Confidus Solutions has years of experience in supporting and advising international customers in order to set up and run global companies smoothly. One of our main offerings is the provision of international accounting services through local financial advisors to new and existing businesses.
We offer a wide range of accounting services to ensure the timely preparation of your company's tax reports, either on an annual or monthly basis - depending on your requirements. We take care of everything, from tax planning and advice to preparing reports for submission to the tax offices. Our auditing services ensure that your company meets all requirements, standards and statutory provisions of the selected legal system.
Confidus Solutions can offer its customers virtual accounting services for every European country. Each jurisdiction has its own set of accounting rules, periods, and deadlines for filing accounting reports and tax returns, which may vary based on local regulations. Our team will contact you as soon as possible to ask you to provide the necessary documents. Our auditors take care of payroll issues and offer professional advice in the areas of accounting, taxation and global business. We can also perform financial audits and provide various administrative services if necessary.
A limited liability partnership is a type of partnership in which each partner’s liability is limited to the total value of their contributions. In other words, the liability of each partner does not place their personal assets at risk, only the assets they have contributed to the partnership. This can vary to some degree, depending on the jurisdiction and the provisions of the partnership contract. For example, some jurisdictions stipulate that each limited liability partnership must have a general partner, whose liability is unlimited.
Another distinguishing characteristic of limited liability partnerships is that all partners have the right to directly participate in the management of the business. This is different from the position of corporate shareholders, who elect a board to manage the company on their behalf, and of silent partners in a limited partnership, who have no management rights.
Limited liability partnership owners Generally, all partners in a limited liability partnership are considered equal owners with equal rights and liability limits. This can be altered to a certain degree by the laws of a particular jurisdiction and by the relevant partnership agreements.
As mentioned earlier, some jurisdictions may demand that one partner becomes 'general', i.e. accepts unlimited liability. Other variations may affect some forms of unlimited liability, e.g. in some US states individual partners may be personally liable for an LLP's international torts (violations of civil law).
Although they may seem minor at first sight, these variations can significantly change the advised course of action when it comes to incorporating a limited liability partnership. This is why we strongly recommend that you contact Confidus Solutions' team of international experts, who will provide a detailed analysis of the company registration requirements in each particular jurisdiction.
Functions of a limited liability partnership The main function of a limited liability partnership is to boost the partners’ chances of increasing their individual profits and security in comparison to what they would gain if they operated individually. Entering a partnership agreement may also allow the partners to compensate for the weaknesses and utilise the strengths of each individual: one of the partners may bring significant financial assets, another may be able to offer well-developed manufacturing facilities, while another may have a wide network of clients, etc.
Other than that, limited liability partnerships have no special functions and are mainly distinguished from other legal business structures by the way the roles are distributed between partners. A limited liability partnership can engage in any type of business activity, including trade, services, manufacturing, etc.
Advantages of a limited liability partnership There are two main advantages of a limited liability partnership:
Co-operation Asset protection In a limited liability partnership, partners co-operate to achieve more than they would individually, compensating for their weaknesses and combining their strengths. A limited liability partnership can generate more capital investment by bringing in new limited partners, greatly expanding the company’s financial options.
Another important aspect is the protection of the partners’ assets. Since they can freely control their contributions, a partnership enables them to make a profit without taking major financial risks. Furthermore, as all the partners have equal management rights and no single partner holds any exclusive powers, limited liability partnerships tend to be more democratic. Such a structure provides good opportunities for balanced management, as each party is kept in check by everyone else.
The limited liability company in Germany, also known as a limited liability company or simply GmbH, is one of the most common corporate structures in Germany. It is an extremely flexible structure as it combines numerous legal advantages while having very few limitations. In Germany, the GmbH is subject to corporation tax (KSt), the solidarity surcharge and trade tax.
