Thema von TimothyHughes im Forum Dies ist ein Forum in...
Limited liability partnership owners Generally, all partners in a limited liability partnership are considered equal owners with equal rights and liability limits. This can be altered to a certain degree by the laws of a particular jurisdiction and by the relevant partnership agreements.
As mentioned earlier, some jurisdictions may demand that one partner becomes 'general', i.e. accepts unlimited liability. Other variations may affect some forms of unlimited liability, e.g. in some US states individual partners may be personally liable for an LLP's international torts (violations of civil law).
Although they may seem minor at first sight, these variations can significantly change the advised course of action when it comes to incorporating a limited liability partnership. This is why we strongly recommend that you contact Confidus Solutions' team of international experts, who will provide a detailed analysis of the company registration requirements in each particular jurisdiction.
Functions of a limited liability partnership The main function of a limited liability partnership is to boost the partners’ chances of increasing their individual profits and security in comparison to what they would gain if they operated individually. Entering a partnership agreement may also allow the partners to compensate for the weaknesses and utilise the strengths of each individual: one of the partners may bring significant financial assets, another may be able to offer well-developed manufacturing facilities, while another may have a wide network of clients, etc.
Other than that, limited liability partnerships have no special functions and are mainly distinguished from other legal business structures by the way the roles are distributed between partners. A limited liability partnership can engage in any type of business activity, including trade, services, manufacturing, etc.
Advantages of a limited liability partnership There are two main advantages of a limited liability partnership:
Co-operation Asset protection In a limited liability partnership, partners co-operate to achieve more than they would individually, compensating for their weaknesses and combining their strengths. A limited liability partnership can generate more capital investment by bringing in new limited partners, greatly expanding the company’s financial options.
Another important aspect is the protection of the partners’ assets. Since they can freely control their contributions, a partnership enables them to make a profit without taking major financial risks. Furthermore, as all the partners have equal management rights and no single partner holds any exclusive powers, limited liability partnerships tend to be more democratic. Such a structure provides good opportunities for balanced management, as each party is kept in check by everyone else.
Thema von TimothyHughes im Forum Dies ist ein Forum in...
Multinational companies and governments around the world are increasingly looking to Africa as a new business destination. Africa's economy has grown at a rate of around 5.3% per year over the last decade and six of the world's ten fastest growing economies are located here. These countries have a fast-growing middle class that contributes to rapid urbanization that is increasing faster than their cities' infrastructure can keep up. It is a common misconception that many economies in Africa are heavily dependent on energy production. In reality, the oil and gas sector accounted for only 11% of Nigeria's GDP in 2014, while the construction sector accounted for 20%.
When considering doing business in Africa, it is not a matter of choosing just one country or all 54; A regional approach makes more sense. Sub-Saharan Africa, for example, refers to sub-Saharan countries such as Angola, Kenya, South Africa and Nigeria. Many companies already doing business in Africa are separating their businesses in North Africa and Sub-Saharan Africa due to the stark economic, linguistic and cultural differences between the two regions. Here are our top 5 African countries for doing business:
Mauritius Mauritius is known for offering an extremely favorable business environment for investment and business growth. The process of incorporating a company and starting new business activities in Mauritius is believed to be straightforward and relatively easy. Mauritius' economy is mainly based on textiles, tourism, sugar and financial services, although recently other sectors such as renewable energy and information technology are expanding rapidly. The World Bank ranked Mauritius 49th in its Doing Business 2017 ranking, largely due to its pro-business approach to dealing with building permits, enforcing contracts and protecting minority investors. Another ranking of African countries places Mauritius first based on factors such as law and security, economy, human development and human rights.
Rwanda Despite nearly a decade of Rwanda's civil war, the country's leaders and citizens alike have worked to achieve a healthy business climate and a strong overall economy. According to the World Bank, Rwanda is the second easiest place to do business in Africa and ranks 56th in the Doing Business ranking. This is because the procedures for registering a property, obtaining credit and trading across borders have been greatly simplified. Tourism is currently the fastest growing sector in Rwanda. According to our research, businesses can be incorporated and operating in as little as three days.
