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Jamaica is considered to be a large nation because of its total area. Its total land area is 10,991 km² (approx. 4,244 mi²). Continental shelf of Jamaica is approximately 9,802 km² (around 3,785 mi²). Jamaica is located in North America. North America is found entirely in the Northern hemisphere and almost entirely in the Western hemisphere. North American countries include, but are not limited to, Canada, Mexico, and The United States. Jamaica is not a landlocked country. It means that is is bordered by at least one major body of water. The average elevation range of Jamaica is 18 m (59 ft).
Neighbors Total length of land borders of Jamaica is 0 kilometers (~0 miles). Jamaica has no land borders, meaning that it also has no neighbouring countries in the traditional sense of the word.
Cities The capital city of Jamaica is Kingston. The largest city in Jamaica is Kingston.
Elevation The average elevation range of Jamaica is 18 m (59 ft). The highest point of Jamaica is Blue Mountain Peak, with its official height being 2256 m (7,402 ft). The lowest point of Jamaica is Caribbean Sea. The elevation difference between the highest (Blue Mountain Peak) and lowest (Caribbean Sea) points of Jamaica is 2256 m (2 ft).
Area The total land area of Jamaica is 10,991 km² (approx. 4,244 mi²). and the total exclusive economic zone (EEZ) is 258,137 km² (~99,667 mi²). The continental shelf of Jamaica is approximately 9,802 km² (around 3,785 mi²). Including land mass and EEZ, the total area of Jamaica is approximately 269,128 km² (~103,910 mi²). Jamaica is considered to be a large nation because of its total area.
Forest and arable land 3,308 km² of Jamaica's territory is covered in forests, and forest land comprises 30% of all the land in the country. There are 1,715 km² of arable land in Jamaica, and it comprises 16% of the country's total territory.
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When a foreign entrepreneur has decided to invest in Ireland, he or she can either incorporate a new company or purchase a shelf company. Shelf company, also called readymade company, is a legal entity that has been incorporated previously and sitting on a shelf ready to be purchased for immediate use.
Generally, there are two types of shelf companies. They might be called differently, but the main idea is that the first type of shelf company is clean, meaning that no transaction has ever taken place in this business. The other type of shelf companies are usually older and with operational history. While the investor has to be cautious and do his due diligence before the acquisition of an aged shelf company in order to avoid purchasing a company with debt or other liabilities, there are various advantages and reasons, why investors might choose a shelf company that has actively operated some time ago.
One of the main reasons why investors might prefer an acquisition of a shelf company rather than incorporating a new legal entity is the difference in the time spent for both procedures. When setting up a new company, an entrepreneur has to go through a complex and time consuming procedures, whereas a shelf company is already incorporated therefore the business can start operating almost immediately. Generally in Ireland, the new shareholders are able to acquire a company number within just 24 hours or even in the same day. Another important advantage is the additional credibility with suppliers and customers if a company has been incorporated some time ago rather than recently. Also, if you are operating as a Sole Trader or in a Partnership with a legal entity which has been established in the past, it is also possible to receive tax planning benefits.
Procedure of shelf company acquisition in Ireland When purchasing shares of a shelf company in Ireland, you are required to notify the Companies Registration Office. While the process of the share transfer is similar to an incorporation of a new company, it requires significantly less time and documentation and the company can be used immediately. The new shareholders of the company are required to provide the agreement of share purchase and, if the buyer is a legal entity, an extract from the Trade Register is also necessary. The shares’ purchase agreement has to be notarized and Articles of Association has to reflect all material changes, such as the new company name, different object or activity, registered address and information about the new shareholders.
Generally, the easiest way to purchase a shelf company, especially if you are a foreign entrepreneur, is through companies offering such services. These companies acquire inactive companies and keep them until someone is ready to buy them. They also incorporate new companies for the same reason, but the main difference is that these shelf companies have never had any operational activity. The procedure is relatively straightforward and in case of any uncertainty, professionals will be there to help you and in few easy steps you will acquire a shelf company:
Find a company that provides shelf company acquisition services. Perform a due diligence on this company as you have to trust them with their research and ability to offer quality shelf companies without liabilities. File an order and provide all necessary information necessary for the process. An official document allowing to operate on behalf of the new shareholders needs to be signed. Generally, the service fee and the shelf company’s price needs to be paid in advance of documentation processing. Your service provider will transfer the shares to the new shareholders, change the directors, secretary and the registered address of the company as well as can change the company name if necessary. Some service providers also offer their premises for the registered company address. Typically prices vary depending on the service provider and the quality as well as the age of the shelf company.
