The Republic of Cyprus or simply Cyprus is an island country located in the Eastern Mediterranean and is the third largest and most populous island in the Mediterranean. Cyprus is located North of Egypt, South of Turkey, West of Lebanon and Syria, Northwest of Israel and finally – Southeast of Greece.
As Cyprus is a former British Colony, approximately 80% of the population speak English relatively fluently. Similarly, also the legal system is developed based on the common law practiced in England. Cyprus is a free market economy that provides various opportunities including efficient tax planning for international businesses. With first-class accounting and legal services and excellent geographical location, Cyprus is a great place for doing business. The country is known to be a leader among tax planning jurisdictions, therefore incorporating a company in Cyprus is an ideal way to protect your business. During the last decade, Cyprus’ role in the international tax planning has grown dramatically. As an EU member state, Cyprus has gained a reputation as a legitimate and reliable jurisdiction with over 40 double tax treaties and some of the lowest taxes in the EU.
Benefits of acquiring Cypriot shelf company If you have decided, that Cyprus is the right jurisdiction for your business, you can either incorporate a new company or you can acquire a ready-made company. Ready-made companies are legal entities that have been incorporated some time ago and since then, have been “sitting on the shelf” for investors to buy them and start operating this company. Due to this comparison, ready-made companies are also called shelf companies. There are several benefits of acquiring a shelf company.
The main aim of a shelf company is to provide the investor with a company that has a clean history as often older companies are perceived as more trustworthy, reputable and reliable than newly incorporated businesses. Acquiring a shelf company is also quicker in comparison to the incorporation process of a new company. This turns out to be a major advantage for many entrepreneurs who need to start trading as soon as possible.
Acquisition of a Cyprus shelf company Acquisition of a shelf company in Cyprus is typically a simple and fast process. Companies that specialise in selling shelf companies offer full service. This means that together with the company itself, they can also provide a full set of corporate documents, company secretary, a registered office, nominee shareholders and directors, a company bank account with internet bank and debit cards, VAT number, and even a support for the first year of operation if necessary.
Generally, the procedure of a shelf company acquisition is fully organized by the service provider and it only takes 24 hours for you to be able to start trading. The process of a shelf company acquisition may differ among different service providers, but it generally takes 4 steps to buy a ready-made company:
Step 1. You choose a company from a list provided in your service providers’ web page;
Step 2. Your service provider sends you an invoice that needs to be paid;
Step 3. You file a signed Know Your Client form, a copy of your passport and a utility bill on your name;
Step 4. The service provider prepares your chosen company and all necessary documentation, which includes: all company incorporation documents, an open date share transfer agreement with your name, a trust deed prepared by the shareholders and nominee directors for you and some other informative documents. All the documents are sent to your address the same day. Since the company is already registered and has a VAT number, you can start trading the same day.
It is important for you to carefully consider which service provider is the most suitable for your needs as their offered service packages differ along with the prices and reliability. It is up to you to do a full due diligence for you to be able to trust your service provider. For example, while some service providers offer shelf companies with an already opened bank account, others offer an opportunity to open it only after the acquisition of the company, which will typically take several days.
Typically, shelf companies have a legal structure of a Private Limited Liability Company, which is also the most popular type of structure among newly incorporated companies. The popularity of this structure can be explained by the limited responsibility shareholders have in regards to the company’s debt and other liabilities. Also, the minimum capital is smaller in comparison to Public Limited Liability Companies – 5,000 EUR.
Offshore Shelf Company In case you are not planning to do business in Cyprus, you may benefit from even more beneficial tax structure. As an international entity you are allowed to conduct any legal business activity, make investments, trade portfolios of bonds and stocks as well as buy and sell real estate outside of Cyprus and not pay corporate tax at all.
The development of telecommunications and economic globalization has made it possible for interested investors to form companies around the world. With proper research, financial investments, and legal backing, business ventures can safely be established in almost all of the world's countries. While it was once a complicated corporate endeavor to establish an international business, it is now commonplace with the help of experienced legal and economic advisers.
The advantages of forming a company in a foreign country are as numerous as they are obvious. Many countries offer specific location-based benefits, ranging from natural resources and established infrastructure to favorable laws and regulations that encourage growth in a specific industry. Likewise, it may be difficult to establish a venture or acquisition in one's home country because of disadvantageous situations: political or regulatory environments, lack of resources, and more. In this situation, it is useful to consider an overseas option that offers greater opportunities for growth, development, and success.
Company Registration in Algeria When establishing a company in Algeria, an interested investor must do due diligence with regard to legal processes, international regulations, and sufficient investment for success. It is critical to understand cultural, social, and political factors that will affect the establishment and growth of one's business; failure to do so could result in unintended consequences. Poorly-researched and tone-deaf international launches often end in disaster, as time, money, and energy is lost because of poor planning.
Legal documents Each country of the world presents its own set of intricate challenges with regard to forming, developing, and sustaining a business. Owners, financiers, and investors must enter into these engagements with the support of a knowledgeable and experienced legal team. Only someone with detailed knowledge of local and international corporate law will be able to set up an overseas business while avoiding the pitfalls that affect many new companies.
Additionally, shrewd businesspeople may consider opportunities to invest in overseas businesses without actually forming their own companies. In these situations, it still benefits the investor to team up with a knowledgeable adviser in global economics and litigation. International investments create a truly diverse portfolio that offers opportunities for growth that were unthinkable just decades ago.