Botswana Since gaining independence, Botswana has had one of the fastest per capita economic growth rates in the world. As the government works to diversify the country's profitable industries, the mining of diamonds and other precious metals is currently the main contributor to the country's economy. Recently, Botswana has managed to reduce the time it takes for various processes including import and export and business formation procedures. In addition, technological upgrades have reduced the average court length for commercial disputes to 625 days (from 987 days in 2008). Thanks to these improvements, Botswana ranks 71st in the World Bank's Doing Business 2017 ranking.
South Africa South Africa's key industries are automobile manufacturing, tourism, mining and information and communication technologies. South Africa has managed to simplify its import and export procedures, resulting in less time and fewer documents being required. In addition, the South African authorities have simplified tax legislation, reducing the number of hours required to prepare tax reports. The World Bank ranked South Africa 74th for ease of doing business in 2017.
Kenya Another country to keep an eye on is Kenya, which is currently making huge investments in sectors like telecom, transport and energy. With a tech-savvy workforce and high-speed internet, Kenya stands out as one of the top countries in Africa for tech startups, while its diversified economy, strong ownership rights, excellent tourism sector and improving infrastructure make it a great location for general start a new company. If you have further questions about company formation or banking in Africa. Please contact us now.
Thema von TimothyHughes im Forum Dies ist ein Forum in...
Every year over USD 1 trillion is distributed worldwide in the form of foreign direct investment. Investments by foreign investors and entrepreneurs are of significant value to the country and are seen as a sign of a healthy economic, political and legal environment. When it comes to investing your money, some countries are simply better than others. It depends on numerous factors such as the country's overall economy and growth prospects, political stability, taxation and the overall legal system, the complexity of starting a business, opening an account and the workforce.
In this article, we summarize three jurisdictions in terms of benefits and other features crucial to foreign investors. These countries have already proven their ability to attract multinationals and other investments, but when it comes to choosing the right place to invest, each country is different and might be better than others in one or more factors.
Singapore
The first country to be analyzed is Singapore, which ranks 2nd among the best countries for investment and 15th among the best countries in the world in the US News Best Countries Ranking developed in cooperation with its international partners
Located in Southeast Asia, Singapore is a bustling metropolis and home to one of the busiest ports in the world. As one of Asia's four economic tigers, the country has experienced impressive growth in recent years thanks to efficient production and manufacturing processes and innovations in the pharmaceutical and electronics industries. High GDP per capita and low unemployment make Singapore one of the wealthiest countries in the world.
Hong Kong
Hong Kong is a special administrative region of China. While Hong Kong is often considered as a separate entity from China, it is not a country and therefore enters all lists and rankings under the name of China. China takes 26th place among best countries to invest in and 20th place among best countries in general.
Hong Kong’s legal system is characterised by the strict adherence to principles and the rule of law. It operates a free trade economic system and promotes minimal government interference in most sections of the economy. This reflects on the small number of tariffs and duties on traded goods and therefore it is a better place for investments than other parts of China.
Foreign investments are attracted by promoting a favourable investment climate with low taxes, few restrictions and additional incentives to encourage investments. Corporate profits tax rate is 16.5% with a possibility to waive 75% of the tax. There is no tax levied on dividends.
Company incorporation is a simple and fast-forward process. All applications for company incorporation also include an application for the business registry. The application can be submitted online and the processing generally takes one hour (as opposed to four days if the application is submitted in hard copy).
Due to its impressive growth and increasing immigration, Singapore attracts the best professionals to its workforce. The country offers cultural diversity and, with four official languages, is an important gateway for international trade.
The corporate tax rate is 17%, but it can be reduced by taking advantage of numerous government subsidies, incentives, and other programs.
Singapore's legal system is known for its integrity, efficiency and fairness, making the country better than many as a place to start and operate a business. The World Bank Group has recognized Singapore's political and regulatory environment as the most business-friendly in the world.
