A trust is a form of contractual relationship in which legal ownership of assets is transferred from a settlor to a trustee. When a settlor partakes in this relationship they give up any ownership or rights to the trust assets, meaning they are not able to give any instructions to the trustee over the way the asset is managed. However, the settlor may make suggestions to the trustee in the form of a letter of wishes, which is a non-binding document.
One of the biggest challenges companies face today is opening corporate bank accounts, this is difficult in any jurisdiction and even off-shore companies have issues.
A corporate bank account is a universal need across all businesses. The specific needs of businesses vary but in general bank accounts are required to track cash balances, payroll (money paid to employees), money owed to the business and money owed to creditors. For international businesses, this service is essential for making payments abroad or receiving foreign income. This is equally important for transferring funds between a parent company and its subsidiaries. However, setting up a bank account in a foreign country isn’t an easy task. In some jurisdictions, it is especially difficult to get approved which is odd considering how essential banking services are to the operation of a business.
There are tens of thousands of German-based businesses, with more companies being formed every day, from sole proprietorships to large corporations. Germany has the fourth largest economy by national GDP and fifth largest with respect to PPP. Germany’s prominent economy is largely due to the small and medium-sized businesses (SMEs) operating there. The government has engaged in a large catalogue of positive measures including PR campaigns and funding programs to boost public-private partnership and entrepreneurial spirit. The country is actively promoted as a future-oriented, financially inclusive destination with a well-laid path for SMEs and large multinationals. Included in these efforts is the recent, startup initiative “Gründerland Deutschland” that encourages start-ups and entrepreneurial activity throughout Germany. The various incentives for attracting international businesses and entrepreneurs are laid out in this article.
The Isle of Man is an island situated in the middle of the North Irish Sea, in almost equal distance to England, Northern Ireland and Scotland. Its climate is temperate and mild with long sunny days in the summer months, making it a popular tourist destination. The quality of life on the island is very good with a high standard of living and low crime rate. Unemployment is almost negligible and a strong community spirit is lived there. The island has a relaxed and quiet way of life. Another notable aspect of the island is the high standard of education and health benefits. The Isle of Man boasts a diverse and thriving economy that is currently enjoying its 31st consecutive year of growth.
Global trends are evolving and entrepreneurs are looking for new ways to meet the demand of their customers. Many companies are looking to expand their operations to European hubs from which to serve the European markets. In many cases, businesses are required to establish European subsidiary companies in order to work with specific suppliers or identify new trading partners. Foreign investors must consider many factors including ease of set up, availability of bank accounts, tax rates and ease of trade when deciding which jurisdiction is the best fit for their business.
By Caitlyn Buchanan, 26.06.17
The terms “offshore account” and “offshore company” have come to be commonly understood as a means of hiding money from authorities. However, the majority of banking and business conducted abroad is legitimate. So-called “offshore” locations offer an easier solution to investing, travelling and living abroad because there is reduced regulation to overcome. Before you invest it is essential to know the requirements and restrictions of your chosen destination.
By Caitlyn Buchanan, 16.05.17
It is said that people who work from home are more productive and happier in their jobs than traditional office workers. Virtual offices are ideal for entrepreneurs who are constantly on the move or do not have a significant physical presence in the locations their clients are based. Running your business from a virtual office can save you money and give you the flexibility you crave.
This article contains useful information to help reduce the challenges remote workers face. We put the focus on to building trust when working with a virtual team or providing services from a remote location.
By Caitlyn Buchanan, 24th April 2017
Bulgaria is well-known tax haven for investors and many foreigners are now making this соuntry thеіr hоmе. Now many companies are moving their operations in Bulgaria because of reduced labour costs and a low corporate tax rate of 10%. With a simplified tax system, businesses can decrease their administrative and tax expenses by more than 20% on annual basis.
