Nominee services are usually provided by an intermediary in order to hide the beneficial owner’s business. Nominee services are related to nominee shareholder and nominee director. In the regular situation the nominee services should also involve a post box service (office address for correspondence purposes). Nominee services are suitable for large corporate structures for tax planning purposes and frequently involve international element. For instance, the ultimate beneficiary is based in other country rather than the company itself.
Nominee shareholder services are usually carried out basing on declaration of trust, whereas the nominee declares that he holds shares on behalf of other person and he is not entitled to make decisions in the company, to neither vote at a meeting of shareholders, nor receive dividends, unless specifically instructed by the client. The nominee has no rights to sell shares unless required by the client. However, the client and nominee may agree on specific duties that the nominee should carry out. Such duties are often assigned to lawyers and attorneys at law that are professionals in the field and may protect the client`s interest.
Nominee director also called 'shadow director', who usually appears only for official records, whereas the company is virtually governed by the client by power of attorney. On the basis of authorization the client may open a bank account and acquire full company management and control.
Advantages of nominee services The advantages of using nominee services appear in cases when a businessperson wants to keep his privacy and decreases the visibility into official records or does not want his name to be associated with the concerned company. Moreover, there can be a situation, when a person has restrictions to exercise the planned activity or when the law requires a local management, for example, a local secretary in Hong Kong.
When a quick action is necessary to register a company abroad, in case the client cannot travel, it is often more convenient to temporarily appoint a local company manager. If the intention is to open a company in overseas jurisdiction, such as BVI, Belize, Hong Kong, it might be physically complicated to arrive in person.
Nominee services usually guarantee confidentiality and anonymity. However, a disclosure sometimes happen at bank or in investigation authorities during court proceedings.
The nominee services are widely used for tax planning and asset protection purposes. If ultimate beneficiary of completely corporate structure is based in low tax countries, he should enjoy the benefits of low tax system for the received dividends from the earned profits.
Other advantage derives from the registration country and is often referred to financial statements and reports. In some tax haven jurisdictions there is no need for submitting the annual, therefore, low auditing and bookkeeping requirements that provide certain advantages, if the person is willing to increase privacy and confidentiality and hide his/her assets.
The advantages of using nominee services appear in cases when a businessperson wants to keep his privacy and decreases the visibility into official records or does not want his name to be associated with the concerned company. Moreover, there can be a situation, when a person has restrictions to exercise the planned activity or when the law requires a local management, for example, a local secretary in Hong Kong.
When a quick action is necessary to register a company abroad, in case the client cannot travel, it is often more convenient to temporarily appoint a local company manager. If the intention is to open a company in overseas jurisdiction, such as BVI, Belize, Hong Kong, it might be physically complicated to arrive in person.
Nominee services usually guarantee confidentiality and anonymity. However, a disclosure sometimes happen at bank or in investigation authorities during court proceedings.
The nominee services are widely used for tax planning and asset protection purposes. If ultimate beneficiary of completely corporate structure is based in low tax countries, he should enjoy the benefits of low tax system for the received dividends from the earned profits.
Other advantage derives from the registration country and is often referred to financial statements and reports. In some tax haven jurisdictions there is no need for submitting the annual, therefore, low auditing and bookkeeping requirements that provide certain advantages, if the person is willing to increase privacy and confidentiality and hide his/her assets.
There always is a chance that a business will require a legal structure based in North America. Whatever your aims may be — privacy, tax planning, holding — Confidus Solutions will help you incorporate a company. The Bahamas is a great jurisdiction for tax planning purposes. The most common company types are domestic limited company, usually used for doing business locally; company limited by guarantee, which should have at least two shareholders; and public company, which should have at least three directors and is subject to a compulsory audit. Belize offers a wide variety of legal structures, including private companies, limited liability partnerships, sole proprietor companies, public investment companies and trust funds. Panama offers several different legal entity types, providing multiple vehicles for achieving your personal and corporate goals and creating a suitable corporate structure.
Accounting services Confidus expert accountants and lawyers will be happy to offer you the following services:
Preparation and submission of financial accounts and reports; Payroll accounting; Drafting annual reports; Drafting and bookkeeping all internal accounting documents; Communication with local tax offices, if required; Corporate account management; Legal advice and bookkeeping assistance during audit; Revision, improvement and modernization of internal bookkeeping system. Choosing Confidus Solutions as your professional accountant will also provide you with the following benefits:
Cost reductions - We can help you get rid of unnecessary expenses and consolidate transactions and accounts; Efficiency and productivity lift - Our services shall give you broader vista for productivity and time to achieve your essential business goals; Quality accuracy and fast turnaround time - We adhere to high efficiency rate. We ensure that the highest possible quality of work is carried out; Clearness and data security - We draft and submit ongoing reports systematically. Rest assured your data are safe and secure with our professionals.
The monthly minimum wage in Germany is 1655 USD. Germany has a national debt equivalent to 26% of the country's gross domestic product (GDP), estimated in 2013. In terms of consumer prices, the inflation rate in Germany is 1.6%. The currency of Germany is the euro. There are several plural forms of the name "euro". These are euros, euros. The symbol used for this currency is €, abbreviated to EUR. The euro is divided into cents; 1 euro is 100. Every year consumers spend around 2,086,559 million US dollars. The ratio of consumer spending to GDP in Germany is 0.06% and the ratio of consumer spending to the world consumer market is 485%. Corporate income tax in Germany is 30%. Personal income tax ranges from 14% to 45% depending on your specific situation and income level. VAT in Germany is 19%.