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Monaco is considered to be a developed nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developed nation, Monaco is able to provide its citizens with social services like public education, healthcare, and law enforcement. Citizens of developed nations enjoy a high standard of living and longer life expectancies than citizens of developing nations. Each year, Monaco exports around $1.12 billion and imports roughly $1.16 billion. 3.4% of population in the country are unemployed. The total number of unemployed people in Monaco is 1,322. Government expenditure on education is 8.2% of GDP. The Gini Index of the country is 27.49. Monaco is experiencing high equality. Differences in income among citizens are only mildly significant.
Currency The currency of Monaco is euro. There are several plural forms of the name 'euro'. These are euro, euros. The symbol used for this currency is €, and it is abbreviated as EUR. The euro is divided into Cent; there are 100 in one euro.
Credit rating Credit rating is the extent to which international investors trust a country in paying debts and upholding the country's obligations in terms of crediting. There is no information on the credit rating of Monaco.
Central bank Public debt Monaco has a government debt of 77% of the country's Gross Domestic Product (GDP), as assessed in 2012.
Tax information The corporate tax in Monaco is set at 0%. The minimum personal income tax is0%.VAT in Monaco is 20%.
Finances The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Monaco is $6.79 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Monaco was last recorded at $0 million. PPP in Monaco is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Monaco is 6,559 billion. Based on this statistic, Monaco is considered to have a medium economy. Countries with medium economies support an average number of industries and opportunities for investment. It should not be too difficult to find worthwhile investment opportunities in medium economies. The Gross Domestic Product (GDP) per capita in Monaco was last recorded at $169 million. The average citizen in Monaco has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Monaco averaged 9.3% in 2014. According to this percentage, Monaco is currently experiencing significant growth. Countries that are experiencing significant growth offer the best chance for a substantial return on investment, as GDP growth rate is the most important indicator of economic health.
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A holding company is a company that lawfully holds (owns) shares in other companies. Usually it is an LLC or LP that holds enough equity in another company to control and manage its operations and profits. As such, a holding company is often only used to control other business structures: it can be a corporation, LP, or LLC rather than manufacturing its own goods or offering services. Holding companies can also be used to own some type of property. Equity holdings are widely used as owners of real estate, intellectual property rights, stocks, and other assets. When a company is wholly owned by a holding company, it is known as a subsidiary.
Purpose of a holding company
One advantage of a holding company is that the holding company's assets are very well protected against losses, claims and other risks. In the event of the bankruptcy of one of the companies, the holding structure will result in a loss of capital and a decrease in net assets, but the creditors of the insolvent company will not be able to claim any assets of the holding company in the context of the dispute. For example, a large corporate structure can be organized in the form of a holding company with only one subsidiary in order to own its IP rights or, alternatively, to own real estate or equipment or to operate as a franchise company. By building such a complex multi-layered holding structure, each subsidiary bears quite limited financial and legal responsibility alongside the parent company itself, which makes them a good solution for asset protection. The creation of a holding company structure can also reduce tax liability, which can be achieved by incorporating some parts of the company into jurisdictions with reduced or exempt taxes.
Holdings also allow private persons to protect their income or assets. Instead of owning assets personally and bearing full responsibility for one’s debts, possible lawsuits and other risk factors, holding structure can hold the assets instead, thus, putting only holding company’s assets at steak.
Main activities of a holding company include supervising the subsidiary companies it owns. It can recruit and fire staff, if required, however, managers of the subsidiaries will be held responsible for their decisions regardless. Even though the parent company does not manage daily operations of the subsidiaries, the holding shareholders should have a picture of what is going on and how these subsidiary companies work in order to evaluate the performance and financial data.
Benefits of having a holding structure In addition to everything previously mentioned, there are other major benefits of having a holding structure.
Full operational control over all subsidiaries:
A holding company has full supervision and control over directors’ board of the subsidiary. Parent company has the authority recruit staff, including directors.
Can be used to own property:
A holding company can hold different types of property, including, but not limited to real estate and intellectual property rights as well as other assets.
A holding company can not only hold, but also utilize and even pledge it’s property as well as invest it.
Risk minimization:
Holdings are often used to own assets, thus usually such structures are owners of numerous valuable assets. Holding corporate structure provides legal opportunity to protect these assets from claims, damages, lawsuits and other risks.
Holdings can be organized in several different ways. This allows quite flexible asset distribution between all subsidiaries.
Holdings company can own and use property:
Putting your company’s intellectual property rights or any other assets into a holding structure may be very beneficial in terms of legal protection against potential risks.
Flexibility of participation in risky investment projects:
A holding company participating in high-risk investment projects can protect shareholders of a daughter company.
Board of directors of each of the companies must act in the best interests of their company:
The parent company and its subsidiaries are recognized as separate legal entities each, each having separate board of directors. The board of directors is liable for the company’s activities as well as they are bound to act in the best interests of the represented business.
Tax planning solution:
The holding structure may be set up entirely in a different jurisdiction, which offers decreased or exempted taxes.
The holding can be quite a beneficial structure, especially considering that it often has lower tax rates than a trust would usually have applied.