If you are considering making the move to Bulgaria there are some cultural aspects to be aware of. This аrtісlе aims tо provide іnfоrmation аbоut Bulgaria and thе еvеr іmроrtаnt dеtаіlѕ that mаkе it easier to undеrѕtаnd this сountrу and the wау of lіfе
By Caitlyn Buchanan, 22nd March 2017
Spain is a nation of rich culture and traditions offering vast business opportunities for local and foreign investors. Although recession has caused Spain adversity in the past there are strong signs of economic recuperation. Starting in 2016 the level of unemployment decreased and now sits at 18.6%. This is both good Spain’s economy and foreign businesses; the local pool of workers is large enough to effectively hire a skilled workforce while staying cost effective. Foreign investors with outside capital are wisely starting to recognise the labour market in this desirable region and start up business in Spain.
Malta has a rapidly growing financial services sector which rivals some of the most established economies in the world and is an extremely attractive place to do business. Forbes has described Malta as one of the most business friendly countries in the world.
Malta offers huge incentives to the business community, including those based offshore or overseas as taxation for businesses is one of the most generous in Europe. Corporate tax is set at a rate of 35% but this can usually be reduced to a rate of 5% or in some situations even lower. This is down to an efficient tax refund system where the repayment of a tax refund by the Maltese tax authorities will usually only take on average 14 working days. Because of this the shareholders of a company are assured that their dividend income will be doubly taxed in their hands.
By Simon O' Connor, 24th November 2016
Poland’s location offers numerous advantages for business. The country is located in the centre of Europe and because of this has access to 250 million consumers within a 1000km radius.
Company formation in Poland is very popular amongst business investors due to the large accessible market and the small costs. Poland also offers a wide range of incentives for foreign investors such as grants ranging from 25% to 50%.
By Alen Uglik, 25th October 2016
France has the 5th largest economy in the world and the 2nd in Europe, after Germany. The country has always sought to attract foreign investment and has always had a considerable amount of success. One main reason for this success is that the French company formation process can be very simple although expert advice is essential in order to ensure compliance with financial and legal regulations.
By Ana Maricic, 07.09.16
The Netherlands has one of the most liberal trade and investment policies in the world. Also known as Holland, the country is a founding member of the European Union, the World Trade Organisation and the OECD. The country has an attractive tax regime including an extensive network of double-taxation treaties.
On the 23rd of June 2016, the British public voted to leave the European Union. The result of the vote came as a shock to many people and it has caused a lot of companies to re-examine their operations in the UK and consider other jurisdictions. It is currently unknown what the next few years hold for the UK economy but the majority of the world do not seem too confident in the country’s growth.
By Simon O' Connor, 22nd May 2016
Germany boasts both the largest and the most significant economies in Europe. Home to such companies as Allianz, BMW and Siemens, the country is often considered the most attractive location for new and developed business within the European Union.
The German government is open to establishment of all types of businesses, regardless of the size or whether or not it involves a German citizen or a foreigner. The country has a well-developed financial and banking market and provides a secure platform to set up operations in Europe.
By Simon O' Connor, 24th April 2016
Whether you're just starting out or deciding on the right structure for your existing company, understanding the law around business organization is important. You'll have to assess the nature of your business to figure out which option will afford you the most benefits.
By Marco De Kock, 25th March 2016
Czech Republic is located heart of Europe and offers some many advantages over most other European countries for business start-up’s. This includes a strong infrastructure, both a highly educated and skilled workforce, low wage costs (Monthly average is CZK 25,000) and attractive tax rates.
By David Gregan, 26th January 2016
At the moment Tax avoidance seems to be a popular topic on the international stage at such event as the G20 and it is not surprise to learn the Her Majesty’s Revenue & Customs (HMRC) are investing heavily to redeem lost revenue.
By Simon O' Connor, 24th Nov 2015
Poland is located in the center of Europe giving the country easy access to over 250 million consumers. The country offers many attractive incentives for foreign directors including grants up to 50% which helps make it one of the most popular destinations in Europe for start-up companies.
By Simon O' Connor, 28th October 2015
Ireland is the fastest growing economy in Europe and is now the same size as it was at its peak in 2007. The country has an extremely globalised economy, a large exporting sector and an increasing number of multinational corporations.
Ireland is already home to some of the world’s biggest and most successful companies across a range of sectors such as Google, Microsoft, Pfizer and Medtronic. There are many reasons why these major companies have decided to invest in Ireland including: