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 Swaziland When establishing a company in Swaziland, 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 Swaziland 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.
South Korea has a good reputation among other countries worldwide when it comes to company formation. However, there are some basic precautions which must be taken into account when doing business in this country. For example, government transactions necessary for corporate documents completion are done in Korean. For this reason one may need a help of a professional who speaks this language in order to settle business affairs.
Doing business in South Korea Another requirement is that the joint venture partner, if he or she is a South Korean shareholder shouldn't be a nominee in order to meet the rules of foreign company incorporation. Because of the Confucian ethics Koreans respect senior members of any community including business community; therefore senior business partners are welcomed to be present during important business meetings when concluding contracts with Korean clients or suppliers.
When incorporating a company in South Korea, such documents as tax return and annual audited financial statements should be submitted to country's authorities. In order to settle this annual statutory obligation in an effective manner one may need professional advice of Korean business specialist.
Business structures available in South Korea There is a Korean Commercial Act the Commercial Code of Korea which provides for three main types of business organizations: private businesses, corporations and offices. Corporations are usually divided into General Partnership (GP), Limited Liability Partnership (LLP), Joint Stock Corporation (JSC) and Limited Liability Corporation (LLC).
In general there are several business structures available in South Korea these days: local corporation, private business, branch office and liaison office. There are two types of business ventures when it comes to establishing a local corporation (company): joint stock corporation (company) or JSC and a limited liability corporation (company) or LLC. The number of shareholders of LLC is usually not exceeding 50 and there are no requirements of board of directors. JSC must have at least one director who is elected and represents the board of directors.
Private business also includes the same amount of investment. Such business is often treated as Local Corporation due to owner taking all profits made while doing business and being a subject to unlimited liability. Branch office, on the other side, is when there is a representative of a foreign company in the frames of Korean branch office which must be registered with the court.
Business forms In Partnership members have unlimited liabilities, meaning that every member has the authority to represent the company being liable to repay the debts of the company in case it will not repay its debts. However, the transfer of an ownership is limited. In Limited Partnership members have unlimited liabilities and limited liabilities. Unlimited members have the authority to execute the company's corporate affairs. Limited members participate in the company only by making capital investments and do not have executive power.
Korean company formation requirements and restrictions In case if a foreigner wants to register himself as a foreigner-invested business - JSC or LLC the investment amount not less than 100 million is needed. Shares in such companies not necessarily must be held by Korean resident shareholders. JSC and LLC have higher compliance and administrative requirements than other business structure referred to as Branch office. There must be minimum two partners who are not limited by nationality. There are restricted series of sectors for foreign investment existing.
Branch office usually is not recognized as direct foreign investment and is treated as a single legal entity with no limits regarding investment or ownership and no requirements regarding formal incorporation while having rights to engage in sales activity that is why they are best for small-scale operations with an opportunity to move to a local subsidiary later in case it will be needed. Branch office establishment procedure is simpler than as it is with the previous business structure described.
Liaison office usually undertakes non-sales function referred to as market research etc. while not carrying out business that generates profits in the country. It is a business activity which is usually conducted in the name of the parent company. It is quite simple to establish. Such business structure must have been registered at the tax department while being also granted a distinct number, stating business registration.
If you have a company in Poland or setting up a business, then you have will have to prepare annual financial statements on the activities of the company. Financial reporting, management report, and auditor’s report – we are ready to provide you with all these services for your business.
Accountancy solutions The principle of consistent and continuous entry of entries into the accounting account registers is implemented in the form of specialized books (ledgers), on the basis of which the annual financial report (sprawozdania finansowego) is drawn up.The reporting includes:
balance for 12 months (bilans) – submitted before July 15 of the next year; information on profit and loss; appendices and explanations: auditor’s opinion, protocol on the distribution of profits and payment of dividends, confirmation that the report was approved at the meeting of founders.
The full package of documents is submitted to the National Court Register (KRS), since 2019 this can be done only in electronic form.
If the company is not subject to registration in the register, then the report is sent through the Central Register – Centralnej Ewidencji i Informacji o Dzia?alno?ci Gospodarczej until April 30 of the year following the reporting year.
The specialists of our company will be happy to help you with bookkeeping in Poland. We provide a comprehensive, quality service for you, and all types of audit services including, financial reporting, management report, and auditor’s report, as well as give a consultation.
Maintenance of financial accounting and reporting Our company takes care of all the issues related to accounting, from the processing of primary documentation to the provision of all necessary reports to the regulatory authorities.
Support for statutory or internal audit We provide statutory and internal audit service to any organization is one of the important aspects of business activity.
Preparation of annual reports Every year the company must submit an annual report about their activities. It does not matter if you made a profit or not. Our company provides accounting services for enterprises in Poland, which operate in various fields of activity.
Drawing up permanent reports on accounting documents All organizations in Poland are required to prepare financial statements based on synthetic and analytical accounting data. The financial statements are signed by the head and the chief accountant (accountant) of the organization. By law, tax reports are submitted to the regulatory authorities on a monthly or quarterly basis.
Management of company accounts Management accounting is one of the key factors when discussing business programs, plans, and goals in large organizations. Management accounts are usually built from multiple income statements of the firm. Management reports are usually prepared monthly or quarterly.
HR payroll management The goal of HR payroll management is to simplify HR management processes and save your time. Payroll and tax calculations are also included in the package.
Buy, register or acquire a new or finished company with the help of Confidus Solutions. We provide full business and legal support when starting a new business or purchasing a finished business. Our areas of expertise include commercial law, mergers and acquisitions, contract law, tort law, intellectual property law, tax law, accounting and other business-related services. For more than 10 years, Confidus Solutions has brought together business and legal experts dealing with acquisitions and company registration in more than 150 countries.
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.
Given that within the European Union there are no withholding taxes on IP royalties between member states, we can suggest a number of countries where royalties are particularly advantageous.
CYPRUS The intellectual property royalties tax regime in Cyprus has changed as a result of the recommendations of the Organization for Economic Co-operation and Development (OECD) Action Report 5 and the Ecofin Council conclusions published on 8 December 2015. Legislation has been changed to limit the companies that can benefit from research and development (R&D) exemptions, but the tax rate in Cyprus is still one of the most favorable in the EU for foreign companies using Cyprus intellectual property want to license -resident companies (intermediaries), where this right is then sub-licensed to the end user. Overall, the effective tax on IP royalty income should be less than 2.5%.
IRELAND In 2015 Ireland introduced an effective corporation tax rate of 6.25% on intellectual property income based on an allowance for research and development costs borne by the company. By linking the two components in this way, Irish law encourages companies to conduct R&D directly within the EU - leading to the creation of intellectual property - while discouraging them from acquiring licenses without directly committing to R&D.
BELGIUM Belgium has introduced a tax system that favors those with income from acquired copyrights. This tax regime can have many different applications and can be used to protect artworks as well as a useful tax break for IT developers. Income from IP rights royalties is taxed at 15%. This income is not taken into account when calculating social security contributions. In addition, these taxes are reduced by 50% for imports due to the application of standard import costs. The first €15,000 that a copyright owner earns in a year is therefore taxed at 7.5%, and the next €15,000 at 11.25%. This tax system applies to people with a total annual income of up to 56,450 euros.
LUXEMBOURG In general, corporate tax in Luxembourg is 29.22%, but for IP licensing income it can be as low as 5.8%. This is due to an 80% corporate income tax exemption. Interestingly, this exemption also applies to companies that have registered a patent for use in connection with their own business, which then calculate a notional net income as if they had received the licensing income.
ITALY Italy is a larger market compared to the other countries discussed and can be a very attractive place for a company to invest in R&D since 2015 companies have been able to deduct intellectual property income from their taxable income base. The tax deduction was set at 30% in 2015, 40% in 2016 and 50% from 2017. Businesses will therefore enjoy a significant tax rebate by reducing their taxable income.
THE NETHERLANDS Since 2010, IP income has been taxed at only 5% in the Netherlands. Except for patents, there is no income limit. Patent holders can actually have access to this tax regime if their share of the expected revenue is between 30% and 70%, taking into account the total combined revenue from patents and other sources. These rates also apply to foreign companies owning intangible assets or companies that have received research and development accreditation from the Dutch Ministry of Economic Affairs if they are owners of software IP or trade secrets. The only other caveat to this favorable tax regime is that it doesn't apply to marketing and branding-related assets.
Germany has a corporate tax rate of 30%. Companies that operate under VAT have to pay tax on purchases at 19%. Certain services, like those related to some foodstuffs, water supplies, medical equipment for disabled persons, some domestic passenger transport, intra-community and international passenger transport for certain road, rail and inland waterway transportation, and others, benefit from a 7% VAT rate.
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31.01.2024 14:14