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Substance matters are becoming tougher within Europe and worldwide for tax purposes, therefore, some clients may prefer to have more physical presence in the place of practicing thanvirtual office services. One of the possible strategies to increase substance – is to establish a functional management office. Substance issues usually arise when local tax authorities require confirmation that the business of the company takes place in the country where the company is registered: they want to see actual presence of commercial activity in stated jurisdiction.
A Company with substance is a company abroad that resembles a classical 'offshore' company, but has so called 'substance' (presence), meaning it has local staff that is on salary, a local physical office and has real local expenditures of running a business, in other words – a management office. It resembles more an actual local company but has ties to onshore business.
For more and more businessmen the economic substance of their company is becoming an overwhelming exercise. Creating economic substance has become quite a hazard, as tax authorities, banks and governmental institutions are looking deeper and deeper into the two main questions: 'What is the actual place of management and control of the company?' and 'Who is the Beneficial Owner?'
Confidus Solutions can provide the substance office in various jurisdictions worldwide, including numerous famous offshore jurisdictions. However, considering the level of complexity and efficiency of providing substance, we would highly recommend considering the following jurisdictions as top choices: Latvia, Cyprus, Lithuania and Hungary - as in those states we can offer more advanced services, rather than purely Virtual Office, as well as more solid grounds to believe that the Company operates in the specific location. The question of Company’s actual place of management and control has lately become crucial not only for tax authorities, but as well for business partners, suppliers, banks and adversaries due to implementation of intergovernmental tax legislation and rapid development of international and online trade.
Top choices:
Management Office in Cyprus Management Office in Latvia Management Office in Bulgaria
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If you are setting up, doing business, or dealing with partners from that country in South Africa, it is imperative to understand the basics of corporate culture in this particular area. Business meetings and negotiations often start with both parties having unspoken assumptions and certain expectations of their partners. In-depth knowledge of South African business culture can make all the difference between a successful business meeting and a lost business.
Practical advice on business etiquette in South Africa
Below is our list of pieces of advice to keep in mind when dealing with South African partners:
South Africans are unlikely to do business with people they haven't met personally. It is advisable to have a friend introduce you in order to build successful business relationships. If possible, try to draw the partner's attention to South African business references that you already have in your portfolio.
It is highly recommended that you receive letters of recommendation in case you have done business with mutual contacts of the company or entrepreneur with whom you wish to develop a relationship.
Most of the time, a first business meeting is more about personal contact and getting to know one another than a direct discussion of business issues. The chances that South Africans will do business with you are much higher if they trust you as a person.
Keep in mind that almost everything is closed from mid-December to mid-January, as well as during the Easter and most Jewish holidays. Therefore, do not plan your business trips and meetings on these dates.
Working hours in South Africa are almost the same as in Western countries, including the fact that most of South African companies are closed during weekends. Major exceptions are banks and state office employees, because banks and state authorities are often open in until noon on Saturdays.
You may face quite a challenge to locate a certain address in South Africa. This may happen because of the way in which the address system works. In case you are driving to a meeting with clients/partners, you better leave early to make sure you have some extra time to find your destination address and to park your car safely. We would recommend taking a cab rather than driving yourself.
Remember that acceptable business clothes are suits and ties. Shirts preferably in light colours. If you aren’t wearing a jacket, make sure to put on a long sleeved-shirt. In case you are invited to a dinner at someone’s house, a dinner jacket is normally expected. It is advised for women to put on dresses and skirts instead of pantsuits and the former should not be sleeveless, too tight, or very short, as it is considered a bad taste. Keep in mind that winter in South Africa starts in June and lasts until August, so do not forget to dress something warm in case you are visiting during these months.
Most locals speak English quite well, therefore, it is not required for you to translate documents or materials into any of the African languages.
South Africans are quite friendly and open, meaning they often express emotions openly. It is a quite common situation when your business partner slaps you on the shoulder, shakes your hand tight, or even holds your hand as a gesture of trust and friendship.
It is considered polite to offer small gifts to your partners. If you are invited to a house for dinner, do not forget to bring some gift: a box of chocolate, wine, or something similar – it is considered a good gesture and it shows respect for the hosts.
Always show respect to elders, even in situations when they are not actually a part of the company. Elders are widely respected and usually considered to be extremely wise and experienced; those who disrespect elders openly are often end up being classified as undesirable business partners.
Speaking of table etiquette and cutlery, the knife should always be kept in the right hand and the fork in left — never switch hands and never wave your hands around while holding cutlery. It is also considered a minor insult to leave food uneaten – so it is advised to plan prior to ordering dishes. Smoking is generally accepted, but only after all the guests has finished their food. Never chat or talk with waiters during the meal.
It is generally considered impolite to point your finger at anyone, also the V for victory gesture is considered offensive. Remember not have a dialogue while having hands in your pockets.
