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According to the World Bank's (WB) Doing Business 2017 rating, Latvia recently has risen from 22nd place to 14th by improving its business regulations as it was captured by the Doing Business indexes. In the past year substantive improvements were implemented in such areas as credit information access, less complicated paying taxes procedure, online systems optimization for filing labor contributions and tax returns.
Following mentioned reforms, opening a Latvian company has become easier than in the past few years and even decades. A traditional Limited Liability Company (LLC or SIA in Latvian) remains the most widely used company format for businesses of small and medium scale. Of course, there are more options available when it comes to company incorporation in Latvia – Individual Merchant (or Sole Trader ST), Joint-Stock Company (JSC), Legal Partnerships and Branch or Representative Offices. However, LLC takes the lead due to several rather convenient advantages it offers to Latvian businessmen.
As it is well known, LLC companies' incorporation usually requires a share capital which can be divided into shares which belong to shareholders who have no legal liabilities for the company's obligations because a company is liable for its obligations with its total assets. Usually a Latvian LLC must have share capital which varies from 1 up to 2,800 euros, meaning that minimum share capital for company incorporation can be only 1 euro (€). This type of a company is becoming more and more popular today as it is perfect way of doing business in Latvia with minimum investment. There are also several obligatory requirements for such company format.
Legal requirements for company incorporation in Latvia There are a few obligatory requirements for company incorporation in Latvia. Main requirement is that such company can be incorporated by up to five members. The second requirement is that such LLC must make an annual investment equal to 25% of the company's total income in order to be able to make the share capital approach of 2,800 €. It also means that LLC's shareholders are personally liable for the lacking share capital which is set to be 2,800 €. One more important requirement is that company's shareholders should simultaneously be board members too. Additional criteria include shareholders to be individuals, rather than companies, articles of association must have a standard model provided by Latvian law as well as company's accounts to be filed annually.
Company formation procedure Incorporation procedure includes: arranging articles of association and memorandum of association; executing articles of association; registering for VAT; obtaining Latvian tax code; filing with the Registrar of Companies as well as opening a bank account. When a LLC company is registered for VAT, it is assigned a VAT registration number, which is an EU-compliant and has the same number as company's registry number with the additional LV in front of it.
The fees which shall be paid include registry fee of 20 €, a fee of 0 € - 15 € for setting up a bank account , a notary fee of 7.11 € for verifying documents (per signature) and a publishing fee of 14.23 € as well. These are the associated costs necessary to establish a company in Latvia.
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A merchant account is a type of bank account for businesses that allows accepting and processing credit and debiting card transactions. Merchant account is often required for various businesses, especially for online operations. This account is specifically used to identify the vendor as the owner of the purchase. Information about the owner and transactions is sent directly to the bank.
This bank account is issued by acquisition of a bank for a certain vendor under an agreement to settle payment card transactions. Sometimes, an independent sales organization, a member service provider or other payment processor takes place as the third party in the merchant agreement. After signing a merchant agreement, the vendor is contractually bound to obey the regulations of card associations, such as MasterCard or Visa.
Functions of merchant accounts There are two main categories of merchant accounts that are usually chosen by different businesses depending on their type of operations. 'Swiped' is referred to transactions when a customer pays for his/her purchases in person and is required to swipe or insert credit or debit card. This kind of merchant account is mostly used in retail. 'Keyed' is referred to transactions when the credit or debit card information is entered through a virtual terminal, typically using internet. This kind of merchant account is mostly used by e-commerce merchants, but some merchants decide to use this method also during face to face transactions as it is less expensive.
Utilizing merchant account Similarly, as you are able to deposit another person’s check into a checking account, a merchant account lets you accept a card payment from a client. Meanwhile, merchant account does not hold any money like checking or other deposit accounts. Instead, card payment goes through the merchant account via payment gateway and after the funds are cleared, they are deposited on a checking account. Commonly it takes up to 48 hours from the moment of the transaction for money to be deposited onto the vendor’s checking account. In addition, instead of receiving numerous deposits for each transaction, all payments from one business day are put together into one deposit payment called a “batch”.
Merchant account can also be explained as a line of credit account due to the fact that vendor gets paid before the actual funds are collected from the customer. This means that the vendor may be subjected to a personal credit check or requirement to sign a personal guaranty.
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An offshore company is usually referred to as a company which is incorporated for the purpose of operating outside the country of its registration. This means that such company can be registered and operated outside of a person’s or business national boundary. This can be especially worthwhile when it comes to legal, financial or taxation benefits. Also a company may legally move offshore in order to enjoy relaxed regulations or in other words to take an advantage of international laws. This is also being the main reason why do businessmen decide to establish companies abroad.
