The UAE as a modern offshore trading hub Zitat vormerken[edit] Antworten The United Arab Emirates or UAE offers a unique combination of quality lifestyle, a fast growing economy and high standards of comfort and security. The UAE authorities have established the country's reputation as a global business hub by creating distinct zones for company incorporation and trade. For example, the UAE's free trade zones, or simply free zones, were developed to stimulate international business and are usually industry specific or linked to ports or airports.
These free trade zones offer the opportunity to set up an offshore company in a location with highly developed infrastructure for banking and finance, business, tourism and entertainment. In addition to facilities for children and young people such as kindergartens, schools and international colleges, the free trade zones offer a high standard of living, security and stability. An important restriction to mention is the ban on trading in the UAE market. An offshore company in a free zone can only operate in the local business market through a local distributor.
Another very good reason to choose the UAE as the right place for your company incorporation is that offshore companies benefit from attractive investor interest protection laws and special tax regimes with 0% VAT, corporate and income tax. Like many Middle Eastern countries, the UAE earned most of its wealth from the oil industry. Although the oil industry is no longer the main source of income in the UAE, the country can still afford to live a tax-free life to attract international companies and workers who further enrich and diversify the economy. The Vice President and Prime Minister of the UAE once stated that his country would never introduce an income tax to address the deficit. In addition, capital gains, inheritance or rental income are not taxed.
Offshore companies incorporated in one of the free trade zones must comply with the laws of that zone. The incentives can also vary; Most free trade zones offer 0% corporate income tax as one of their many incentives, provided the company does not trade with residents of the jurisdiction.
Following the IMF's suggestions that the application of VAT could help diversify the UAE's economic resources, it was announced that from 1 January 2018, a 5% VAT would be introduced in the UAE. Certain groceries, educational and health items, bicycles and social services are exempt from VAT.
The UAE economy is growing steadily and according to the IMF will grow by 1.5% of real GDP in 2017. It is currently the third largest re-exporter in the world and the Abu Dhabi Fund for Development is considered one of the largest stabilization funds in the world. In addition, Dubai has taken various measures to develop all sectors of its economy, as a result of which oil revenues today account for less than 20% of total revenues, while the rest comes from business and finance sectors, air travel, tourism, transport logistics and education.
The UAE accounted for 62% of all private equity investments in the Middle East and North Africa by value and 34% by transaction volume in 2016. These positive changes were mainly driven by a sharp increase in investment in technology-related sectors – FinTech, IT and E- Commerce in particular. The number of disclosed private equity investments reached 244 (the highest number since 2008), with the largest deal of $350 million being raised by Careem, a regional provider of transportation services headquartered in the United Arab Emirates.
The United Kingdom of Great Britain and Northern Ireland or simply the United Kingdom is the largest state in the British Isles and comprises the island of Great Britain, Northern Ireland which is located in the north-eastern part of the island of Ireland and the Republic of Ireland borders many other smaller islands. This country has a long and rich history combined with a liberal, modern and forward-thinking mentality. Due to numerous waves of immigration, Great Britain is culturally extremely diverse. Not only is the UK one of the world's leading financial centers, it has numerous other strong industries that together make up the fifth largest economy in the world and the second largest economy in Europe after Germany.
The UK is currently going through major changes and one can only wait and see what the UK economy will look like once it leaves the European Union. For now, we can take a look at popular applications from UK companies and why the UK is one of the top destinations for foreign entrepreneurs.
One entry point for the rest of Europe The UK is an important gateway to the rest of Europe. The UK is a major trading partner within the European Union and also has ties to other Commonwealth of Nations member states. Access to larger markets is a crucial factor for any business and many foreign entrepreneurs see the UK as the most advantageous location to do business in order to reach as many other markets as possible.
Currently, the UK enjoys being part of the EU single market, which means that UK registered companies can trade freely with any member country of the EU single market, among other things, without tariffs, quotas or trade taxes. This is not only financially beneficial for the UK businesses, it saves time and most importantly - they get a huge customer base. After exiting the European Union, the UK will most likely exit the single market, however trade deals are being negotiated to continue to benefit from the potential customer base in the EU.
Develop new products In 2011, the UK government launched a campaign to encourage a business-led recovery from the recession. The campaign, called StartUp Britain, was designed to inspire and support entrepreneurs. Since then, annual birth rates have increased each year as entrepreneurs value the technical support provided for new product development and other support needed by entrepreneurs. This is just one example of numerous campaigns, think tanks and incubators across the country. In addition, the UK is rich in resources and extremely bright professionals willing to change the world with their business ideas.
Find new customers, suppliers and partners According to the World Bank, Britain is home to more than 65 million people and is one of the few countries in Europe where the population is expected to grow in the future. Entrepreneurs are rightly taking advantage of this large base of wealthy clients.