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When a foreign entrepreneur decides to invest in Ireland, he or she can either start a new business or buy a shelf company. A shelf company, also known as a ready-made company, is a legal entity that has been previously formed and is available for immediate purchase.
There are basically two types of shelf companies. They may have different names, but the basic idea is that the first type of shelf company is clean, meaning that no transaction has ever taken place in this business. The other types of shelf companies tend to be older and have long operating histories. While the investor needs to be cautious before acquiring an aging shelf company and do their due diligence to avoid buying a company with debt or other liabilities, there are various advantages and reasons why investors choose a shelf company might decide who is actively operating some time ago.
One of the main reasons investors may prefer acquiring a shelf company to forming a new legal entity is the time difference between the two processes. When starting a new business, an entrepreneur has to go through complex and time-consuming procedures, while a shelf company has already been formed and the company can start operations almost immediately. Generally new shareholders in Ireland can obtain a company number in as little as 24 hours or even on the same day. Another important advantage is the additional credibility with suppliers and customers if a company has been founded for some time and not just recently. Even if you operate as a sole proprietorship or in a partnership with a legal entity formed in the past, there is an opportunity to receive tax planning benefits.
Procedure for acquiring a shelf company in Ireland If you are buying shares in a shelf company in Ireland you must notify the Companies Register. While the process of transferring shares is similar to starting a new business, it requires significantly less time and documentation, and the business can be used immediately. The new shareholders of the company must submit the consent to the purchase of shares, and if the buyer is a legal entity, an extract from the commercial register is also required. The share purchase agreement must be notarized and the articles of association must reflect any material changes, such as B. the new company name, a different item or activity, a registered address and information about the new shareholders.
In general, buying a shelf company, especially if you are a foreign entrepreneur, is easiest through companies that provide such services. These companies acquire dormant businesses and hold them until someone is ready to buy them. They also start new companies for the same reason, but the main difference is that these shelf companies have never been operational. The process is relatively simple and, if in doubt, professionals are at your side and in a few simple steps you can acquire a ready-made company:
Find a company that offers shelf company takeover services. Conduct due diligence on this company as you must trust them with their research and their ability to provide high quality shelf companies with no liabilities. Place an order and provide all the information required for the process. An official document must be signed authorizing acting on behalf of the new shareholders. In general, the service fee and shelf company price must be paid prior to processing the documentation. Your service provider transfers the shares to the new shareholders, changes the directors, secretary and registered address of the company and can also change the company name if necessary. Some service providers also offer their premises for the registered company address. Typically, prices vary depending on the service provider and the quality and age of the shelf company.
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The legal structure of your business is among the most important factors that will greatly affect you and your business throughout its existence. Therefore, it is important to carefully weigh all the pros and cons before starting the business, as your choice of business structure will have a major impact on how you run the business, how you pay taxes, and who controls your business. The key is to understand which legal form offers your company the greatest advantages on your way to achieving organizational and personal goals. In general, there are four main factors to consider before the company formation process: limitation of personal liability, taxes, ease of transferability of shares and registration of new owners, and finally – investor expectations.
When setting up a company in Belgium, you have many options to choose from when it comes to the legal form of your company. Different types of business structures in Belgium suit a variety of business needs. Both domestic and foreign investors can choose the legal form that best suits the needs of a particular company. In addition, those who choose to register a company in Belgium can benefit from a relatively quick and straightforward process.
Belgium has a wide range of possible business forms, each with their own advantages and characteristics. While certain business types are more suited to large corporations, other types are being developed to meet the needs of small and medium-sized businesses. In general, small and medium-sized companies can benefit from choosing a simpler legal form, especially if the company does not plan to be listed on the stock exchange. To make the right choice, entrepreneurs should consider the amount of capital they wish to invest in the early stages of the business and the shareholder responsibilities associated with each type of business.
Limited Liability Company (BVBA/SPRL) This type of structure is one of the most popular legal entities and is generally used for small and medium-sized businesses that are privately owned. Before choosing this type of corporate structure, investors should consider that there are certain aspects that make them less flexible compared to a public company. For example, it is not possible not to issue either convertible bonds or participation certificates, nor is it possible to pay interim dividends. In general, the main advantages of PLLC are as follows:
Only two people required for installation (there is also an exception when only one person is needed); Owners of the business are only liable for the amount actually contributed; Relatively low minimum capital. The required minimum capital is EUR 18,550; it must be paid by the founders of the company, who may be individuals or companies, Belgian citizens or non-citizens, residents or non-residents of the country. Each issued share must be paid up at least 20% before incorporation and the minimum amount is EUR 6,200. If a company has only one founder, at least EUR 12,400 must be paid in. All shares in this company are registered shares and must be entered in the share register. Certain restrictions apply to the transfer of Shares.
Public limited company (NV/SA) This form of business is usually chosen for larger companies, since the minimum capital is significantly higher than for a limited liability company. It is also advantageous to choose this type of structure for a company that needs a lot of capital, since the company can attract external capital. The minimum capital is at least EUR 61,500 and at incorporation at least 25% of each share must be paid up with a minimum aggregate amount of EUR 61,500.
