Scottish limited partnership what you want to be aware of!

[negon]

Since there have been some misinformation about the Scottish Limited Partnership in regards to privacy I made some research about this "company" form.

It wasn't complicated nor took it much time to figure out that since the changes in the UK and Scottland last year 6. April 2016 and after the introduction of the PSC Register (The Register of People with Significant Control) there is almost no privacy in such entities any longer.

Below you can find more detailed information which may be of your interest or those looking for privacy & asset protection in an offshore entity.

About the Scottish LP

Tax regime for a Scottish LP:

Anyone wanting to set up a Limited Partnership in Scotland must bear in mind that Scotland has its own partnership laws and the proceeding is therefore different to elsewhere in the UK. Limited Partnerships are tax transparent because each Partner/ Member is liable for taxes and the Partnership itself. If the Partners of the Scottish LP are tax haven companies (like Seychelles IBCs) they are not taxed on profit in their offshore zones. An official business address in Scotland is necessary when forming an LP, however if this has not been arranged, ICD Fiduciaries services include providing this address for you.

The favorable tax regime of LP companies does not remove the requirements for preparing Financial Statements. Every LP must prepare and keep financial statements, and the relevant Partnership Tax return must be filed annually with HMRC.
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Which means even the LP does not pay tax each partner within this entity has to pay tax and is known to their own local tax office.

Here is some more information:
The New PSC Register And Scottish Limited Partnerships ”“ Whose Details Need To Be Disclosed?

Personally I would not go that route. There are lots of other jurisdiction even in 2017 that provide a whole lot of more privacy for their owners then the Scottish LP!

 

[JohnK]

Great share auric. I was hoping that it was something new we could use. But I'm really happy now that I proceeded with my Cyprus corp.

 

[FullDISK]

Thanks for the topic.

 

[MrBeasts]

Great, thanks for sharing @auric you are really saving me time in my research.

 

[FullDISK]

SLP have the same privacy than a Cyprus Company, both can use Nominees.
There is some confusion...

SLP:
- No audit
- No accounters (save arround 1-2k)
- Annual return
- Privacy Yes (with nominee)
- Possibility to have a Cyprus bank account without running the risk of the bank send the report to he government?
- At the end of the year, what you should to do? Send the Annual return

Cyprus:
- Audit Yes
- Accounters Yes
- Annual return
- Privacy Yes (with nominee)
- Possibility to have a Cyprus bank account running the risk of the bank send the report to he government?
- At the end of the year, what you should to do? Subject to Audits, need to send your docs to the Accounters and pay high taxes, send the annual return.

This is what I think after a make my research... let me know if I am wrong 😛

 

[JohnLocke]

You are not wrong in your research so far. Also it is easier to get a Scottish LP as I have found out! But reporting from the banks side apply for both entities, well if they report!

Do you found a good service for an Scottish LP that provides real person nominees?

What I have found out is that it's possible to appoint corporate entities to an LP that means you can use a real offshore corp to protect your privacy (same you can do with a Cyprus corp) but I'm not sure if the PSC apply!

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Disclaimer: Nothing I say should be taken as tax, legal or financial advice. Anything I say is for general informational purposes only. Always seek independent professional advice.​

 

[FullDISK]

Well, I have that contact, but I think I can not put here external websites... 🙁

 

[FullDISK]

Sorry, my contact is also to appoint corporate entities... Not real person.
Is very hard open a bank account with corporate entities nominees. Banks will ask always for their entities, that sucks.