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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 being 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 like 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.
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IBC or International Business Company or as it is also called International Business Corporation is basically an offshore company that is usually incorporated under the laws of some jurisdictions worldwide as a tax neutral company, meaning that it is not subject to tax in the country of incorporation. It is also limited in the direct business activities it may engage in while operating in the context of the jurisdiction in which it is incorporated.
Importance and main functions of IBC Often IBC features can vary by jurisdiction, but typically include confidentiality of business records, ability to issue shares, provision of a local registered agent or office, and exemption from local corporate income tax as the majority of offshore Jurisdictions that removed or are processing removal exempt IBC from local taxation while reducing corporate income tax to zero to avoid hurting the entire offshore finance industry.
Such companies are generally formed for offshore banking, international investment, asset protection, real estate and intellectual property ownership, and other business activities related to international trade.
A list of jurisdictions offering IBC as a business structure As stated in Streber Weekly, there are many jurisdictions that offer IBC as a business structure. The list of such jurisdictions is quite long: Antigua and Barbuda, Anguilla, Barbados, Bahamas, Belize, Brunei, British Virgin Islands or BVI, Cook Islands, Comoros, Dominica, Grenada, Gambia, Mauritius, Marshall Islands, Monsterrat, Nauru, Saint Lucia, Samoa, St. Kitts and Nevis, St. Vincent and the Grenadines, Seychelles and Vanuatu. This list includes most jurisdictions without considering their worldwide reputation. Some popular offshore jurisdictions not mentioned previously offer territorial taxation and other tax incentives in lieu of IBCs. These business structures can operate as Exempt Corporations, Free Zone Corporations, or Non-Resident Corporations, etc. without having the ease of IBC corporations: Panama, Hong Kong, Cayman Islands, Turks and Caicos Islands (TCI), United Arab Emirates (UAE), Bermuda.
For example, the jurisdiction of Panama is generally appropriate for International Foundation or IBC in terms of asset protection. The jurisdiction of Hong Kong in general is also convenient for international trade due to the favorable tax system as no withholding tax, capital gains tax, capital gains tax, VAT and other types of taxes are levied.
The most respected jurisdictions for IBCs The British Virgin Islands (BVI) is recognized as the world's leading offshore business center with more than 450,000 operating companies registered on its territory. He is often referred to as the grandfather of all IBCs. International international business corporations have a fairly good reputation among other jurisdictions of this type due to the ability to transfer domicile and privacy of ownership for assets collected within the corporation. In general, the BVI provide flexible, cost-effective and fast international offshore company formation services.
Seychelles can be alternatives to BVI offshore companies as this jurisdiction also offers ease of administration, simplicity and privacy. Additionally, with more than 175,000 companies registered there, IBC is the most common type of company formed on islands. The IBCs of this jurisdiction are commonly used as consulting and staffing services firms, as well as holding companies for stocks, real estate, and stocks.
The Bahamas is one of the oldest offshore jurisdictions to be considered classic like the previously mentioned BVI as it is independent, politically stable, has an improving reputation and is gambling friendly.
Saint Kitts and Nevis has a good reputation but is also politically stable and has an average to low cost. However, this jurisdiction is more popular for its limited liability companies (LLC).
St. Vincent and the Grenadines has low costs. It is quite stable politically and has a good reputation which has improved in recent years due to increasing popularity due to financial deals conducted by Euro Pacific Bank and Loyal Bank.
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Banks play a significant role in the US economy. Wealth created by banks strengthens national purchasing power, resulting in a more stable economy. The banking sector pays billions of dollars in taxes every year. It also plays an important role in the economy as an employer – in 2013 the 20 largest banks in the USA employed over 1.2 million people, 228,000 of them at JP Morgan Chase & Co.
Role of banks in the economy Banks also play an important role as intermediaries in our everyday lives. In general, banks have three main functions: they are a place where people can safely invest their savings and earn interest; Banks provide loans to individuals and companies, and banks are responsible for the electronic payment system. Banks also do various other things, such as helping companies access capital and assisting with mergers and acquisitions. In general, banks are the intermediaries between those who want to invest their money and those who have ideas about how to use it.
There are numerous banks and other financial institutions in the United States. In the years following the financial crisis, US banks have grown significantly. Currently, the top 10 banks in the US hold $11.8 trillion in assets. Also, let's take a look at the list of the 10 largest financial institutions in the US as of April 25, 2017.