But the UK is attractive to foreign and local entrepreneurs not only because of the advantages offered by the large local customer base and potential markets, but also because the UK is a perfect location to meet new suppliers and partners for your business . Just like you, numerous other entrepreneurs decide to relocate to the UK every day for the above reasons. Due to the popularity of the English language, foreign entrepreneurs can communicate with each other, as well as with local entrepreneurs, without a language barrier. Numerous trade and business related conferences, shows and workshops are frequently held in the UK, helping to bring together like-minded people with business ideas.
Confidus Solutions employs a wide range of experts in different fields: lawyers, real estate experts, bank agents, accountants, tax consultants, and other professionals. Our company's representatives have vast experience dealing with individual clients, providing wealth management, personal tax planning, due diligence as well as transaction assistance services. Confidus individual services can provide you tailor-made solutions in Switzerland.
Swiss individual support services & legal solutions Order one of the provided Swiss individual support or wealth management services and we shall provide you a custom, tailor-made solution. Confidus Solutions, collaborates with a number of professionals from different industries, develops an efficient strategy and creates a unique solution designed for each customer specifically. Once the communication is established, you will receive a list of documents and information required to proceed.
In South Sudan, the form of government is a presidential republic. In South Sudan, legislative power rests with a national legislature. The head of government is Salva Kiir Mayardit. A country's governmental structure determines the way laws are written, passed and interpreted. The type of government determines the way elections are held as well as the country's system of policing its citizens. The term of office of the head of state in South Sudan lasts until 43466. The length of a head of state's term in office has a direct impact on the power and influence of the executive position. A longer term gives the head of state more authority. The Global Peace Index (GPI) for South Sudan is 3,383. The strength of the legal rights index for South Sudan is 2. Overall, it is considered to be rather weak – bankruptcy and collateral laws fail to protect borrowers' and lenders' rights in the event of credit-related complications; Credit information is scarce, if any, and difficult to access. In 2013, South Sudan received US$1578 million in foreign aid. In 2014, foreign aid was $1088.
Government Salva Kiir Mayardit is the head of government in South Sudan. South Sudan's system of government is a presidential republic. In South Sudan, legislative power rests with a national legislature; It is a bicameral legislature and therefore a bicameral national legislature. According to the World Bank Group, the government effectiveness index in South Sudan is -2.13. This indicates that the government of South Sudan is very ineffective. The government is unable to provide civil and public services to its citizens and has fostered a situation that is causing political and social unrest.
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.
A VAT return – is a balance document, which indicates the amount of VAT due on sales (also known as the output VAT) and the amount of VAT that can be returned on purchases (also known as the input VAT), hence providing detailed information about how much VAT is paid and how much can be reclaimed from the local tax administration.
Periods of VAT returns The periods of VAT report mostly depend on the turnover of the company, number of deals within the EU and on the legislation of the specific EU Member State. Most common periods for VAT returns are:
On monthly basis: 1) for EU companies with large turnover and large amount of transactions; or 2) typical for such EU States as Bulgaria, Poland, Czech Republic; On quarterly basis: typical for such countries as Cyprus, Austria, the Netherlands; On semi-annual basis: this period term is used rarely for companies with limited activity or 2) companies which are newly registered for VAT (for example, Cyprus); On annual basis: 1) in some EU States Annual VAT Return is used as additional report uniting all monthly or quarterly VAT declarations submitted throughout the year (for example, in Italy); or 2) this period can be used for non-active companies, which have VAT numbers. We must note that more and more EU Member States move to monthly VAT returns, due to the toughened compliance and increased amount of intra-community deals, and especially, increased amount of fraud deals with 0% VAT rate application.
Information indicated in the VAT return Each Member State draws its own rules for VAT returns, but there are some common guidelines for all VAT declarations:
Totals of all incoming and outgoing invoices (dis-regardless, made with EU or non-EU companies); Totals of VAT for all incoming and outgoing invoices (including all types of VAT rates: standard VAT rate and reduced VAT rate); VAT amount due (total of VAT payable to the government); Total of intra-trading supplies with 0% VAT rate (including names of countries, where the goods come from and where they are delivered to). Besides periodic VAT declaration VAT scope of work includes:
EC Sales Lists (ECSL) and Intrastat forms; VAT Refunds; EORI number requirements.
Poland has a corporate tax rate of 19%. Companies that operate under VAT have to pay tax on purchases at 23%. Certain services, like those related to some foodstuffs, fruit juices, certain books and periodicals (excluding e-books), some agricultural supplies, and others, benefit from a 5% VAT rate.
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05.02.2024 16:26
