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 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 such as 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.
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 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 such as 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.
The development of telecommunications and economic globalization have made it possible for interested investors to set up companies all over the world. With proper research, financial investment and legal backing, business ventures can be safely incorporated in almost any country in the world. Building an international business used to be a complicated entrepreneurial venture, but today it is commonplace with the help of experienced legal and business advisors.
The advantages of founding a company abroad are as numerous as they are obvious. Many countries offer specific locational advantages, ranging from natural resources and well-established infrastructure to beneficial laws and regulations that encourage growth in a particular industry. Likewise, it can be difficult to start a business or an acquisition in your own country due to adverse situations: political or regulatory environment, lack of resources and more. In this situation, it makes sense to consider an overseas option that offers greater opportunities for growth, development, and success.
Company registration in Ecuador When starting a business in Ecuador, an interested investor must conduct due diligence regarding legal procedures, international regulations, and sufficient investments for success. It is crucial to understand cultural, social and political factors that influence starting and growing one's business. Failure to do so may result in unintended consequences. Poorly researched and toneless international launches often end in disaster as time, money and energy is wasted due to poor planning.
Legal Documents Every country in the world presents its own intricate challenges when it comes to starting, developing and maintaining a business. Owners, financiers and investors must make these commitments with the support of a knowledgeable and experienced legal team. Only someone with in-depth knowledge of local and international corporate law will be able to set up an overseas business while avoiding the pitfalls that plague many new businesses.
Additionally, smart business people can consider ways to invest in foreign companies without actually starting their own businesses. In these situations, it is still beneficial for the investor to partner with a knowledgeable global economics and litigation advisor. International investments create a truly diverse portfolio that offers growth opportunities that were unthinkable decades ago.
Potential investors, venture capitalists and entrepreneurs should consider the existing infrastructure in Ecuador when planning to start a new business. While extensive infrastructure and systems can help make the process of starting a business a smooth one, it could also represent market saturation and reduced growth potential. On the other hand, a lack of infrastructure is often a major obstacle to growth; However, the lack of infrastructure points to a clear market opening for a creative and efficient new business.
Bank account opening in Ecuador In connection with the incorporation of a company, it is necessary to open one or more bank accounts in Ecuador. Confidus Solutions offers the ability to open a bank account in over twenty jurisdictions, making it easy for you to avoid challenging language barriers or bureaucratic hassles.
Virtual Office in Ecuador Since a registered address is a necessity for international business, Confidus Solutions enables foreign investors to set up a virtual office in Ecuador. This address allows international entrepreneurs to accept mail, arrange for shipping and set up a registered bank account in their country of business.
Tax regulations If you are in the process of researching a company formation in Ecuador, consult with a lawyer or consultant with extensive experience in the field you are considering. This advisor can help you with everything from laws and tax structures to local helpers. You need to consider every aspect from the local office to your highest organizational structure; Make sure you recruit the best possible mentors as you embark on this exciting but challenging process.
The limited liability company in Germany, also known as a limited liability company or simply GmbH, is one of the most common company structures in Germany. It is an extremely flexible structure as it combines numerous legal advantages while having very few limitations. In Germany, the GmbH is subject to corporation tax (KSt), the solidarity surcharge and trade tax.
GmbH can be founded with at least one shareholder, provided that it has a share capital of at least EUR 25,000. The share capital can be deposited in cash, contribution in kind or contribution. As an exception, the shares in the GmbH may neither be sold publicly nor entered on the public stock exchange. The company is managed by the shareholders' meeting. The day-to-day decisions and business are taken care of by the company's board of directors, appointed by resolution of the shareholders' meeting.
GmbH formation procedure in Germany All legal requirements and regulations for the formation of the GmbH are determined by the company law.
Before starting the incorporation process, it is highly recommended to apply for an availability check to check the availability of the company name with the local Chamber of Commerce and Industry department, notarize the company incorporation documents and open a bank account. In this preliminary stage, share capital must be paid into the bank account.
In order to initiate the incorporation process, the following company documents must generally be submitted to the local commercial register authority:
Application for company formation; notarized articles of incorporation; A document stating the Board of Directors and its structure; A document proving that the share capital has been deposited. All documents listed above must be submitted in digital form in accordance with German standards for digital filing and verification. The formation of a newly founded company takes place on the basis of a central electronic platform that is developed and operated by the commercial register of the Federal Republic of Germany.
Trade license and sales tax acquisition The next logical step before starting business is to apply for a business license from the local Economics and Standardization Office, followed by registration with the National Statistics Office (providing all necessary operational, industry and financial information). Data). After that, newly founded GmbHs should also submit and register with the local IHK and the local department of the employment office.
The employment office should hear the case and assign a company an eight-digit number that must be reported to the social welfare office. After all the previous steps have been carried out and completed, the GmbH must submit an application to the federal health insurance fund. In addition, legal notices should be sent to the Central Tax Administration informing about the newly formed company, with all the above points leading to registration for the German corporate tax and sales tax payer number.
After completion of the company formation procedure, the company can finally start its business operations. