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.

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.

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.

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.

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).

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.