List of the 10 largest banks in the US Below is a complete list of the 10 largest banks in the United States.
JP Morgan Chase & Co was formed in 1996 as a result of a merger of several companies. It is a multinational financial services company with 94 offices in over 100 countries and headquarters in New York City. The largest bank in the US also ranks 6th in the world in terms of its asset base. Currently, JP Morgan Chase & Co has an asset base of $2.35 trillion. It provides various financial services to millions of individuals, small and medium-sized businesses as well as large corporations, institutions and even governments. Their services include Commercial Banking, Investment Banking, Treasury Bills and Bonds, Markets and Investor Services, Private Banking, Investment Management, Wealth Management and Brokerage. Bank of America was founded by Amadeo Giannini in 1904 and was originally known as Bank of Italy. The bank is a multinational financial institution with 5,100 branches and is headquartered in Charlotte, North Carolina. At $2.185 trillion, it is currently the second largest bank in the United States by asset base. Wells Fargo was founded in 1852 by Henry Wells and William Fargo. While it is only the third largest bank in the US by asset base, it was the largest bank in the world by market capitalization as of 2016. The bank had 8,700 retail locations in 35 countries and was headquartered in San Francisco. The bank is known for supporting several environmental programs and has also been accused of numerous economic crimes. Citigroup was founded in 1812 and is currently headquartered in Manhattan, New York. Citibank is the consumer division of the multinational Citigroup with 983 branches in North America alone. The bank's services include retail banking, market insurance and credit cards. With a total asset base of $1.801 trillion, it is the fourth largest bank in the United States. It suffered massive losses during the financial crisis and was bailed out by the federal government and, as of June 2012, had the largest cash reserve of any commercial bank in the US. The Goldman Sachs Group was founded in 1869 by Marcus Goldman and Samuel Sachs. This bank is one of the few financial institutions that managed to turn a profit during the financial crisis. Meanwhile, he was later fined $5.06 billion for falsely assuring investors that the securities he sold were backed by high-quality mortgages. With assets of $861 billion, Goldman Sachs Group closes the top 5 list of largest US banks. Morgan Stanley with assets of $807.5 billion; US Bancorp with assets of $428.6 billion; Bank of New York Mellon with assets of $372.9 billion; PNC Financial Services with assets of $361 billion; Capital One with assets of $330.3 billion.
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Confidus Solutions list of banks in Liechtenstein contains 15 banks.
You have several options for bank account opening in each one of the banks listed below.
Select a bank Bank Alpinum Bank Frick & Co. Bank of Vontobel Havilland Bank EFG Bank of Ernst Kaiser Partner Bank LGT Bank Liechtenstein State Bank New Bank Raiffeisen Privatbank SIGMA Credit Bank Union Bank VP Bank Bendura Bank Volksbank
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Before registering a company, make sure you are fully aware of the pros and cons of each option in the Middle East and nearby islands like Bahrain and Socotra (Yemen). Bahrain is currently thriving as one of the most prosperous countries in the Middle East, offering an open-minded environment for international entrepreneurs and investors to set up a business. It is possible for a foreign company in Bahrain to incorporate a limited liability company (LLC), partnership or branch of a foreign company. Qatar has many foreign companies operating within its borders, mainly in the oil, mining and engineering industries. However, Qatar supports all foreign companies willing to invest and operate in its territory.
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Warby Parker's Neil Blumenthal, who is the company's co-founder and co-CEO, commented that a startup is a company working to solve a problem where the solution is not obvious and success is not guaranteed, as in Forbes is mentioned. A more common description of a startup is a company or business that has recently started operations, as suggested in the American Heritage Dictionary.
Possible income, profits and employment figures play an important role when it comes to starting a business in the EU, especially when it comes to starting a business in the EU. Businesspeople can also delve into the 2015-year study showing progress made by each EU country to reduce the time and expense of paperwork required to start a business. There are also many different blogs and websites with reviews, numbers and opinions on the best business startup destinations that can be very helpful for business people looking for information.
There are also various rights and obligations for EU citizens willing to do business in the EU, which can relate to starting a business (even as a sole proprietor) in any EU country as well as Norway, Iceland or Liechtenstein.