Some of the countries make their local business attractive purposely in order to make use of foreign capital and investments. The well-organized and well-known offshore worldwide destinations are UK, US, Belize, Cyprus, Hong Kong, Dominica, Singapore, Seychelles, Panama and St. Kitts & Nevis to name a few. Purchasing a company remotely nowadays is advantageous and easy to accomplish.
Benefits of offshore companies There are certain benefits of running an offshore company. For example, asset protection when a person has large amount of money and can use such an opportunity in order to protect him from lawsuits and divorce settlements. One more benefit is low taxes. Some jurisdictions are referred to as tax havens due to the level of taxation which depends on the jurisdiction: tax-exemptions, flat-rate taxes, 0% capital gains tax etc. The other benefit is related to international expansion when a company is encountering many legal and bureaucratic issues in its home country. Other benefits include: lower costs of business operations, tax deferment, compounding of tax deferred profits, ease of annual reporting, multiple income streams, VAT savings for services and anonymity.
Usually the benefits to gain from an offshore company are depending on the jurisdiction of the offshore company, and to a certain extent, it will also depend on the laws of the country of residence of the company’s owner. For this reason businessmen must pay attention to the offshore jurisdiction they are choosing and as well as to consider local laws of that country.
Offshore company incorporation procedure There are few basic steps which must be done in order to incorporate a company in Hong Kong, Belize, Seychelles or St. Kitts & Nevis. Firstly, the cost of the basic services needed to incorporate a company must be covered which includes a certificate of incorporation, resolution to rent an office and a register of directors (about €700). Secondly, there is an extra fee for privacy; depending on the law firm the businessman chooses (about €400). There is also a cost of opening bank account with personal attendance necessary in order to open it for the sake of businessman security, fee for getting a logo, rubber stamp, seal, name plate and also fees for apostille, virtual offices etc. A person will need to provide his or her personal credit card details and contact info. There is also a mandate which must be signed, establishing who has a right to control the opened bank account, to add and withdraw signatories, and to close it. It depends on company’s Articles of Association.
Often the above mentioned services optionally may include also formation of international business companies, provision of registered agent, provision of company management, custody of documents and company administration services, directorship, shareholding, offshore mutual funds establishment, as well as assistance with licensing offshore insurance companies and offshore banks, offshore bank account introductions, virtual office services and corporate searches. These services may be offered and provided by such professionals as high-net-worth individuals, private entrepreneurs, professional consultants, accountants and legal advisers who work in local companies of local jurisdictions in Hong Kong, Belize, Seychelles or St. Kitts and Nevis etc.
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Order one of the offered Slovak business services and preparation of possible solutions will be undertaken. Confidus Solutions, in conjugation with a multitude of experts (Slovak local including), develops a strategy and creates a unique tailor-made corporate solution for each customer. Once the communication is established, you will receive a list of documents and information required to proceed.
Doing business in Slovakia 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 is capable of providing legal aid, accounting, business support, and corporate services worldwide. We can assist you with services regarding doing business in Slovakia.
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Given that within the European Union there are no withholding taxes on IP royalties between member states, we can suggest a number of countries where royalties are particularly advantageous.
CYPRUS The intellectual property royalties tax regime in Cyprus has changed as a result of the recommendations of the Organization for Economic Co-operation and Development (OECD) Action Report 5 and the Ecofin Council conclusions published on 8 December 2015. Legislation has been changed to limit the companies that can benefit from research and development (R&D) exemptions, but the tax rate in Cyprus is still one of the most favorable in the EU for foreign companies using Cyprus intellectual property want to license -resident companies (intermediaries), where this right is then sub-licensed to the end user. Overall, the effective tax on IP royalty income should be less than 2.5%.
IRELAND In 2015 Ireland introduced an effective corporation tax rate of 6.25% on intellectual property income based on an allowance for research and development costs borne by the company. By linking the two components in this way, Irish law encourages companies to conduct R&D directly within the EU - leading to the creation of intellectual property - while discouraging them from acquiring licenses without directly committing to R&D.
BELGIUM Belgium has introduced a tax system that favors those with income from acquired copyrights. This tax regime can have many different applications and can be used to protect artworks as well as a useful tax break for IT developers. Income from IP rights royalties is taxed at 15%. This income is not taken into account when calculating social security contributions. In addition, these taxes are reduced by 50% for imports due to the application of standard import costs. The first €15,000 that a copyright owner earns in a year is therefore taxed at 7.5%, and the next €15,000 at 11.25%. This tax system applies to people with a total annual income of up to 56,450 euros.
