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Establish an LLP partnership in Scotland: there are many benefits associated with establishing an LLP in Scotland. It has full access to the European market and to workers from across the European Union. Scottish businesses also enjoy all the benefits of the UK's strong economic position, but with lower costs than other locations, such as the southern English regions close to London. The Scottish population is highly educated and resources are widely available.
A number of legal questions must be considered if you are planning to establish a business in Scotland. To become a UK-based sole trader you must have a National Insurance number and register with Her Majesty's Revenue and Customs for a taxation self-assessment.
Any EU or Swiss citizen can establish a limited liability partnership in Scotland, as can holders of an appropriate visa. However, to maintain and operate the business in Scotland, you do not need to live in the country, and if your business is a private limited company, you should also have at least one director, who does not need to be resident of Scotland, and a registered office legal address located there. Remember, any staff you employ must be eligible to work in the UK and it is the employer's responsibility to establish whether they are eligible or not.
Scotland has a comprehensive and effective banking system and it is advised that new business-owners set up a sterling account in a local bank. This streamlines the taxation process, removes vulnerability to currency fluctuations and avoids expense international transfer costs. VAT registration should also be a consideration and must be paid by every company with a turnover of more than £82,000.
Setting up a business, in Scotland or anywhere else, is a complicated Scottish LLP establishment process. There are many legal pitfalls, which can be easily avoided if you know what to look for, but leave a new business owner vulnerable to fines and other punitive measures. A common pitfall is failing to consult with professionals.