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Manufacturing is the largest economic sector in the world, which is also one of the most important, directly and indirectly accounting for a large part of all economic activity and all jobs worldwide. It processes items and is dedicated to either creating new goods or adding value by producing finished goods for sale to customers or intermediate goods to be used in the production process. After the industrial revolution that began in Britain a few centuries ago, labour-intensive textile production was successfully replaced by mechanization and the use of fuel. Today, manufacturing creates jobs, technological development and an increase in international investment.
For this reason, some jurisdictions are leveraging manufacturing output and value-added exports to increase their operations, business performance and revenue, and to address the challenges and opportunities that manufacturers face every day in conducting their businesses.
According to Deloitte's 2016 Global Manufacturing Competitiveness Index, China, the United States, Germany, Japan and South Korea are ranked as the top five most competitive manufacturing countries in the world. These countries generate about 60% of global manufacturing GDP.
China Canada and its provinces compete on a global scale for investments that result in low production costs, low wages for factory workers, and the adoption of globally popular product mandates. As a result, there are some significant trends in Chinese manufacturing that can easily be highlighted. These trends include creating a globally competitive, expansive manufacturing business model, helping to create a competitive business environment for manufacturing in China and increasing sales in domestic and overseas markets. This fact can encourage start-ups to grow, invest and compete with other successful manufacturing companies.
United States The United States is successful in attracting investment in many of the world's most active industries, such as aerospace, auto assembly, pharmaceuticals, to name a few. The USA has signed an agreement with Germany to implement a dual vocational training program for the advanced manufacturing sector. US business policies focus primarily on technology transfer, sustainability, monetary control, and science and innovation, giving manufacturing companies (automotive in Detroit and high-tech in Silicon Valley) a competitive advantage.
Germany Germany retains a relatively high share of manufacturing exports. The country provides long-term support in government-sponsored science labs and national programs created to foster manufacturing innovation in areas such as solar and wind power and renewable energy (renewable energy sources accounted for 28% of the country's electricity generation in 2014). In addition to an energy revolution in the manufacturing industry, the country is striving to phase out nuclear energy.
Japan Japan has a technology-intensive manufacturing sector that dominates the global manufacturing landscape in most advanced economies. The country maintains manufacturing competitiveness as there is a close link between manufacturing competitiveness and innovation. Japan has strong potential to become one of the most advanced manufacturing jurisdictions in the world. The Robot Revolution Realization Council was established in the country in 2014 as part of the Japan Revitalization Plan, introducing infrastructure and energy resources for next-generation vehicles. Japanese companies account for 50% of the global factory robot market.
South Korea As the world leader in the manufacture of liquid crystal displays (LCD), smartphones and memory chips, automobiles, and the world's largest shipbuilder, South Korea is actively pursuing growth in free trade agreements with more than 50 countries. The country invests heavily in education and produces a large number of researchers every year. It is also known that supporting manufacturing innovation in South Korea with venture capital investments to boost high-tech startups is identified as a strategic priority.
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An online trading company is a trading company that operates primarily through the internet and its e-commerce tools. Like any normal trading company, online trading companies specialize in buying goods from manufacturers and reselling them to consumers or other retailers. However, the online nature of this business makes it different and has specific advantages and limitations. Selling goods online offers tremendous opportunities and benefits, as it allows you to trade on a global scale and save on organizational and administrative costs such as wages, office rent and others.
The main difference is that a 100% online trading company (with no physical stores whatsoever, just headquarters and warehousing facilities) requires a virtual infrastructure, not a physical one. An offline trading company requires offices, shops, storage units and a logistics network connecting suppliers, offices and branches; An online trading company needs offices, storage units, powerful servers and websites, and a flexible logistics system that allows it to serve customers in many locations.
As you can see, online trading companies require less physical infrastructure, but they also have to be much more flexible in serving their customers. While a website is a beneficial addition for a regular trading company, for an online trading company it is an indispensable tool without which the company cannot function - hence the high demands on the performance of the website and the host server.
Functions of an online trading company The main function of an online trading company is to purchase goods from a manufacturer and sell them on to retailers and consumers. A secondary, but nonetheless essential, task is to deliver the goods to customers, as usually online trading companies lack physical infrastructure, such as shops, outlets and other points of sale.
To buy and sell goods, an online trading company must set up a hub for transferring products from manufacturers to customers. In this case, that hub is a website. Just as a physical shop requires designers and marketing specialists to arrange and present products in the most advantageous way, a digital shop also requires specialists to guide customers through the possible buying options.
As for delivering goods, an online trading company can choose to either establish the delivery network itself, or outsource this task by entering into a contract with a logistics company. The online trading company then hands over its goods to the logistics company, which takes care of delivering the goods using its own network.