LUXEMBOURG In general, corporate tax in Luxembourg is 29.22%, but for IP licensing income it can be as low as 5.8%. This is due to an 80% corporate income tax exemption. Interestingly, this exemption also applies to companies that have registered a patent for use in connection with their own business, which then calculate a notional net income as if they had received the licensing income.
ITALY Italy is a larger market compared to the other countries discussed and can be a very attractive place for a company to invest in R&D since 2015 companies have been able to deduct intellectual property income from their taxable income base. The tax deduction was set at 30% in 2015, 40% in 2016 and 50% from 2017. Businesses will therefore enjoy a significant tax rebate by reducing their taxable income.
THE NETHERLANDS Since 2010, IP income has been taxed at only 5% in the Netherlands. Except for patents, there is no income limit. Patent holders can actually have access to this tax regime if their share of the expected revenue is between 30% and 70%, taking into account the total combined revenue from patents and other sources. These rates also apply to foreign companies owning intangible assets or companies that have received research and development accreditation from the Dutch Ministry of Economic Affairs if they are owners of software IP or trade secrets. The only other caveat to this favorable tax regime is that it doesn't apply to marketing and branding-related assets.
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Today it is impossible to fully participate in the modern economy without a bank account; It is considered an essential part of the life of every successful person. Single market legislation guarantees that banks can operate without restrictions throughout the European Union. The ability to offer cross-border services helps EU citizens and non-EU citizens to open bank accounts for various purposes.
There are more than 7000 banks and other credit institutions in the European Union. At the end of 2016, more than 2.8 million people were employed in the EU banking sector. EU residents and non-EU residents tend to open different types of bank accounts. Bank accounts fall into five types: savings accounts, money market accounts, checking accounts, retirement accounts, and deposit insurance accounts.
Savings accounts are considered to be the best accounts for your savings. Checking accounts provide customers with the ability to deposit checks, pay bills, and make withdrawals. Debit cards are a primary form of payment for this type of account. Current accounts are used by the majority of customers and are suitable for anyone who needs to make deposits and has a balance of less than EUR 5,000. A call money account makes sense for someone with a usual balance between 5,000 and 10,000 EUR. This type of account is a great option if you want to park cash. Certificates of deposit are not very popular. In most cases, they are used to hold money that you don't need to spend as locking the funds allows you to earn more interest. Finally, retirement accounts are good for saving for the future and offer some tax advantages.
A major benefit of having an EU bank account is that you don't have to live in the European Union to have an account here. If you process your transactions in euros, you can of course save on exchange fees. Security is also a strong incentive to open a bank account in the EU. European banks typically offer state-of-the-art services, including a large network of ATMs that operate 24/7 and secure online banking. The cost of opening an account is usually very low. In some cases you can get a free credit card, usually a Visa or MasterCard.
Today, many non-EU citizens are granted permission to travel freely, either for leisure or work, and to open bank accounts within the EU, just like EU citizens. However, it is still necessary to understand the procedural requirements and to clarify certain issues that at first glance may seem a bit challenging for a non-EU citizen. Some of these issues relate to banking in general, while others are specific to opening a corporate bank account in an EU country.
The first problem is the location. It is highly advisable to choose the country where you open your bank account wisely and base your choice not only on your preferences but also on your account opening purposes. In general, non-EU citizens find opening a corporate bank account in the EU very beneficial, mainly because of the quality services that the well-regulated European system offers. Banks across the European Union are keen to support businesses and welcome new customers and it is a common policy to offer flexibility and attractive discounts.
In order to simplify the application process and make it faster and more convenient, most EU banks allow you to fill out the application form online. As a rule, the time frame for a response to the request ranges from a few hours (in rare cases as little as 30-40 minutes) to five working days, depending on the type of request. However, you should take into account that non-EU citizens may be charged an additional fee for opening a corporate or other type of bank account, depending on the bank's terms and conditions.
Given the challenges a non-EU citizen can face when opening a corporate bank account in the European Union, the only constant is the translation and, as it is often called, legalization of all required documents. Note that the set of required documents may vary slightly from country to country, which may cause inconveniences from time to time. By default, a non-EU citizen wishing to open a corporate bank account within the European Union must provide: the company's incorporation documents, authorization documents (e.g. powers of attorney), beneficial ownership documents, identity documents, etc.
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The development of telecommunications and economic globalization have made it possible for interested investors to set up companies all over the world. With proper research, financial investment and legal backing, business ventures can be safely incorporated in almost any country in the world. Building an international business used to be a complicated entrepreneurial venture, but today it is commonplace with the help of experienced legal and business advisors.
