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Major industries in the country are tourism, electronics, ship building and repair, construction, food and beverages, pharmaceuticals, footwear, clothing, tobacco, aviation services, financial services, information technology services. The Industrial Production growth rate of Malta is -6.9%.3.5% of population in the country are unemployed. The total number of unemployed people in Malta is 15,123. Malta produces 2,221 GW/h of electricity each year. Malta emits 6 metric tons per capita of CO₂. On average, you would pay 1.8 USD for one liter of gasoline in Malta. One liter of diesel would cost 1.35 USD.
Labour The total labor force of Malta is 204,210 people, wherein 1% are working in agriculture, 25% are working in industry, and 74% are employed in services. People in Malta speak the English, and Maltese languages.
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Limited liability companies (LLC) are referred to as entities with corporate structures where the members (shareholders) of which cannot be held personally liable for the company's debts or liabilities meaning that only the assets of the business itself are at risk. For this reason this type of company is considered to be „limited liability”, while combining characteristics of a corporation and a partnership as limited liability feature is similar to that of a corporation and the availability of flow-through taxation to the members is a feature of partnerships. LLC as a viable option, when the person wishes to establish a trading company or a small business locally or internationally, within certain limits.
The essence of a Joint-stock company In case of a Joint Stock companies (JSC) shareholders of such business entities have unlimited liability for their companies’ debts. This means that shareholders of Joint Stock Company have limited liability or a liability limited by guarantee or shares. Usually the shares of a JSC are transferable and may be traded on a legal exchange between private parties (private JSC) or publicly (public JSC). A joint stock company can raise large amount of capital by issuing its shares. Usually joint stock companies are established for the purpose of operating business on a large scale by one or more persons. It is represented by a Management Board, consisting of at least one person and can also be represented by a proxy.
Differences between LLC and JSC JSC and LLC are the two most common company types nowadays. There are some significant differences between these two forms of legal entities.
JSC issue stocks and bonds per procuration of the shares which may be offered to public unlike LLC that does not issue stocks or bonds. Within the frames of JSC share transfer may be executed upon the agreement of both parties, when it comes to LLC, they may be transferred upon an agreement certified by a notary provided that such agreement is executed within the approval of 75% of the shareholders that represent 75% of the capital. When it comes to LLC, the capital is not divided equally, however for JSC the capital is equally divided.
Companies’ fields of activity also may vary. LLC does not operate in such business fields as banking and insurance and in other fields that are determined by specific laws unlike JSC which may operate in every field. For this reason financial institutions find the structure of a JSC more credible and influential. One more formal difference between JSC and LLC is that the first one may be incorporated for an indefinite period unlike the second one which shall only be incorporated for a period of 99 years. As for JSC, the minimum shareholder number is 5 and there is no determination related to maximum shareholder number. To the contrary, the minimum shareholder number for LLC is 2 and maximum is considered to be 50.
However, these two types of companies have something in common. There are a few similarities between JSC and LLC. Both can be incorporated by filing articles of association with the State Registry. Both may be foreign-owned, having shareholders from abroad. In both cases shareholders’ liability is limited to their contributions. Both require at least one investor appearing as a natural person or a legal entity. The investor can be a resident or non-resident as well. The annual accounts which consist of the balance sheet, profit loss accounts and the annual report must be approved by the shareholders within the 6 month period after the closing of the financial year.
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In general, all jurisdictions can be divided into classic offshore, low-tax jurisdictions and prestige jurisdictions. The prestige of a jurisdiction corresponds to its rank, which is determined by taking into account and evaluating information from the International Sanctions List, the OECD Gray or Black List and the EU Jurisdiction White List as well as data on the development of the financial markets and determining whether the jurisdiction ob FATF AML is deficient and whether there are money laundering concerns. These are the basic criteria that matter in determining whether the jurisdiction is prestigious or not. It cannot be considered prestigious if it is on a financial blacklist.
Austria, France, the United Kingdom, the United States of America and Switzerland are among the top five most reputable jurisdictions for incorporating a company.
A general overview of Austria
Registering a company or start-up in this jurisdiction allows the owner(s) to participate in all projects initiated by the Austrian government. The basic company types available are LLC, ULP, PJSC, PLLC, LLP, and JSC.
Taxes: The income tax rate is 25%, with a minimum corporation tax of EUR 500, plus 20% VAT and a capital tax that varies between 0.8% and 1%. If the subsidiary is registered within the EU, the tax rate on dividend income is 0%; if not, it is 25%.