Key aspects of trading online Although the goods or services sold by online trading companies will vary, there are some common elements due to the specific ways in which these companies market and sell their final products. Here are some of the main issues that you will encounter, regardless of what you are selling online.
Distance selling A special category of online trading business is EU distance selling. E-commerce has made huge gains in Europe, and the online market is growing year-on-year. However, every retailer must understand the implications of e-commerce in the EU in terms of VAT. VAT rules are quite different for online sellers; for example, there are different thresholds for VAT registration (e.g. GBP 70,000 for the UK, EUR 35,000 for Poland or Italy, EUR 100,000 for Germany). There is no minimum threshold for providers of digital, electronic and broadcast services, who must apply VAT at the rate set by the country where the consumer is located.
Online stores and websites Naturally, a website is an absolute must for any online business. Designed as an online store (describing the range of products available, their prices and features), the website must also include the following important sections:
Delivery and returns policy Contact page, with a phone number, address, email address and other contact information for consumers to use Online payment options Online payment solutions A way to accept online payments is by far the most important consideration for an online business. Your consumer must have a way to pay for your products and services instantly and securely. There are two basic ways to accept payments on your online store:
By using an online payment system, for example PayPal By using a merchant account to accept direct credit card payments A merchant account is a special bank account opened for online business purposes, in order to facilitate secure transactions between merchant and customer. Merchant accounts are set up by agreement between the bank and the merchant and they allow you to accept payments in many ways, usually by credit or debit card. Banks are actually not the only entities that can set up merchant accounts; this can also be done by other financial service companies that process credit card payments.
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IBC or International Business Company or as it is also called international business corporation basically is an offshore company which is usually formed under the laws of some jurisdictions worldwide as a tax-neutral company meaning that it is not taxable in the country of incorporation. It is also limited in direct business activity it may conduct while operating within the context of the jurisdiction in which it is incorporated.
Meaning and main functions of IBC Often IBC features can vary by jurisdiction, however, usually they include business data confidentiality, ability to issue shares, provision for a local registered agent or office and exemption from local corporate taxation as the majority of offshore jurisdictions have removed or are processing the removal of IBCs from local taxation while reducing corporate tax to zero in order to avoid damaging the whole offshore finance industry.
Such companies in general are incorporated for offshore banking, making international investments, 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 it is stated in Streber Weekly, there are plenty of jurisdictions offering IBC as a business structure. The list of such jurisdictions is pretty 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 contains most of the jurisdictions without taking into account their worldwide reputation. Some popular offshore jurisdictions which weren't mentioned before offer territorial taxation and other tax incentives instead of offering IBCs. These business structures can be operating as exempt companies, free zone companies or non-resident companies etc. while lacking the ease of IBC companies: Panama, Hong Kong, Cayman Islands, Turks and Caicos Islands (TCI), United Arab Emirates (UAE), Bermuda.
For example, Panama's jurisdiction, in general, is suitable for International Foundation or IBC in terms of asset protection. Hong Kong jurisdiction in general is also suitable for international trade due to favorable taxation regime as it imposes no withholding tax, capital gains tax, tax on investment income, VAT and other sorts of taxes.
Most reputable jurisdictions for IBCs British Virgin Islands (BVI) is referred to as world's leading offshore business center with more than 450,000 operating companies registered in its territory. It is often called the grandfather of all IBCs. International international business companies have a rather good reputation among other jurisdictions of such kind due to the ability to transfer domicile and privacy of ownership for assets collected inside of the company. In general BVI provide flexible, low-cost and prompt services for international offshore companies' incorporation.
Seychelles can be alternatives to BVI offshore companies as this jurisdiction offer ease of administration, simplicity and privacy as well. In addition, IBC is the most widely used type of company incorporated on islands with more than 175,000 companies registered there. The IBCs of this jurisdiction are commonly used as consultancy and personal service companies as well as Holding Companies shares, real estate and equities.
Bahamas is one of the oldest offshore jurisdictions, considered to be a classic one as the BVI mentioned before as it is an independent and politically stable which has an improving reputation and is gambling friendly.
St. Kitts and Nevis has decent reputation while being also politically stable and having average to low costs. However, this jurisdiction is more popular for its Limited Liability Companies (LLC).
Saint Vincent and the Grenadines has merely low costs. It is quite politically stable with good reputation which has improved in recent years because of the gaining popularity due to financial operations carried out by Euro Pacific Bank and Loyal Bank.
Belize is also a great place for IBC formation. In frames of this jurisdiction IBC can be used with the purpose of international trade, asset protection, offshore banking, owning real estate, e-business or any other financial services.
Such IBCs are suitable for business transactions globally as well as making deposits and managing offshore investments such as bonds, mutual funds, stocks and other types of business services, while providing consulting and such professional services as management, corporate credit cards ownership, covering legitimate expenses etc.
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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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18.09.2024 14:31