Unlike PLLC, Public Limited Liability Company shareholders do not play a significant role as at least three directors must be appointed to run the company. If there are only one or two shareholders, it is sufficient to appoint only two directors. According to Belgian company law, when a company is appointed director, a permanent representative must be appointed.
Following documents and other information are required upon incorporation of Public and Private Limited Liability Companies:
Full details of the founders’ identities; A financial plan for the first two years; Bank certificate approving the capital; Founders’ powers of attorney; Letter of acceptance from the directors; Passport copies of the of the directors; Articles of Association; Act of incorporation; Minutes of the first general meeting to appoint directors; Minutes of the first board meeting for certain business decisions; Registration with the tax administration; Registration with the trade registry or filing with the commercial court; Publication in the Official Journal; Registration with the social security and VAT administrations. Limited Partnership (SCS/GCV) Limited Partnerships have two types of partners with different legal regimes. General partners are jointly responsible for the partnership’s liabilities. General partners are also the ones who manage the company. Meanwhile, limited partners are only responsible for the capital they have contributed towards the Limited Partnership. They also do not acquire a trader’s status and are not involved in the management of the business. There is no requirement for a minimum capital to incorporate a Limited Partnership and also less administrative formalities are required. It still remains less common due to the full liability of general partners.
Other types of business structures in Belgium include:
Cooperative with unlimited liability (SCRI/CVOA); Cooperative with limited liability (SC/SCRL – CV/CVBA); General Partnership (SNC/VOF); Sole Proprietorship.
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Website development is an essential part of any business as the majority of customers (around 80%) are now found through various online channels and sources. In other words, not having a website is only practical for small businesses in small communities aiming for no more than a few dozen customers. Despite this, such companies could still use their websites to kickstart a rapid development process that would help them push beyond their limits and hence a company website is more or less a must for every business.
Web development services As you can see, a corporate website can bring many benefits to any business, but developing one is a complex and complicated endeavor.
Website applications for companies A business website can serve multiple purposes and serve a variety of internal and external functions to increase the success of your business. Internal functions refer to the actions that users take when they are already on the website, while external functions serve to bring customers to the website, i.e. H. they refer to how the website appears on other portals, e.g. B. search engines, appears.
Internal Business Functions Internal business functions relate to how your corporate website presents information to users and guides them towards conversion, i.e. the moment when a user becomes a (potential) client by ordering something or contacting the company. This is achieved through the use of web design tools, such as content layouts, call-to-action elements, landing pages and many others. A quality website ensures that a potential client is easily able to find what he or she is searching for, and is then guided towards making a purchase or placing an order.
Another important function is to create a pleasant general user experience. A user is more likely to want to become a client if he/she enjoys the website in general. This is also linked to the fact that an abundance of interesting product-related information makes clients feel a lot more confident about their actions — they feel that in purchasing your product they are making a well-informed choice, which, again, increases the likelihood that they will actually want to buy it.
External business functions A website’s external business functions relate to how potential clients are drawn to the site, before they have had a chance to see what it contains. This is a particularly important task, as if a client does not enter the website, he/she cannot use it to make a purchase or carry out any other kind of interaction. Websites achieve this goal by optimising their content in such a way that makes it visible to search engines and ensures that whatever the user sees is relevant and attention-grabbing, encouraging them to visit the site.
There are many additional ways to ensure that your company website attracts the interest of potential clients, most of which are linked to the amount of additional information displayed in search engines — maps with your address, illustrations from the website, a list of the site's sub-sections, etc. The more abundant this information, the more trustworthy the company looks; this is achieved by careful manipulation of the website’s content, so that search engines deem it worthy of such a detailed description.
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The Panama Foundation is a type of private foundation specifically designed as an asset protection tool. It was introduced in 1995 by the Panamanian government (through the Private Interest Foundation Law) and is based on the principles of the Swiss, Luxembourgish and Liechtenstein family foundations. The most obvious benefit of the Panamanian Private Foundation is that it is a separate legal entity, independently able to exercise its rights, enter into contracts, acquire property, etc.
On the other hand, the difference between an offshore limited liability company and a private foundation is that the latter does not engage in commercial activity and cannot be used for commercial purposes. It is also not to be confused with a corporation, which has owners and members. However, a Panamanian private foundation can engage in any investment activity: real estate, stocks, bonds, patents, equity, shares, etc.
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With the right documentation and initial expenses, it is possible for a foreign citizen to open a bank account in South Sudan. 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 South Sudan, one must enlist the help of international experts to guide them through the process.
Legal structures in South Sudan 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 South Sudan, it is crucial that you have a thorough understanding of the financial and legal ramifications.
Initial investments The vast majority of bank accounts in South Sudan 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 South Sudan 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.
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15.03.2024 14:25