GmbH can be founded with at least one shareholder, provided that it has a share capital of at least EUR 25,000. The share capital can be deposited in cash, contribution in kind or contribution. As an exception, the shares in the GmbH may neither be sold publicly nor entered on the public stock exchange. The company is managed by the shareholders' meeting. The day-to-day decisions and business are taken care of by the company's board of directors, appointed by resolution of the shareholders' meeting.
GmbH formation procedure in Germany All legal requirements and regulations for the formation of the GmbH are determined by the company law.
Before starting the incorporation process, it is highly recommended to apply for an availability check to check the availability of the company name with the local Chamber of Commerce and Industry department, notarize the company incorporation documents and open a bank account. In this preliminary stage, share capital must be paid into the bank account.
In order to initiate the incorporation process, the following company documents must generally be submitted to the local commercial register authority:
Application for company formation; notarized articles of incorporation; A document stating the Board of Directors and its structure; A document proving that the share capital has been deposited. All documents listed above must be submitted in digital form in accordance with German standards for digital filing and verification. The formation of a newly founded company takes place on the basis of a central electronic platform that is developed and operated by the commercial register of the Federal Republic of Germany.
Trade license and sales tax acquisition The next logical step before starting business is to apply for a business license from the local Office for Economy and Standardization, followed by registration with the National Statistics Office (with all the necessary operational, industry and financial information). Data). After that, newly founded GmbHs should also submit and register with the local IHK and the local department of the employment office.
The employment office should hear the case and assign a company an eight-digit number that must be reported to the social welfare office. After all the previous steps have been carried out and completed, the GmbH must submit an application to the federal health insurance fund. In addition, legal notices should be sent to the Central Tax Administration informing about the newly formed company, with all the above points leading to registration for the German corporate tax and sales tax payer number.
After completion of the company formation procedure, the company can finally start its business operations. Because the majority of companies registered in Germany need local employees. Employers are largely offered a well-trained workforce. It is also possible to look for employees at the numerous local recruitment agencies.
Nominee services are typically provided by an intermediary to disguise the beneficial owner's business. Nominee services relate to the nominee shareholder and the nominee director. As a rule, the nominee services should also include a PO box service (office address for correspondence purposes). Nominee services are suitable for large corporate tax planning structures and often include an international aspect. For example, the beneficial owner is based in another country and not the company itself.
Nominee shareholder services are typically provided on the basis of a declaration of trust whereby the nominee declares that they hold shares on behalf of someone else and have no authority to make decisions in the company, neither to vote at a shareholders' meeting nor to receive dividends from it unless the customer expressly gives an instruction. The nominee has no right to sell shares unless requested by the client. However, the Client and the Nominee may agree on specific tasks for the Nominee to perform. Such duties are often entrusted to lawyers and attorneys who have expertise in the field and can protect the interests of the client.
Nominee director, also called 'shadow director' who normally only appears for official records while the company is effectively run by the client by power of attorney. On the basis of an approval, the client can open a bank account and assume full corporate management and control.
Benefits of Nominee Services The benefits of using nominee services are evident in cases where an entrepreneur wishes to maintain their privacy and reduce visibility in official records or does not want their name to be associated with the business in question. In addition, there may be times when a person may have restrictions on performing the proposed activity or the law may require local management, such as 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 monthly minimum wage in Venezuela is 4 USD. Venezuela has a public debt equivalent to 49% of the country's gross domestic product (GDP), estimated in 2012. In terms of consumer prices, Venezuela's inflation rate is 56.2%. The currency of Venezuela is the Venezuelan Bolivar Soberano. There are several plural forms of the name "Venezuelan bolivar soberano". These are bolivars, bolivars. The symbol used for this currency is Bs.S. and is abbreviated as VEF. The Venezuelan bolivar soberano is subdivided into centimos; There are 100 in a Bolivar Soberano. Every year, consumers spend around $241,705 million. The ratio of consumer spending to GDP in Venezuela is 0.07%, and the ratio of consumer spending to world consumer market is 56%. Corporate income tax in Venezuela is 34%. Personal income tax ranges from 6% to 34% depending on your specific situation and income level. VAT in Venezuela is 12%. In 2013, Venezuela received US$48.1 million in foreign aid. In 2014, foreign aid totaled $44.8 million.