Set up a company in the EU Startups usually require a lot of work to develop, test and market the business idea. This means that financing plays an important role in initiating business. It's possible to fund startups by getting small bank loans or credit unions, government-sponsored loans from the Small Business Administration, or grants from nonprofits and state governments. Therefore, there are several different funding programs that entrepreneurs can apply for depending on the type of their business, e.g. B. Direct support (grants and contracts) and indirect support (European Structural and Investment Funds).
1 in 5 EU founders have started a business abroad, some recent research shows. Access to capital plays an important role, but is also the strongest driver of startup migration in Europe. Another important factor is the starting location. The study "Startup Heatmap Europe 2017" names Munich and Berlin as some of the best places in Europe to found a company. Survey offered businesspeople a question Where would you start up if you could start over? and most participants (351) named Berlin, London (347), Amsterdam (241), Barcelona (162) and Lisbon (110) as the 5 most desirable locations. More than 1,000 founders took part in the study.
Berlin is valued for its pool of experts, well-functioning ecosystem, high standard of living and co-working culture, and low overheads. Berlin is also considered a good location for high-tech startups: hardware, fintech, biotech, big data, IoT, VR and internet startups: SaaS solutions, mobile apps and e-commerce. Another German city, Munich, also received a high rating, which was positively rated for its high-tech startups, Hamburg gained attention in the startup media.
London offers great business opportunities for capital-intensive startups. It has also long been recognized for its standard of living with a low cost of living, youthful population and international appeal. France and the Netherlands are also considered investment powerhouses. Munich (88%), TelAviv (82%) and Prague (82%) were named as the best places to look for talent. Tallinn (83%), Helsinki (71%) and Prague (64%) also stood out when it came to the ease and cost of doing business. The best access to capital can best be guaranteed in London (87%), TelAviv (82%) and Berlin (72%).
Considering all the given information, business people all over the world are in the process of deciding which startup business goal suits them better or which country, city is more suitable for the implementation of their cherished business ideas.
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Advantages of a virtual office A virtual office has a number of benefits and advantages over a traditional, physical office. These are as follows:
Lower costs local presence Prestigious Employee convenience Better information management In general, the benefits of a virtual office usually correspond to those of other workspace and forms of representation, but are significantly cheaper due to the digital basis of a virtual office. In other words, a virtual office offers the same benefits as a regular office, but at a significantly lower investment, especially in the long term and for large companies.
Lower costs The lower cost of a virtual office is one of the main advantages of this type of work environment. A virtual office relies on computers and other digital devices to function, eliminating the need to rent or buy physical space. The equipment still has to be bought, maintained and placed somewhere, but the cost is significantly less. In this regard, setting up a virtual office is a one-time investment, while maintaining an office requires ongoing expenses. Confidus Solutions takes care of device localization and all other matters, which means that one investment is enough to set up a virtual office for your company. Such a simple virtual office registration procedure makes it a beneficial option for both experienced and new businesses.
Local presence While virtual offices don't just offer local presence in a foreign market, they are particularly beneficial for companies aiming to provide contacts with local clients and partners. Telephone call, mail and document forwarding are the main services that allow companies to keep in touch with foreign customers and partners. By having a local email and phone number, Business allows customers in a foreign market to contact the company in a familiar manner, guaranteed by local providers, without maintaining a local office. This enables a tangible presence without additional investments.
Prestigious An official office in a prestigious business district adds to a company's credibility and image, which is an important factor when it comes to impressing potential partners. The more prestigious the area, the more expensive the property located there. Because of this, many companies would consider opening an office there. The result can lead to unjustified investments when opening a shop for reasons of prestige. A virtual office, on the other hand, makes it possible to achieve this effect without additional investments.
Employee convenience Advanced Virtual Office is a cloud-based workspace that enables information to be produced and stored digitally, minimizing and potentially eliminating the need for internal paperwork. First, it makes work more enjoyable for employees and allows it to attract non-local workers who might not otherwise be able to work productively. Second, the benefit becomes even more important for companies with a large number of employees who would otherwise need a large office or several, requiring additional investments.
Better information management Because virtual offices rely on digital devices, they offer better opportunities for information management than a traditional office. A virtual office eliminates or minimizes the need for internal paperwork and speeds information management because all documents are created and stored electronically. They can therefore be called up at any time and from any location. Of course, digital information management is now used by many companies, but in combination with other functions of a virtual office interior, it becomes the main form of work process.