The advantages of founding a company abroad are as numerous as they are obvious. Many countries offer specific locational advantages, ranging from natural resources and well-established infrastructure to beneficial laws and regulations that encourage growth in a particular industry. Likewise, it can be difficult to start a business or an acquisition in your own country due to adverse situations: political or regulatory environment, lack of resources and more. In this situation, it makes sense to consider an overseas option that offers greater opportunities for growth, development, and success.
Company registration in Iran When starting a business in Iran, an interested investor must conduct due diligence regarding legal procedures, international regulations and sufficient investments for success. It is crucial to understand cultural, social and political factors that influence starting and growing one's business. Failure to do so may result in unintended consequences. Poorly researched and toneless international launches often end in disaster as time, money and energy is wasted due to poor planning.
Legal Documents Every country in the world presents its own intricate challenges when it comes to starting, developing and maintaining a business. Owners, financiers and investors must make these commitments with the support of a knowledgeable and experienced legal team. Only someone with in-depth knowledge of local and international corporate law will be able to set up an overseas business while avoiding the pitfalls that plague many new businesses.
Additionally, smart business people can consider ways to invest in foreign companies without actually starting their own businesses. In these situations, it is still beneficial for the investor to partner with a knowledgeable global economics and litigation advisor. International investments create a truly diverse portfolio that offers growth opportunities that were unthinkable decades ago.
Potential investors, venture capitalists and entrepreneurs should consider the existing infrastructure in Iran when planning to start a new business. While extensive infrastructure and systems can help make the process of starting a business a smooth one, it could also represent market saturation and reduced growth potential. On the other hand, a lack of infrastructure is often a major obstacle to growth; However, the lack of infrastructure points to a clear market opening for a creative and efficient new business.
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The Italian government introduced Value Added Tax (also known as Value Added Tax) back in 1972, which is called “Imposta sul Valore Aggiunto (IVA)” in Italian. Italian officials have also decided to introduce the VAT directives and other initiatives of the European Union, of which Italy is one of the founding members.
Italian VAT regulations can be found in VAT laws and other legal acts, which are constantly backed up by precedents. The local tax office also develops and implements administrative doctrines containing various general guidelines for a day-to-day VAT application. The VAT system is overseen by the Italian Ministry of Finance.
According to the European Union's common VAT regulation, all companies trading in the territory of Italy and supplying taxable goods or services must comply with local tax laws. The latter include the obligation to apply for the local VAT number, to comply with all requirements of Italian VAT regulations, and to regularly fill out and submit VAT reports and other declarations.
Cases where a company needs to register Italian VAT If a foreign, non-resident company sells goods or provides services, in this case it may face the legal obligation to apply to the tax office like a local taxpayer and obtain an Italian VAT number. A company may be required to acquire an Italian VAT number under the following circumstances:
Importing goods into Italy, but if the customer has an Italian VAT number – the supplier must not estimate local VAT; Buying and trading goods in the territory of Italy, provided that the supplier and customers are non-Italian companies with a local VAT number; Provision or receipt of intra-community deliveries or receipt of goods as acquisition from other member states of the European Union; The sale of goods to individual consumers via the internet is subject to the local distance selling registration threshold; Storage of goods in a consignment warehouse on the territory of Italy for the purpose of delivery in Italy or alternatively in the EU; Collection of entrance and entry fees to live events or exhibitions on Italian territory; E-commerce transactions where the goods are sold online to Italian consumers. As of 2010, there are almost no situations where registration of a non-resident VAT number is required to provide services on the territory of Italy. Instead, the Italian customer records the transaction using the reverse charge method.
Remember that according to the MOSS system, providers of digital, broadcasting or telecommunications services aimed directly at Italian consumers only have to apply for a VAT number in one of the member states of the European Union in order to make a single declaration for all 28 to submit to Member States.
Basic information on Italian VAT Below you will find basic information about Italian VAT.
Normal VAT rate: 22% Reduced VAT rate: 4%, 10% Distance selling registration threshold: €35,000 EU VAT number format: IT99999999999 VAT returns The annual VAT declaration and the annual notification of VAT data must be submitted to the local tax authority. There is no need to file monthly – quarterly sales tax returns. The annual notification of VAT data only has to be sent digitally in February. The annual sales tax return must be submitted digitally by September 31st and submitted together with the corporate tax return.
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Areas for company formation As the Confidus team of professional agents and lawyers can offer company formation in any country worldwide, for your convenience we have arranged all available jurisdictions into several groups, by geographical location, tax regime and geopolitical criteria. Please see the full list of groups below:
European companies European Union companies Middle East companies African companies Asian companies North American companies South American companies Tax haven territories Every group and, moreover, every jurisdiction, has something unique to offer in terms of the business startup process. Here you can find some basic information about each; if you find you are still undecided, we strongly recommend that you read it carefully.
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25.10.2024 10:47
