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UK LLP for total anonymity, true?

Spinat

Spinat

Corporate Services
Mentor Group Gold
Jan 3, 2009
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#1
I see a very active user posting on all threads where people seek privacy that a UK LLP will not share UBO (Ultimate Beneficial Owner) and Shareholder information at all.

He claim it actually offer more privacy then a Wyoming, New Mexico or Delaware LLC - it has in all the time I have been around at OCT never been mentioned that a UK LLP offer such a high level of privacy, now I would like to know what your thoughts are.

Isn't it possible to find UBO and Shareholder on a public registry and how much privacy does such entities offer?
 
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#3
If I remember correct.y, all members and information of a LLP are public
 
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#4
Thank you I was already thinking so. Just wondering why there is a user around here spreading the news that it is totally anonymous if you just insert a nominee directoro_O

Because if I read below it confirms what you say above:
On 10 January 2020, the Fifth Anti-Money Laundering Directive (5MLD) came into force in the UK through the Money Laundering and Terrorist Financing (Amendment) Regulations 2019.

This means that obliged entities must tell Companies House if there’s a discrepancy between the information that they hold about a beneficial owner of a company, limited liability partnership, or Scottish limited or qualifying partnership and the information that’s on the public people with significant control (PSC) register.
Click to expand...
found it here Report a discrepancy about a beneficial owner on the PSC register by an obliged entity
 
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#5
I'm following this thread as well as most others with great curiosity. Does the UK and UK LTD / LLP etc have any reporting to the rest of the EU or US?

I mean if the UK apply to the 5MLD they will report anything they will have on hand so UK LTD's and LLP's - maybe it is different if each shareholder only holds 1% shares but still there must be a sort of UBO and reporting otherwise the entire dark world would create LLP's to avoid any reporting.
 
#7
If you use a secretarial service which you have an agreement with to process your business on your behalf.
A nominee and the company are partners in the LLP.
Nominee is non UK resident therefore any profit is non taxable in the UK.
As the LLP is a pass through there is no profit and payments are sent to you.

LLP dont have shareholders or Persons of Significant Control. They have members a limited partner Secretarial Services company and unlimited partner Nominee.
Remember they are responsible for themselves and not each other.

Totally legal.

blueweb said:
Thank you I was already thinking so. Just wondering why there is a user around here spreading the news that it is totally anonymous if you just insert a nominee directoro_O

Because if I read below it confirms what you say above:

found it here Report a discrepancy about a beneficial owner on the PSC register by an obliged entity
Click to expand...

Maybe I should have expanded on the full structure. Very similar to rentacompany.com but more personal and with more control ie you pick your business name, set up your own website, email and telephone number. Plus you dont have to wait for approval of your invoice by a 3rd party like rentacompany.com.
 
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#8
CaptK said:
Nominee is non UK resident therefore any profit is non taxable in the UK.
Click to expand...
but he will still show up in the public registry?

So what you say is that no government body will require you to reveal UBO of this structure if UBO is not resident of the UK?
 
#9
Also a llp needs to file accounts with companies house that includes all non UK income. For small turnovers only balance sheet is necessary. All companies house filings are public.
Hmrc tax returns should include only UK income.
 
#10
The UBO is the nominee remember it is set up as a service provider for pass through. The secretary company is purely there for the partner requirement and the partnership agreement clearly states that. Nothing illegal there.
Filing again is not an issue because thats what you have to do its the legal requirement.

You cant get round tax from UK resident customers. Neither can you get round that for an LLC, American customers.

But for a legal point of anonymity you are good. You just have a contract with Secretary company who has provided an LLP for pass through. The UBO (nominee) has to declare just like all the other jurisdictions but if he asked the question. He is a resident of UAE end of story. The structure and contract stand up to the test, speaking from experience.
 
#12
Nominee UBO will not work and a UK LLP is not anonymous. A service provider in EU offering such a creation service or trying to hide UBO will be punished very hard. What your paying them will not cover the fine given for concealing ownership which is very heavy. I talked about this below in detail.

https://www.offshorecorptalk.com/th...roblems-avoid-bank-problems.27898/post-117936
However the UK is not part of the EU any more and is in transition stage. I have no idea what this means after Dec 31st 2020. However I expect the UK to continue to follow some sort of disclosure of UBO.

Bottom line is any person creating you such a structure has to know and record on the public registry (now or in the future) the UBO.
 
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#14
Martin Everson said:
Nominee UBO will not work and a UK LLP is not anonymous. A service provider in EU offering such a creation service or trying to hide UBO will be punished very hard. What your paying them will not cover the fine given for concealing ownership which is very heavy. I talked about this below in detail.

https://www.offshorecorptalk.com/th...roblems-avoid-bank-problems.27898/post-117936
However the UK is not part of the EU any more and is in transition stage. I have no idea what this means after Dec 31st 2020. However I expect the UK to continue to follow some sort of disclosure of UBO.

Bottom line is any person creating you such a structure has to know and record on the public registry (now or in the future) the UBO.
Click to expand...

What is your take on companies like rentacompany.com and their structure?

These are exactly the same as discussed above and I know someone personally who uses them to invoice the UK Government. Never had a problem and he uses the EMI that they have partnered with.
 
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#15
Martin Everson said:
Nominee UBO will not work and a UK LLP is not anonymous. A service provider in EU offering such a creation service or trying to hide UBO will be punished very hard. What your paying them will not cover the fine given for concealing ownership which is very heavy. I talked about this below in detail.

https://www.offshorecorptalk.com/th...roblems-avoid-bank-problems.27898/post-117936
However the UK is not part of the EU any more and is in transition stage. I have no idea what this means after Dec 31st 2020. However I expect the UK to continue to follow some sort of disclosure of UBO.

Bottom line is any person creating you such a structure has to know and record on the public registry (now or in the future) the UBO.
Click to expand...
thank you Martin it was smelling bad like a old man's a*s now we know it is a old man's a*s. (don't ask where I know how a old man's a*s smell)
 
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#16
CaptK said:
What is your take on companies like rentacompany.com and their structure?
Click to expand...

That's interesting. Seems like a different take on offshore invoicing. If it is genuine could offer interesting possibilities.
 
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#19
Martin Everson said:
That's interesting. Seems like a different take on offshore invoicing. If it is genuine could offer interesting possibilities.
Click to expand...

I copied exactly that.
Liability is handled by the provider. They will invoice with VAT if applicable and then also charge there 5% fee. They remit the funds to you but they use LTD and I use LLP.

Because you invoice them for your funds the company will eventually make a loss after accounting and expenses. Your tax is your own headache.
 
#20
it's too vague your argument for me to jump on it. There have been many providers over time including MOSFO which was popped up not many years ago.
 
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