Singapore has a corporate tax rate of 17%, which is considered a low tax rate. Companies that operate under Goods and Services Tax have to pay tax on purchases at 7%.
Major industries in the country are crude oil production and refining, natural and liquefied natural gas (LNG) production, construction, cement, copper, steel, chemicals, optic fiber. The Industrial Production growth rate of Oman is 4.5%.16% of population in the country are unemployed. The total number of unemployed people in Oman is 772,791. Oman produces 20,070 GW/h of electricity each year. Oman emits 20.2 metric tons per capita of CO₂. On average, you would pay 0.31 USD for one liter of gasoline in Oman. One liter of diesel would cost 0.36 USD.
Bulgaria has a corporate tax rate of 10%, which is one of the lowest in the European Union. Companies that operate under VAT have to pay tax on purchases at 20%. Certain services, like those related to hotel accommodation and camping, benefit from a 9% VAT rate.
External audit (statutory audit) These are the most widely used audit services. Examination of the accuracy of the financial statements is entrusted to external and independent auditor, who cannot be connected to the company or have any interest in the outcome of audit (no conflict of interests). The annual financial statement is certainly the main resource of accountability of the company. Since the financial statement is prepared and approved by the board of the directors, the shareholders of the company would rely on the external way to verify the report. Therefore, they invite external auditors. Moreover, regulations of many countries prescribe to run statutory audit on annual basis;
Internal audit (operational audit) This is a voluntary pocedure of the organisation, willing to examine the effectiveness of inner control, verify and monitor possible fraud, check financial data, examine operational process and other activities. Basically, any company may conduct it for its own sake;
Tax audit Tax audits are performed by tax authorities within regular intervals in some jurisdictions or in other randomly chosen countries. The purpose of the tax audit is to check company’s tax liabilities and to analyse accuracy of the filed tax returns;
Forensic audit This is a special investigational audit conducted by legal officers and is often used in courts and investigation processes in order to determine frauds, tax evasion cases, money laundering and other illiegal actions within the framework of the company or its responsible officers.
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.
The Chinese market is huge and evolving, so there are many benefits to registering your trademark in the registers of the Trademark Office of the State Administration of Industry and Commerce of the People's Republic of China (SAIC).
Since the entry into force of the TRIPs agreement, the legislation on registration and protection of trademarks in China has become more and more similar to that in Europe. Nevertheless, the process was gradual and not yet complete, as the TRIPs agreement provided only basic rules that could be implemented by the states, dividing the agreement in the long term according to their legal situation. Companies that do not promptly register their trademark in China face many problems when trying to fight counterfeiting of their products in order to obtain trademark protection in China.
If you don't register on time, there is a big risk that your brand has already been “copied” and registered by a local company in China before you start your expansion in the Chinese market.
In fact, unlike courts in Europe and the United States, Chinese courts can completely reject the global practice of granting protection to unregistered trademarks of well-known companies. For example, in 1996, a Chinese apparel company registered a graphic of a horse identical to Ferrari's. The Chinese Trademark Office rejected Ferrari's objection to the registration on the grounds that the Chinese company had applied for registration of the graphic first (first-to-file principle). Ferrari appealed the decision, arguing that the symbol was recognizable as the symbol of the Ferrari brand around the world, including China. In 2007, after 11 years of litigation, the Beijing First Intermediate Court ruled that Ferrari's horse graphic was not a famous brand among Chinese consumers and deserved no legal protection, although the "Ferrari" name was.
In the near future, the situation may change due to the development of Chinese technology and trade, which will make Chinese companies interested in trademark protection as well as European and American companies, which could make the competition even fiercer.
Considering that the mere use of the trademark without registration is legally irrelevant, you should act before starting your commercial activities. This is also important because the effects of legal protection in China come into effect from the moment of registration and not just from the moment of filing, and the usual time to obtain a registration is around 2-4 years.
A limited liability company (hereinafter referred to as LLC) is a commercial company with legal personality status. Typically, an LLC's equity consists of the total face value of its shares. One of the key features and benefits of an LLC is the fact that shareholders cannot be held personally responsible for the company's debts or liabilities - only the company's assets themselves are at risk. However, the issue of limited liability also depends on the national legislation of each jurisdiction. In general, an LLC is a corporate structure that combines the simplified taxation of a partnership with the principle of limited liability of a corporation. It can be the perfect solution for an international trading company, provided the jurisdiction is well chosen. A key difference between a public company and an LLC is that the latter is always a closed corporation and its shares are not publicly traded. Another internationally used name for an LLC is a private liability company, or simply "Ltd". This term is widely used in the UK and some other common law countries.
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