Business translations can be considered a sub-type of legal translations, dealing with contracts, agreements and other legally binding documents between two parties. Business translations are related to both law and economics, because most contracts operate with terms from both of these fields. As corporate documents often include not only initial documents (articles of association, shareholder agreement, etc.), but also documents related to daily business activities, high quality business translations are a must at all times, if you want to avoid unnecessary risks and lawsuits.
Possible translation challenges may include: names of legal forms, arising from the fact that many jurisdictions recognize different legal forms, which may correspond to each other to a greater or lesser extent. A single legal form in one country may be represented by several similar forms in another. When incorporating in a foreign jurisdiction, it is crucial to indicate such differences correctly in company registration documents, as it defines the scope and the nature of corporate structure and activities.
Confidus Solutions has years of experience in assisting and consulting international clients in order to constitute and run global companies smoothly. One of our main offers is providing international accountancy services through local financial advisors for new and existing companies.
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 will take care of everything, starting from tax planning and counselling to drafting reports for submission at the offices of local tax authorities. Our auditing services will make sure that your company is compliant with all requirements, standards and legal regulations of the chosen jurisdiction.
Confidus Solutions can offer their clients virtual accounting services for any European country. Every jurisdiction has its own accounting rules, time periods and deadlines for submitting accounting reports and tax returns that may vary depending on local regulations. Our team will contact you timely in order to ask you to present the documents required. Our accountants shall take care of payroll management issues and provide professional advice on accounting, taxation and worldwide business operations. We can also conduct financial auditing and provide different administrative service, if required.
accountant looking at receipt If you are looking for a detailed consultation in bookkeeping, please open one of the pages below:
Annual financial statements; Bookkeeping & statements for offshore companies; VAT and VAT reports; Audit. Accounting services Confidus expert accountants and lawyers will be happy to offer you the following services:
Preparation and submission of financial accounts and reports; Payroll accounting; Drafting annual reports; Drafting and bookkeeping all internal accounting documents; Communication with local tax offices, if required; Corporate account management; Legal advice and bookkeeping assistance during audit; Revision, improvement and modernization of internal bookkeeping system. Choosing Confidus Solutions as your professional accountant will also provide you with the following benefits:
Cost reductions - We can help you get rid of unnecessary expenses and consolidate transactions and accounts; Efficiency and productivity lift - Our services shall give you broader vista for productivity and time to achieve your essential business goals; Quality accuracy and fast turnaround time - We adhere to high efficiency rate. We ensure that the highest possible quality of work is carried out; Clearness and data security - We draft and submit ongoing reports systematically. Rest assured your data are safe and secure with our professionals. The list of services listed above is not full. We may also provide unique solutions, based on your necessities. If you require additional information – please contact us.
Fees of accounting services Fees of accounting services are established individually for each client, depending mainly on the amount of accounting documents and number of transactions per month. Other factors that determine fees for our services are: complexity of transactions, industry of the business, number of employees and amount of assets. Invoices for the accounting services are usually billed on a monthly basis. However, we can also agree to quarterly, semi-annual or annual payments for services provided. We fully appreciate and understand that each client must plan his/her financial activity beforehand.
Hourly based fees & fixed-fee arrangements There is always an option to calculate accounting fees on time-spent basis. As practice shows, a lot of foreign clients prefer to cooperate on a fixed-fee arrangement terms, as it provides more certainty and predictability. However, if the amount of work is almost unpredictable or accounting operations are of higher complexity level – we may try to negotiate an hourly based fee.
If you would like to receive a fixed-fee proposal for accounting services in advance, please provide us with the following information:
Description of planned operations, movement of goods and services as well as cash flow; Planned amount of incoming invoices; Planned amount of outgoing invoices; Number of corporate bank accounts and currencies, which will be used for payments. One of the best things about Confidus’ accounting services is that tax consultations and tax planning advices are included in the fee for our accounting services.
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
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