Gross domestic product The total gross domestic product (GDP) calculated as purchasing power parity (PPP) in Germany is 3,748,094 billion US dollars. Gross domestic product (GDP) per capita, measured as purchasing power parity (PPP), was most recently $45,545,468 in Germany. In an international comparison, PPP is rated as very good in Germany. A very good PPP shows that citizens in this country find it easy to buy local goods. Local goods can include food, shelter, clothing, healthcare, personal hygiene, essential furnishings, transportation and communications, laundry, and various types of insurance. Countries with very good PPP are safe investment locations. The total gross domestic product (GDP) in Germany is 3,730,261 billion. Because of this statistic, Germany is considered to be a large economy. Countries with large economies support a variety of industries and businesses and offer numerous opportunities for investment. Large economies support a significant financial sector, making it easy to organize investments and financial transactions. It should be very easy to find good investment opportunities in Germany. The gross domestic product (GDP) per capita in Germany was last at $45,328,768. The average citizen in Germany has a very high level of wealth. Countries with very high per capita wealth have a longer life expectancy and a very high standard of living. Highly skilled labor can be found in many industries and labor is very expensive in these countries. Very wealthy countries offer safe investment opportunities as they are often backed by a diverse and thriving financial sector. The annual GDP growth rate in Germany averaged 1.4% in 2014. Accordingly, Germany is currently recording modest growth. Modest growth countries offer safe investment opportunities; Their expanding economy suggests that businesses, jobs and incomes will increase accordingly.
A shelf company, also sometimes called a shelf or aged corporation, is a company that has been incorporated some time ago, but was not operationally active, therefore – has been put on shelf. While a ready-made company has similar characteristics, the main difference between both is that ready-made company has been registered recently as opposed to a shelf company.
Shelf companies are generally divided into two categories: a new shelf company, or an aged company:
Acquisition of a new shelf company provides you with a guarantee that this business has not engaged in trading, is clear of debts and has a perfectly clear history. The investor can be certain that it will be possible to start the business operations without any administrative or financial burdens that could have occurred prior to purchase. Generally, these companies have been created in the past with the sole purpose of selling them later as a ready-made company. In this case, the seller is able to show a certificate confirming that no trading has taken place and the company is free of any business debts and liabilities; Acquisition of an aged shelf company provides you with a previously active business with its trading history and possible liabilities. Therefore it is crucial to receive a letter of confirmation from the seller that any commitment – including debt – prior to acquisition are incumbent upon the seller instead of the buyer. Aged shelf companies are preferred for commercial and branding purposes. Advantages of a shelf company acquisition The new shareholders can gain from various benefits if they prefer an acquisition of already established company instead of incorporating a new one. Below are the most common benefits:
Often may be done remotely – generally, an acquisition of a ready-made company is also allowed from abroad – the shareholders are not required to take part in the process of acquisition in person. In this case, the buyer receives a sample of power of attorney via e-mail, which then needs to be signed, legalized and sent back by post. With the power granted by the power of attorney, new shareholders of the company are registered and all corporation documents are sent to the buyer by post. Afterwards, bank account can also be opened remotely. This procedure may differ among countries and service providers; Less time-consuming – among other benefits, one of the most important one is a possibility to save time through an acquisition of a shelf company. While the average time needed to incorporate a new company differs greatly among countries, according to World Bank, the average time to start a business in the world was almost 21 day in 2016. The acquisition process is believed to be simple and straight forward and the company is able to begin its operations immediately. Furthermore, all service providers will advise on all uncertainties, facilitating the acquisition process; May be acquired as a whole package – one of the reasons why an acquisition of a ready-made company is less time consuming is the fact that the buyer is able to acquire a fully registered company with a VAT and registration number, particular licenses, if needed, and even a bank account. In addition, usually the new owner receives all documents and tax returns that have been submitted to the office prior the purchase. Although an acquisition of a shelf company will cost you more than opening a new company, this option can even be more cost-effective if taking account the time saved and a possibility to start earning money almost immediately.
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.
The Chinese market is huge and evolving, so there are many benefits to registering your trademark in the registers of the Trademark Office of the State Administration of Industry and Commerce of the People's Republic of China (SAIC).
Since the entry into force of the TRIPs agreement, the legislation on registration and protection of trademarks in China has become more and more similar to that in Europe. Nevertheless, the process was gradual and not yet complete, as the TRIPs agreement provided only basic rules that could be implemented by the states, dividing the agreement in the long term according to their legal situation. Companies that do not promptly register their trademark in China face many problems when trying to fight counterfeiting of their products in order to obtain trademark protection in China.
If you don't register on time, there is a big risk that your brand has already been “copied” and registered by a local company in China before you start your expansion in the Chinese market.
In fact, unlike courts in Europe and the United States, Chinese courts can completely reject the global practice of granting protection to unregistered trademarks of well-known companies. For example, in 1996, a Chinese apparel company registered a graphic of a horse identical to Ferrari's. The Chinese Trademark Office rejected Ferrari's objection to the registration on the grounds that the Chinese company had applied for registration of the graphic first (first-to-file principle). Ferrari appealed the decision, arguing that the symbol was recognizable as the symbol of the Ferrari brand around the world, including China. In 2007, after 11 years of litigation, the Beijing First Intermediate Court ruled that Ferrari's horse graphic was not a famous brand among Chinese consumers and deserved no legal protection, although the "Ferrari" name was.
In the near future, the situation may change due to the development of Chinese technology and trade, which will make Chinese companies interested in trademark protection as well as European and American companies, which may make the competition even fiercer.
Considering that the mere use of the trademark without registration is legally irrelevant, you should act before starting your commercial activities. This is also important because the effects of legal protection in China come into effect from the moment of registration and not just from the moment of filing, and the usual time to obtain a registration is around 2-4 years.
Mon Mar 25, 2024 8:12 pm