Other factors:
Least Corrupt Country in Asia;
Best IP protection in Asia;
Most popular country for arbitration in Asia.
United Arab Emirates
The United Arab Emirates or UAE is listed as the 22nd best country in the world and is not mentioned among the best countries for investment according to the above ranking.
Before the discovery of oil in the mid-20th century, the UAE's economy was mainly based on fishing and the pearling industry. The country experienced rapid growth and general transformation along with the start of oil exports in the 1960s. Today the country's GDP can be compared to that of leading European countries and the World Economic Forum has named the UAE the most competitive place in the Arab world.
When incorporating a company in the United Arab Emirates, foreign investors can choose between offshore or onshore registration, whichever is more suitable for the type of company and the activities planned. Onshore registration means that the investor establishes a business presence on the UAE mainland. Offshore registration usually refers to a business presence in one of the UAE's free trade zones.
The UAE does not levy corporate income tax at the federal level. However, most Emirates have some corporate income taxation and can even reach 55% for certain industries. In practice, corporate income tax is mainly levied on gas and oil companies and branches of foreign banks.
Other factors:
The UAE is among the most liberal places in the Gulf with a legal system that allows freedom of religion;
No sales tax or VAT but with plans to introduce it in the future;
In addition to traditional banking, Islamic (or Sharia-compliant) banking has seen tremendous growth in recent times.
Thema von TimothyHughes im Forum Dies ist ein Forum in...
The Republic of Panama, or simply Panama, is a country in Central America, bordered by Costa Rica to the west and Colombia to the southeast. Panama City is the country's largest city and capital and is home to two million people, which is approximately 50% of the population. Panama's official language is Spanish due to Spanish rule in this area until 1821.
Panama Canal revenue accounts for a significant portion of Panama's GDP, while industries such as banking, trade and tourism are important and growing sectors. Thanks to the canal, Panama has managed to create the largest international financial center in the Central American region, with assets worth more than three times Panama's GDP. Stability, along with a favorable business and economic climate, is considered the main strength of Panama's financial sector. Panama's banking system conforms to the Basel Principles of Effective Banking Supervision. Nevertheless, Panama has a worldwide reputation as a tax haven. In particular, since the publication of the Panama Papers in 2016, the country has made significant progress in improving compliance with anti-money laundering recommendations. In February 2016, Panama was removed from the FATFGAFI gray list, but the IMF continues to see a need to strengthen the country's financial transparency and fiscal structure.
Bank account in Panama Panama is known for having one of the strictest banking secrecy laws in the world. While foreigners are welcome to open a bank account with Panamanian banks, they often require more documentation than European or North American banks. As such, opening a bank account in Panama can be a relatively lengthy process - unless you have someone you trust to connect you with a bank's account manager, setting up a bank account can take two weeks or even two months.
Different banks may require different information when opening a bank account, but you should be prepared to provide documents and other information as listed below (all documents must be in Spanish):
Copy of your passport photo, information page and page with a Panama entry stamp; Up to two bank reference letters; A letter of reference from a lawyer or accountant; Copy of another ID – national ID or driver’s license; bank statement for the last 3 months; proof of income; Evidence of your relationship with Panama (e.g. proof of ownership, utility bills, cedula, etc.); Completed forms with information about you and your family and your funding source. If you decide to withdraw more than $5,000, you may be asked to indicate how you intend to use those funds.
Procedure for opening a bank account in Panama In general, account opening procedures may differ slightly from bank to bank, but if you decide to work with a service provider that specializes in opening bank accounts for foreigners, the process might turn out to be quicker and easier for you. Companies offering such services usually have their partner banks and they are familiar with the procedures and legal requirements. The procedure for opening a bank account generally consists of five steps:
Submit an online application; Submit payment to the bank account opening service provider; Interview – Banks in Panama require an in-person interview before opening a bank account. The call will be coordinated by your service provider. All applications and required documents are submitted during the interview. Due diligence process (this takes about 20 to 30 business days); Setting up the bank account – after completing the account opening process, you will be provided with the bank account number, deposit and transfer history and contact information of your bank.