Austria has agreements with more than 90 countries that enable companies to avoid double taxation. It has no exchange control. This jurisdiction ensures the confidentiality of business data.
A general overview of France
France is a respectable jurisdiction that allows your company to offer products and services bearing the mark of a European company. The basic legal structures available are SP, GP, PJSC, PJSC, LLC, CLS and LLPE.
France offers a number of options: the ability to obtain credit from French banks, the ability to obtain a residence permit, no taxation for companies registered in the country doing business outside of France, and no exchange controls. France has agreements with more than 89 other countries that allow companies to avoid double taxation.
A general overview of the United Kingdom
The UK is considered a respectable jurisdiction due to its high level of legal protection, a simple and transparent tax system, the ability to charge VAT and the availability of nominee services.
The basic company types available in the UK are PC, Limited Warranty Company, ULC and LLC. Again, there are no tax obligations for UK registered companies operating exclusively outside the country. Corporate tax rates depend on profit (between 20% and 24%). The UK has agreements with more than 100 countries that allow companies to avoid double taxation.
A general overview of the United States of America
The US offers a respectable, highly trusted jurisdiction for a company to register, allowing it to offer products and services bearing a US company's trademark. This jurisdiction imposes no tax obligations on entities designated as non-resident and also permits nominee services. There is no taxation for companies incorporated in the country that do all their business outside of the United States.
The basic legal structures available are private contractor, corporation, branch of a foreign corporation, representative office of a foreign corporation, partnership, LLC, joint venture, or LLJSC.
A general overview of Switzerland
The good reputation of this jurisdiction is based on several factors, such as strong business development, a dynamic economy and a track record of innovation. The most important corporate forms available in Switzerland are LLC, ULP, JSC, Commandite Partnership and Subsidiary.
Switzerland offers a high level of confidentiality, the world's leading currency, mechanisms to avoid double taxation, a reasonable tax system with tax rates depending on residence, income level and legal form of the company, tax optimization opportunities and the opportunity to set up service companies that can for the administration of the business activities of the parent company
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Material matters are becoming increasingly difficult for tax purposes in Europe and worldwide, therefore some clients may prefer a stronger physical presence at the place of exercise than virtual office services. One of the possible strategies for increasing substance is the establishment of a functional office. Content issues usually arise when local tax authorities require confirmation that the company's operations are taking place in the country where the company is registered: they want to see that commercial activity actually exists in the specified jurisdiction.
A company of substance is a company abroad that resembles a classic “offshore” company but has what is called “substance” (presence), which means it has local staff who are paid, a local physical office has and has real local expenses for running a business, in other words – an administrative office. It's more like a real local company but has ties to the onshore business.
For more and more entrepreneurs, the economic substance of their company is becoming too much for them. Creating economic substance has become quite the gamble as tax authorities, banks and state institutions delve ever deeper into the two main questions: "Where is the real place of management and control of the company?". and 'Who is the beneficial owner?'
Confidus Solutions can offer Substance Office in various jurisdictions worldwide including numerous famous offshore jurisdictions. However, considering the complexity and efficiency of content delivery, we would strongly recommend considering the following jurisdictions as your first choice: Latvia, Cyprus, Lithuania and Hungary - as we can offer more advanced services in these states instead of just a virtual office, as well more solid reasons to believe that the company operates in the specific location. The question of the actual place of management and control of the company has recently become not only for tax authorities, but also for business partners, suppliers, banks and opponents due to the implementation of interstate tax legislation and the rapid development of international trade and online trade of crucial importance.
Top selection:
Administrative office in Cyprus Administrative office in Latvia Administrative office in Bulgaria
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It is now common practice to set up trusts in tax havens. However, not many clients are aware of the benefits that trusts established in the UK can bring. The idea of a UK trust is particularly appealing when beneficiaries and settlors are based in Europe or other onshore countries and do not want the transfer of property to be associated with tax havens. In addition, English law (under which the trusts are established) gives the confidence and security of the UK legal system. A trust established in the UK offers reliability and reputation to its owners.
The first trustee of a trust established under the Law of England and Wales must be a UK-resident individual or company. In most cases, the trustee is a professional and licensed UK trust services provider. Contact Confidus now to set up your trust.