Potential investors, venture capitalists, and entrepreneurs should consider existing infrastructure in Algeria when planning the launch of a new business. While substantial infrastructure and systems can help to make the business establishment a smooth process, it could also represent market saturation and diminished potential for growth. On the other hand, a lack of infrastructure often serves as a major hindrance to growth; however, lack of infrastructure indicates a clear market opening for a creative and efficient new business.
Bank Account Opening in Algeria In conjunction with company formation, it will be necessary to open one or more bank accounts in Algeria. Confidus Solutions offers the ability to open a bank account in over twenty jurisdictions, making it easy for you to avoid challenging language barriers or bureaucratic hangups.
Virtual Office in Algeria With a registered address being a necessity for international business, Confidus Solutions enables overseas investors to set up a virtual office in Algeria. This address will allow international entrepreneurs to accept mail, arrange shipping, and set up a registered bank account in the country of their business.
With the right paperwork and initial outlay, it is possible for a foreign citizen to open a bank account in Slovakia. This opportunity for international accounts and investments offers several advantages based on economic regulations and tax structures. Interest rates, tax laws, and fees vary depending on the specific country in which you are investing; careful research and strategic financial moves could result in significant portfolio growth.
The EU Blue Card is sometimes compared to the US Green Card. The blue color is said to be the color of the European Union flag, for this reason the map should be blue. Its purpose is to give non-EU/EEA citizens a work and residence permit. It offers people the right to fit into the socio-economic landscape and embark on a path that leads to permanent residence in Europe. Put simply, people can live and work in Europe without restrictions if they have a Blue Card.
Purpose of introducing an EU Blue Card It was introduced by the European Commission in 2007, proposed and implemented in 2009 and issued by 25 countries that are member states of the EU. According to Eurostat data, in 2016 most work permits issued were registered in Germany (more than 17,000), France (more than 700) and Poland (more than 600).
The second purpose of the EU Blue Card is to make Europe a more attractive destination for professionals from outside the European Union. A special EU Blue Card program has been created for all EU member states with the exception of Great Britain, Ireland and Denmark, which invites highly qualified people to the EU states. This scheme aims to make Europe the world's most popular migration destination.
This can be guaranteed through equal salaries and working conditions for foreigners, freedom of movement within the Schengen area, socio-economic rights, favorable conditions for family reunification, permanent residence prospects and freedom of association. Obtaining the EU Blue Card has several main benefits. These include very high chances of a permanent residence permit, which entitles you to any kind of employment under easier conditions, equal rights and equal opportunities to work in Europe's largest economy and a huge business market, and easy travel opportunities.
Prerequisites for applying for a Blue Card Although the same basic criteria can apply to all 25 member states of the EU, there are smaller additional criteria that are determined by each member state for itself. In principle, the Blue Card can be applied for if three main requirements are met. These are: non-EU nationality, educational or professional foreigners (highly qualified or skilled workers, researchers, students and trainees) and with an employment contract or binding job offer (seasonal workers, internal transfers). A person can be considered a highly skilled worker if they have an employment contract of at least one year and if they can meet the conditions listed below. If a person is able to meet these mandatory requirements, they will be given an online profile on the EU Blue Card network, which has a dual function – to consult foreigners with employers to offer them an employment contract and to allow foreigners to change their employment contract to submit applications.
In recent years there has been a shortage of workers, which is noticeable in areas such as medicine, technology, computer science (IT), natural sciences and mathematics. This means that foreigners who work in the areas mentioned usually have a better chance of receiving the EU Blue Card.
In addition, a person who is self-employed or an entrepreneur can receive the Blue Card if they have sufficient financial resources, have a business that has a positive impact on the economy of the host country and can generate an economic interest that is active in the host EU -Member State is low.
When applying, it is important to consider the time frame it will take to gather all the required documents. It usually takes 4-6 months to prepare all the required documents. Some countries arrange appointments with the relevant embassies or consulates in foreigners' home countries, others offer online applications that can be filled out by foreigners themselves or their employer or a law firm. It is expected that after applying, the person will have to wait up to 3 months for the processing to be completed.
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 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 such as 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.
With the right documentation and initial expenses, it is possible for a foreign citizen to open a bank account in Moldova. This international account and investment opportunity offers several advantages based on economic regulations and tax structures. Interest rates, tax laws and fees vary depending on the country in which you invest; Careful research and strategic financial actions could result in significant portfolio growth.
If one is considering opening a bank account in Moldova, one must enlist the help of international experts to guide them through the process.
Legal structures in Moldova Each international jurisdiction adheres to different legal structures for taxation and banking. Confidus Solutions helps you understand the nuances of each country's legal structure. In order to do business in Moldova, it is crucial that you have a thorough understanding of the financial and legal ramifications.
Initial investments The vast majority of bank accounts in Moldova require an initial financial outlay to secure the account opening. This value differs from bank to bank and also depends on variable exchange rates. An international financial expert will help navigate these conversions, as well as the various fees and minimums associated with maintaining a bank account. Make sure you understand the interest and growth rates associated with each prospective international bank account so you can maximize your returns while minimizing risk.
Tax structures in Moldova To get the best results and avoid bureaucratic and legal pitfalls, enlist the support of an expert in international finance and economics. This initial investment in proper processes and research will help avoid a litany of long-term costs and fees related to unforeseen errors and legal errors. Language skills, financial know-how and bureaucratic experience ensure that your account opening is processed smoothly and without unintended consequences.
» Search for ChristopherScott's content
Wed Aug 28, 2024 11:08 am