Gross domestic product The total Gross Domestic Product (GDP) valued as Purchasing Power Parity (PPP) in Venezuela is US$540.898 billion. The gross domestic product (GDP) per capita calculated in Purchasing Power Parity (PPP) in Venezuela was last seen at $16,704,064. PPP in Venezuela is considered very good compared to other countries. 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 Venezuela is 371,339 billion. Based on this statistic, Venezuela is considered as 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 Venezuela. The gross domestic product (GDP) per capita in Venezuela was last seen at $11,467,727. The average citizen in Venezuela 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 Venezuela averaged -3% in 2014. According to this percentage, Venezuela is currently experiencing a significant decline. Countries experiencing significant declines could see dramatic declines in personal consumption, employment rates and personal income. A significant drop in GDP should warn investors that this location is high risk and should not be considered a safe place to invest.
The most common dissolution can be named LLC liquidation. In general, this process can be described in four steps:
Step 1: making a decision To dissolve a company, shareholder must make a decision regarding initiation of the liquidation process. If there are two or more shareholders, a vote for such decision shall be necessary. In addition, making this decision, shareholders must appoint a liquidator. Step 2: filing documents When the decision is adopted, certain legal documents must be filled and submitted to a local commercial register or other state authority responsible for such applications. Usually, it is required to submit a filled blank, resolution about liquidation, consent of liquidator to be appointed and the receipt on payment of the state fees. Step 3: settling debts with creditors During the liquidation process, the liquidator must settle all debts of the company, including taxes. These can either be unpaid loans, unfinished contracts or undelivered goods, etc. During this step, the property of the company will be sold. If it is necessary to gain funds, which will be used to cover the liabilities, it is required to settle tax payments with tax authorities as well. The remaining resources are distributed between shareholders proportionally to number of shares accordingly. Step 4: finalizing the dissolution When all previous steps are done, you can finally dissolve the company. It can be done by submitting final papers to the local commercial register. When it is done, the company will be removed from the public registers, which means it will no longer exist.
Functions of a limited liability company There are no special circumstances in which you would be required to incorporate a limited liability company. An LLC is a type of legal entity that successfully blends the majority of the most desirable characteristics of other business types, which explains why most entrepreneurs choose an LLC when starting a business. Additionally, many offshore jurisdictions have simplified accounting and record-keeping requirements for LLCs.
Normally we would advise our clients to consider an LLC as a viable option if they wish to form a commercial corporation or small business within certain limits. LLCs are perfect for those looking for a way to run a business (locally or internationally) and distribute profits at minimal cost. However, you should always keep in mind that an LLC does not typically provide an effective mechanism to introduce a partner with limited voting power or numerous investors to your company. In these cases, we recommend that you consider a limited partnership or a public company, as they may offer more effective ways to achieve your goals. Forming an offshore company in a tax haven can be a great way to reduce maintenance costs.
Pros and cons of a limited liability company As with any other legal entity, the LLC has its own advantages and disadvantages. Depending on the circumstances and your chosen jurisdiction, there may be other specifics besides those listed below. For this reason, we recommend that you consult our lawyers before starting the incorporation process.
The main advantages of an LLC are:
Limited liability of partners to creditors Lower minimum capital than for a public company Flexible structure: It can be operated with one or more shareholders minimum board and director requirements; no supervisory authority Flexibility in taxation Relatively quick and easy onboarding process Easy accounting and paperwork Usually one person can be shareholder, director and employee (if required) The main disadvantages are:
Limited third party investment opportunities The company cannot publicly issue shares
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Fri Apr 26, 2024 8:24 pm
