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  • Thema von MarkBennett im Forum Dies ist ein Forum in...

    There is one scenario, when Canadian legislation foresees a possibility to register a Canadian legal entity and operate within it with a zero tax rate. This is possible via a legal type of business, called Limited Partnership. LP is a partnership with two or more partners. Each LP is required to have at least two partners: General Partner and Limited Partner. Both types of partners can be either a private person, or a legal entity.

    A Canadian LP with foreign partners and no business activity in Canada is not liable to taxation in Canada. This is possible due to the fact, that Canadian tax legislation does not perceive an LP as a separate subject of taxation. Instead, taxes should be paid by the partners in their residence country. Since LP is not considered a Canadian resident for tax purposes, this legal entity is not entitled to advantages of Double Tax treaties between Canada and its partner countries.

    Possible applications of a Canadian LP holding structure
    There are several popular uses of Canadian LP:

    A regular company for business purposes in Canada, EU, US or any other regulated jurisdiction;
    An agent working under Sales Agency Agreement;
    IT support and software development services or other online based businesses, such as marketing, webstore, auction or website development services;
    A holding company due to beneficial tax exemption for LP.
    In addition to highly advantageous taxation environment for LPs, there are numerous other benefits to consider before deciding whether Canadian LP is the right choice for your business:

    Being a reputable Canadian company;
    No requirements regarding the residency of partners;
    No requirements for company secretary to be appointed;
    No requirements to file annual financial statements;
    Possibility to establish a one-man limited partnership, where one person is both – the general partner and the limited partner;
    No requirements regarding minimum authorized capital.
    Readymade limited partnership (LP) acquisition process
    If you are not familiar with Canadian company set-up requirements, or simply have no time to incorporate a new LP, you are able to acquire a ready-made, or shelf company. A ready-made company is a legal entity that has been registered some time ago, but no operational activity is taking place in this company, therefore, it is “sitting on the shelf”. When acquiring a shelf company, you are able to acquire a business with reputable age, which inspires more confidence among suppliers, partners, clients as well as financial institutions.

    Shelf companies in Canada generally are sold with the Articles of Incorporation, Certificate of Incorporation, Revenue Canada Tax Business ID number, Corporate Organizational Minutes as well as Resolutions, Corporate Minute Book, by-laws and finally – customized stock certificate. The ready-made company is organized according to the client’s wishes with shareholders, directors and officers indicated by him or her. In case you would like to change the company name, this can be easily done upon acquisition of the shelf company. There are three types of ready-made companies in Canada: Federal, BC and Ontario shelf companies. Each of them is different in terms of partner suitability and other requirements. For example, if you are a non-resident, you are allowed to purchase only a BC shelf company.

    Advantages of having a Canadian LP structure
    There are numerous benefits of acquiring a ready-made company. First of all, you are able to acquire an already established company without wasting your time on incorporation documentation and procedures. This also means that you are able to start trading as soon as the acquisition process is complete. Additionally, each company becomes more credible when it ages. You will be able to use this benefit when negotiating with partners, attracting new clients, as well as simply opening a bank account or acquiring a credit.

    How to purchase readymade Canadian LP?
    The easiest way to acquire a ready-made company is through a company that specialises in such services. Typically, these companies acquire inactive companies to keep them “on the shelf” until a potential buyer decides to acquire one of them. Additionally, most of these service providers also incorporate new companies and leave them for some period of time. You are able to acquire a ready-made company in four easy and straightforward steps:

    Go online and shop for the most suitable service provider depending on their service package, fees, possible client reviews, credibility and other aspects.
    Fill an application form and submit it along with all the necessary documents and other information.
    Pay all the service and government fees.
    Receive already complete company incorporation documents. From this moment, you are able to start trading.
    Generally, prices for ready-made companies differ among service providers and become higher with the age of the company. This is due to the fact that older companies take more time of maintenance and they become more credible over the years. Prices are typically calculated per month.

  • Shelf company acquisition in IrelandDatum28.11.2023 10:55
    Thema von MarkBennett im Forum Dies ist ein Forum in...

    When a foreign entrepreneur has decided to invest in Ireland, he or she can either incorporate a new company or purchase a shelf company. Shelf company, also called readymade company, is a legal entity that has been incorporated previously and sitting on a shelf ready to be purchased for immediate use.

    Generally, there are two types of shelf companies. They might be called differently, but the main idea is that the first type of shelf company is clean, meaning that no transaction has ever taken place in this business. The other type of shelf companies are usually older and with operational history. While the investor has to be cautious and do his due diligence before the acquisition of an aged shelf company in order to avoid purchasing a company with debt or other liabilities, there are various advantages and reasons, why investors might choose a shelf company that has actively operated some time ago.

    One of the main reasons why investors might prefer an acquisition of a shelf company rather than incorporating a new legal entity is the difference in the time spent for both procedures. When setting up a new company, an entrepreneur has to go through a complex and time consuming procedures, whereas a shelf company is already incorporated therefore the business can start operating almost immediately. Generally in Ireland, the new shareholders are able to acquire a company number within just 24 hours or even in the same day. Another important advantage is the additional credibility with suppliers and customers if a company has been incorporated some time ago rather than recently. Also, if you are operating as a Sole Trader or in a Partnership with a legal entity which has been established in the past, it is also possible to receive tax planning benefits.

    Procedure of shelf company acquisition in Ireland
    When purchasing shares of a shelf company in Ireland, you are required to notify the Companies Registration Office. While the process of the share transfer is similar to an incorporation of a new company, it requires significantly less time and documentation and the company can be used immediately. The new shareholders of the company are required to provide the agreement of share purchase and, if the buyer is a legal entity, an extract from the Trade Register is also necessary. The shares’ purchase agreement has to be notarized and Articles of Association has to reflect all material changes, such as the new company name, different object or activity, registered address and information about the new shareholders.

    Generally, the easiest way to purchase a shelf company, especially if you are a foreign entrepreneur, is through companies offering such services. These companies acquire inactive companies and keep them until someone is ready to buy them. They also incorporate new companies for the same reason, but the main difference is that these shelf companies have never had any operational activity. The procedure is relatively straightforward and in case of any uncertainty, professionals will be there to help you and in few easy steps you will acquire a shelf company:

    Find a company that provides shelf company acquisition services. Perform a due diligence on this company as you have to trust them with their research and ability to offer quality shelf companies without liabilities.
    File an order and provide all necessary information necessary for the process. An official document allowing to operate on behalf of the new shareholders needs to be signed. Generally, the service fee and the shelf company’s price needs to be paid in advance of documentation processing.
    Your service provider will transfer the shares to the new shareholders, change the directors, secretary and the registered address of the company as well as can 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 as well as the age of the shelf company.

  • Thema von MarkBennett im Forum Dies ist ein Forum in...

    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 advantages. 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 in 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.

  • Top destination for global investmentsDatum08.06.2023 19:39
    Thema von MarkBennett 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 just 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.

    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.

    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 lowered 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.

    Hong Kong
    Hong Kong is a special administrative region of China. While Hong Kong is often considered a separate entity from China, it is not a country and therefore appears under the name of China in all lists and rankings. China ranks 26th among the best countries to invest in and 20th among the best countries in general.

    Hong Kong's legal system is characterized by strict adherence to principles and the rule of law. It operates a free trade economic system and encourages minimal government intervention in most areas of the economy. This reflects the low number of tariffs and tariffs on traded goods, making it a better place to invest than other parts of China.
    Foreign investment is attracted by promoting a favorable investment climate with low taxes, few restrictions and additional incentives to encourage investment. The corporate tax rate is 16.5% with the option to waive 75% of the tax. No tax is levied on dividends.
    Company formation is a simple and quick process. All applications for company formation also include an application for the commercial register. The application can be submitted online and typically takes an hour to process (as opposed to four days if the application is submitted on paper).

  • AML policy core principlesDatum17.01.2023 19:28
    Thema von MarkBennett im Forum Dies ist ein Forum in...

    Although AML policy may differ from bank to bank, the main principles are common customer due diligence (CDD) procedures based on know-your-client principles. The due diligence process is based on the information provided by the customer in the questionnaire. This questionnaire needs to be updated frequently. If the person transfers funds that significantly exceed the stated cash flow, the bank may ask additional questions to verify the purpose of that transfer. If the company changes the business profile, it must inform the bank. Additionally, when collaborating with a new company, the company must notify the bank to ensure a smooth transfer process. Typically, banks or other large financial institutions have a dedicated department that challenges AML. This department is called the Legal Compliance Department.

    AML and customer due diligence definitely impact customer privacy. However, the purpose of the investigation is based solely on protecting public interests and preventing financial crime and supporting terrorism. Consequently, a lack of research would seriously jeopardize the internal market of the European Union.

  • Corporate documentsDatum26.12.2022 13:13
    Thema von MarkBennett im Forum Dies ist ein Forum in...

    Corporate documents, also known as legal documents, are a set of specific documents that write down all the necessary facts about the company. These documents are called the face of the company as they are the source of official information about the company. Whenever a company is formed or changed, documents containing facts about the company or the facts about the changes in company law must be filed with the business register. The registry amends the information in the commercial register and attaches the submitted documents to the company's file so that any person is entitled to receive the official facts about the company.

    There are different types of corporate documents, each containing different information. The most important documents are the constituent documents, such as the memorandum of association and the articles of incorporation.

  • Top three famous holding companiesDatum02.11.2022 14:17
    Thema von MarkBennett im Forum Dies ist ein Forum in...

    As of 2016, the world’s top three holding companies by trade revenue are:

    Kraft Foods Inc.
    The Coca-Cola Company
    American Express Co.
    Kraft Foods Inc. is a food and beverage holding company with a revenue of 54.365 billion USD. It was initially founded as a holding company with interests in the US ice cream market, before gradually expanding into many other sectors. It currently (2016) owns 124 companies from various sectors as subsidiaries, making it one of the largest holding companies in the world.

    The Coca-Cola Company is a syrup and non-alcoholic drinks holding company with a revenue of 44.294 billion USD. It is best known for its brand drink, Coca-Cola. The holding company itself, and its subsidiaries, are mostly focused on producing syrup bases for their drinks, which are then sold to a number of other companies that hold a Coca-Cola bottling license for producing the drinks. Some of these bottlers are independent, while some are owned by the holding company, comprising a separate tier of subsidiaries.

    American Express Co. is a financial services holding company with a revenue of 34.44 billion USD. Its signature product is the American Express credit card, the fourth most popular credit card in the world. It became a holding company in 2008, driven by the ongoing financial crisis, which made the business eligible for certain types of government aid. This allowed it to maintain its strong position even in the midst of international economic instability.

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