Thema von TimothyHughes im Forum Dies ist ein Forum in...
Ireland's Logistics Performance Index is 3.87. This indicates good performance – the logistic system is well prepared and organized, shipments mostly arrive on time and undamaged, and the infrastructure is ready to handle even unpredictably large volumes of traffic as long as they are not overwhelming.
Customs performance is rated at 3.8. This indicates good performance – customs clearance is fast and effective, in some cases it may be absent at all (e.g. at Schengen borders), which encourages international business activity; The required documents and fees are predictable and publicly available and in some cases (mainly visas) can be arranged at the customs office.
Infrastructure quality in Ireland is rated at 3.84. This indicates good quality - roads, railways, ports and other facilities are adapted and regularly maintained to handle heavy traffic at all times. Most likely there are also special facilities for handling heavy traffic and/or special traffic or vehicles (e.g. motorways, also called motorways and deep sea ports).
International shipping quality is 3.44. It indicates satisfactory performance - the services are reasonable and the prices are not too high and are usually right up there with the quality, although there is still room for improvement.
The competence of the logistics service provider is rated at 3.94. The providers are very competent, ensure the high quality of the shipments and traffic handling at all times and work quickly and reliably; Any errors that may occur are of course compensated.
The tracking options for shipments are rated 4.13. This indicates good performance - the tracking systems provide detailed and up-to-date information on most parameters of shipments, often overcome national barriers (both political and linguistic) and can be qualified as international tracking systems.
The tracking options for shipments are rated 4.13. This indicates good performance - shipments almost always arrive within the scheduled timeframe and often faster than expected.
In Ireland, 100% of the population has access to electricity. Ireland has 40 airports nationwide. There are 1,387,000 internet hosts in Ireland. The number of road motor vehicles per 1000 inhabitants in Ireland is 682.
Road network The total road length in Ireland is 96,602 km (60,039 miles). Of these, 1,224 km (761 miles) of roads are classified as freeways, dual carriageways, or dual carriageways.
Gas price On average you would pay $1.92 for a liter of petrol in Ireland. A liter of diesel would cost $1.29.
Thema von TimothyHughes im Forum Dies ist ein Forum in...
Government expenditure on education is 8.2% of GDP. People in Monaco speak the French language.
English language It is not known, how many people speak English in Monaco and what are their proficiency levels. Most likely there are no native English speakers, or their numbers are undetectable via standard statistical methods.
Thema von TimothyHughes im Forum Dies ist ein Forum in...
In general, a beneficiary is an individual who derives a profit or other benefit from something. In the financial world, a beneficiary refers to someone qualified to receive distributions from a will, life insurance policy, or trust. In business, it refers to a beneficial owner who ultimately owns and controls a business and/or other natural person on whose behalf a particular transaction is being conducted. Beneficiary is a person who exercises ultimate effective control over a legal entity or arrangement. The notions of ultimate ownership or control and ultimate effective control are useful in situations where ownership of the entity is exercised through a chain of ownership and does not clearly identify the direct and actual owner of the entity.
Importance of identifying a ultimate beneficial owner of the account Beneficial ownership is currently the main concern for anti-money laundering (AML) compliance professionals in banks. And there's a good reason for that. By developing comprehensive know-your-client (KYC) and other due diligence procedures before opening a bank account and throughout working with clients, banks have succeeded in fighting terrorism, tax fraud and other crimes. Large-scale fraud is often related to the inappropriate use of commercial structures. For example:
60% of abusive companies are involved in white-collar and financial crime; 75% of known criminal organizations use companies to cover up their activities. While banks risk losing their customers and profits after stepping up their KYC and other due diligence procedures again, this is usually done to meet increasing AML requirements from national governments and international institutions. Global AML standards dictate that understanding the ultimate beneficiaries of bank accounts is an essential part of any financial institution's AML program and can be achieved through extensive know-your-client and other due diligence processes.