UK trusts are generally established in order to fulfil a certain goal (a few examples are listed below). For simple cases where assets are to be distributed to the beneficiaries after the settlor’s death, a UK trust will not be the best solution, as such a straightforward task is better handled in other well-known trust jurisdictions (see Panama private foundation for asset protection). A UK trust may be used for the following purposes:
Accumulating a diverse portfolio of foreign assets into one system for better organised, unified and professional administration. This solution also minimises your exposure to estate taxes and cuts out unnecessary estate duties and requirements. As a tax-exempt holding structure. A trust serves as a good holding vehicle, especially for clients with several companies in different countries, offering a tax-free and confidential holding structure. Reducing the burden of exchange control regulations and minimising exposure to inheritance taxes and other types of property taxation in your place of residence, and breaking the association or attachment between the owned assets and the heirs’ place of residence. Achieving confidentiality with respect to the ownership of the assets. Throughout the UK, a trust’s legal documents do not need to be made publicly available. This provides anonymity and confidentiality for the settlor and the beneficiaries. Avoiding forced heirship regulation, which your country may apply to your assets. Guaranteeing the settlor’s plans for the future in case of death or incapacity.
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The local currency is the Thai baht. The symbol used for this currency is ฿ and is abbreviated as THB. 1.1% of the country's population is unemployed. The total number of unemployed in Thailand is 761,015. Every year Thailand exports about US$225.4 billion and imports about US$219 billion. The country's Gini index is 39.4. Thailand has a Human Development Index (HDI) of 0.722. The Global Peace Index (GPI) for Thailand is 2.303. Thailand has a public debt of 43.3% of the country's gross domestic product (GDP) as estimated in 2012. Thailand is considered a developing country. A nation's stage of development is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality and quality of life. The country's major industries are tourism, textiles and clothing, agricultural processing, beverages, tobacco, cement, light industries such as jewelry and electrical appliances, computers and parts, integrated circuits, furniture, plastics, automobiles and automobile parts, agricultural machinery and air conditioning and refrigeration, Ceramics, Aluminum, Chemicals, Environmental Management, Glass, Granite & Marble, Leather, Machinery & Metalworking, Petrochemicals, Petroleum Refining, Pharmaceuticals, Printing, Pulp & Paper, Rubber, Sugar, Rice, Fisheries, Cassava, World's second largest tungsten producer and third largest tin producer.
Total Gross Domestic Product (GDP) valued as Purchasing Power Parity (PPP) in Thailand is US$1,069,569 billion. Every year, consumers spend around $218,205 million. The ratio of consumer spending to GDP in Thailand is 0% and the ratio of consumer spending to world consumer market is 0.51. Corporate tax in Thailand is 20%. Personal income tax ranges from 0% to 35% depending on your specific situation and income level. VAT in Thailand is 7%.
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A general partnership is a legal form in which two or more people work together or form an association to start a business to make a profit as a group. The founding process is also referred to as founding a company. As a rule, profits are divided equally among the shareholders, who are also equally personally liable for the entire company. However, the general partnership is dissolved if one of the partners decides to withdraw from the joint business.
While general partnerships offer some tax exemptions, it's worth noting that they have a distinct disadvantage when it comes to personal liability. In an open partnership, the actions of one partner are automatically deemed to be endorsed by the others, making each partner personally liable for the actions of the others. The liability of the partners in a general partnership can be summarized as follows:
Each partner is responsible for his own actions. Each partner is responsible for the actions of all other partners. Each partner is responsible for the actions of the employees of the partnership. Therefore, we strongly recommend that you think twice and do your due diligence on your potential business partners. A good alternative to a general partnership can be a limited partnership or a limited liability company.
General partnership owner The owners of a general partnership are known as "general partners" and have unlimited liability for the partnership. After the conclusion of the company formation agreement, they are regarded as shareholders. Each partner is authorized to conduct business on behalf of the company without the permission or authorization of the other general partners. General partners must always take tax planning into account and it is strongly recommended that they do not take any material risks for the company as their personal wealth would be at risk.
Functions of an open trading company General partnerships are formed for various reasons and have certain legal implications, e.g. for corporate governance procedures, profit-sharing, liability for shareholder debts, etc. Profits are always shared equally among all shareholders in the company, and they have absolute autonomy to run the business and respectively. In addition, all partners are considered liable if one or more of them have dealings with a third party, as each partner can enter into and execute agreements on behalf of the partnership as a whole.
Advantages of an open trading company Like any other legal entity, general partnerships have their advantages and disadvantages. However, obvious partnerships offer several benefits that can speed up the incorporation process as well as increase the efficiency and longevity of the business. Perhaps the greatest advantages of partnerships are simplified taxes and less paperwork. All profits and losses are handled by the partners, and forming a general partnership requires less time and less paperwork than other forms of partnership. The paperwork is usually very simple and the company formation should be completed within the jurisdiction where the agreement was issued.