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Northern Ireland LP

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General Information

Area –13,843 sq. km

Population –1,811 million people

Capital – Belfast

Official language – Irish, English

Official currency – Pound Sterling (GBP)

Key Aspects

Incorporation and administration of partnerships in Northern Ireland is rather streamlined. Northern Ireland is part of Great Britain having its own legislation and Companies House in Belfast – CHB. Northern Ireland consists of several historical provinces of Ulster. The legislation of Northern Ireland is identical to the legislation of Great Britain.  One of the key advantages of a Limited Liability Partnership is the fact that its members are not personally liable for the fulfilment of long-term obligations of a company and obligations under the agreements signed by them on behalf of a company. The company name must finish with the words ‘Limited Partnership’ or abbreviation ‘LP’.

Company Type

Limited Partnership (LP)

Corporate Legislation

Companies and their activity are regulated by the Companies Act 2006. The Limited Liability Partnership Act 2002 of Northern Ireland does not have essential differences from the analogous act of Great Britain.

Main Requirements for Company Founders

To incorporate a partnership, at least to partners are required. One partner is the general partner and the second – the limited partner. Partners may be natural persons or legal entities, residents of any country. In our standard specification a company is incorporated with two founders, residents of offshore jurisdictions.

Authorised Capital

Payment of the authorised capital is not stipulated.

Accounting

Partnerships incorporated on the territory of Northern Ireland must maintain accounting records given that the founders are legal entities, non-residents of Great Britain. It is not required to file accounts with the tax authority given that business is done outside the country.

Taxation

Partnerships conducting their business outside Northern Ireland and Great Britain are not subject to taxation and, therefore, are exempted from paying taxes in the country of incorporation given that the partners are non-residents of Great Britain.

Questions that need to be answered to prepare the incorporation documents

  • Passport details of the beneficiary and agent
  • Copy of the ID pages of the passports of the beneficiary and agent
  • Utility bill of the beneficiary and agent
  • Several proposed firm names