Who exactly is considered the ultimate beneficiary of the bank account? The Fourth Money Laundering Directive of the EU (MLD4) is essentially aimed at the final beneficiaries. Under this policy, ultimate beneficial ownership is presumed in one of three cases:
A natural person holds 25% or more of the capital of the legal person; A natural person can exercise 25% or more of the voting rights during general meetings; A natural person is a beneficiary of 25% or more of the capital of the company. It is sometimes difficult to determine the ultimate beneficiaries of a company. The above policy also requires that officers be treated as beneficial owners if the above criteria are not met.
Ultimate beneficial owner and the nominees If a beneficial owner wishes to keep their name out of public records, the company can use a nominee shareholder service. The nominee shareholder is generally an independent third party with which the legal entity's shares are formally registered and held on behalf of a beneficial owner. The ultimate beneficiary of the company can enjoy actual ownership of the company while public ownership is held on behalf of the nominee shareholder. Generally, the true identity of the ultimate beneficiary is known only to the law firm or company incorporation service and the beneficiary himself.
The final beneficiaries usually do not want to lose control of their company, but they also do not want to be perceived publicly as the owner of the company. Therefore, it is crucial to create adequate documentation that proves the rights of true ownership. These documents include a Declaration of Trust and a Nominee Services Agreement and will be kept strictly confidential.
Thema von TimothyHughes im Forum Dies ist ein Forum in...
The Republic of Singapore, or simply Singapore, is a sovereign city-state in Southeast Asia. Singapore is a global hub of finance, trade and transportation with numerous reputations, such as: B. The most technology-ready country, the top city for international meetings, the city with the best investment potential, the third most competitive country, the third largest financial center and many other nominations. The country has also been recognized as a tax haven.
Singapore has the fifth highest human development index of the United Nations and the third highest GDP per capita; It is also of high priority in the areas of health care, education, life expectancy, personal safety, quality of life and housing. There are four official languages: English, Malay, Mandarin and Tamil.
Business overview in Singapore Singapore is recognized by the rest of the world as a top business destination for a number of reasons. With the help of various policies and reforms, the government has managed to turn Singapore into a perfect business environment. Because of the appropriate environment, Singapore offers ample opportunities for businesses to grow and flourish over time. This is just one of the reasons why much of the city's businesses are owned by foreign entrepreneurs. Business people from all over the world are attracted by the sophisticated infrastructure and extremely advantageous geographic location.
As the most technology-ready nation in the world, Singapore's openness to communication and information technologies has contributed to the country's economic success. In addition, an advanced seaport, along with international and domestic transportation services, enables entrepreneurs to use the land as a center of trade and commercialization. Singapore's global connectivity along with trade ties has enabled investors and entrepreneurs to tap into the Asia-Pacific region as one of the fastest growing regions in the world.
The city-state continues to enjoy a high reputation as an economy with a triple-A rating and strong growth potential.
Industry sectors Because of its business-friendly environment, there are numerous industries that have flourished over the years. Below is an overview of some industries which, among other things, offer various business opportunities for foreign and local entrepreneurs.
Oil Refining – Singapore is the third largest oil refining and trading center and the largest oil rig producer in the world. Singapore is also a major hub for ship repair services. Refined petroleum is one of the most important export products.
Banking Sector – With over 200 banks operating in Singapore and an increasing number of banking institutions setting up their operational headquarters to service the activities of the regional group, the banking sector is a particularly profitable area for the country. Not only does the banking sector provide jobs and profits for the country, its liquid capital market is also an important source of funding for Singapore's growth and development.
Information Technology – Singapore was among those countries that have managed to catch the emerging trend of IT companies and their economic success, so they seized the opportunity to invest in this then new sector. In addition, the highly skilled employees with impressive IT skills have helped this sector grow and prosper.
Telecommunications Industry – deals with the provision and improvement of mobile services, internet connectivity services and other technologies in Southeast Asia. Such services are in high demand due to the growing number of businesses and residents in Singapore.
