etc.

      The reason for all this is the massive use of smartphones to make payments. 55% of transactions are made through them.

      In this sense, the United Kingdom is a far cry from Europe, where in countries such as Germany, the electronic payments market is estimated at around 88 million dollars.

      The use of smartphones is a key factor. Especially to understand that this is a phenomenon more recurrent in consumers between 20 and 35 years of age. They are the fuel that drives this sector.

      As such, a large part of consumers use applications and websites to make their payments. In the not too distant future, these will become the preferred method for everyone to access through their SmartPhone.

      According to studies by the Bank of England, 63% of the inhabitants of the United Kingdom say that they use electronic methods to make their purchases. This is an important fact to know if you want to open or create a company or business in the British territory. Especially if your desire is to break into the UK in a new way.

      However, there are other payment methods that are still in use. Here are the main payment systems in the UK.

      Payment System Cards

      The use of credit and debit cards continues to maintain its trend. Recently the UK’s White Paper reported that their use is ahead of cash. On the other hand, it is also almost on a par with electronic payments since, in most cases, at the time of making a payment, you must enter the number of the card you have.

      One of the main companies offering services in this sector is PayZone. It is in charge of issuing cards and also of offering for rent or sale equipment to make payments in stores all over the country.

      Recently they are also offering digitized credit cards, riding the wave of the transition to electronic ones.

      The latter is also due to the fact that during the pandemic people preferred to make their purchases without having contact with second or third parties. Thus, the payment methods are adapted to the current circumstances.

      Digital Wallets

      As mentioned at the beginning of our article, digital payment systems are becoming the number one trend in the UK and are rapidly displacing conventional payment methods such as cash, checks or bank cards.

      One of the most widely used virtual wallets is Paypal. However, there are now local financial service providers also creating and introducing virtual wallets. Bridging the gap between them and the application of main use among people.

      The latter is a product of the open banking paradigm that prevails in the UK. Fintech is a key sector for the development of the economy and the government has allowed the issuance of EMI licenses for those wishing to enter the sector. Just in 2020, around 38 licenses were approved and there are currently 52 providers.


      Despite the massive use of electronic methods to pay for the consumption of goods and services, cash still has a life within payment systems. However, only 7% of the population uses it.

      The uncertainty generated during and after the pandemic also reduced its use. With the fear of spreading the virus through the transfer of money from one person to another. They prefer to use applications or “plastic money”.

      Even a currency with great purchasing power such as the pound sterling will see the use of paper money as a thing of the past in a few years.

      Bank Transfers

      Since 2008 in the United Kingdom there has been the Faster Payments network. In December 2019 alone, around 227 million bank transfers were made. Such a number is evidently on the rise as the processing time for peer-to-peer transfers is optimized and reduced. This will make life easier for many merchants and users.

      Moreover, it is important to note that wire transfers account for 3% of person-to-person payments. Their use will increase as cash loses mobility or issuance. It will be interesting to see how banks can innovate in this service.

      The horizon for now allows us to see a great environment of change and mobility in payment systems in the UK. It is important to ride the trend and be aware of the major innovations happening in financial services. If you want to open a business or company in the UK you should adopt multi-payment systems in order to make life easier for your consumers and your business.

      At the moment the only indisputable truth is that electronic payment methods are here to stay.

      Should you need an account in a UK payment system, we are here at MUNDO to help you. Moreover, we can also help you with the EMI licence in the UK to make it your business.