Travel and Tourism – Over the years, the number of tourists visiting Singapore has increased and it is still becoming an increasingly popular travel destination. Due to its favorable geographical location, beautiful nature and culture, as well as numerous international and domestic modes of transport, Singapore attracts more tourists every year, which in turn leads to an increasing demand for tourism-related services and businesses.
Food and Drinks – Due to the high proportion of overseas visitors, as well as people who have chosen to live in Singapore, the nation's culture is quite diverse and complex. The diverse preferences of these people have resulted in increased demand for a wide variety of kitchens and the business opportunities in the sector.
Hospitality Industry – The hospitality industry is supported by the government, particularly the establishment of resorts and hotels, as well as small businesses such as inns, guest houses and hostels, due to the increasing interest of tourists. While Singapore is very open to a variety of business opportunities, those that help maximize tourist numbers are particularly welcomed by the government.
Retail Fashion and Stores – Singapore residents are very interested in fashion and keeping up with the latest fashion trends is an important issue in their lives.
Beauty Salons and Spas – while Singapore is often viewed as a highly productive place to work, everyone needs to relax and unwind from time to time. Despite the lively nature of Singapore's residents, a large number of them have made sure that they visit a beauty salon or spa on a weekly basis.
Education – Entrepreneurs' capital also welcomes various educational institutions. Education, which usually takes the form of private courses in certain sectors, is particularly popular with young entrepreneurs. Because of this, education has become one of the most successful companies today.
This overview of the potential business sectors in Singapore is certainly not complete, and there are numerous other sectors that provide business opportunities for overseas and local entrepreneurs.
Thema von TimothyHughes im Forum Dies ist ein Forum in...
The limited liability company in Germany, also known as a limited liability company or simply GmbH, is one of the most common corporate structures in Germany. It is an extremely flexible structure as it combines numerous legal advantages while having very few limitations. In Germany, the GmbH is subject to corporation tax (KSt), the solidarity surcharge and trade tax.
GmbH can be founded with at least one shareholder, provided that it has a share capital of at least EUR 25,000. The share capital can be deposited in cash, contribution in kind or contribution. As an exception, the shares in the GmbH may neither be sold publicly nor entered on the public stock exchange. The company is managed by the shareholders' meeting. The day-to-day decisions and business are taken care of by the company's board of directors, appointed by resolution of the shareholders' meeting.
GmbH formation procedure in Germany All legal requirements and regulations for the formation of the GmbH are determined by the company law.
Before starting the incorporation process, it is highly recommended to apply for an availability check to check the availability of the company name with the local Chamber of Commerce and Industry department, notarize the company incorporation documents and open a bank account. In this preliminary stage, share capital must be paid into the bank account.
In order to initiate the incorporation process, the following company documents must generally be submitted to the local commercial register authority:
Application for company formation; notarized articles of incorporation; A document stating the Board of Directors and its structure; A document proving that the share capital has been deposited. All documents listed above must be submitted in digital form in accordance with German standards for digital filing and verification. The formation of a newly founded company takes place on the basis of a central electronic platform that is developed and operated by the commercial register of the Federal Republic of Germany.
Trade license and sales tax acquisition The next logical step before starting business is to apply for a business license from the local Office for Economy and Standardization, followed by registration with the National Statistics Office (with all the necessary operational, industry and financial information). Data). After that, newly founded GmbHs should also submit and register with the local IHK and the local department of the employment office.
The employment office should hear the case and assign a company an eight-digit number that must be reported to the social welfare office. After all the previous steps have been carried out and completed, the GmbH must submit an application to the federal health insurance fund. In addition, legal notices should be sent to the Central Tax Administration informing about the newly formed company, with all the above points leading to registration for the German corporate tax and sales tax payer number.
After completion of the company formation procedure, the company can finally start its business operations. Because the majority of companies registered in Germany need local employees. Employers are largely offered a well-trained workforce. It is also possible to look for employees at the numerous local recruitment agencies.
Sie sind vermutlich noch nicht im Forum angemeldet - Klicken Sie hier um sich kostenlos anzumelden
21.08.2024 13:24
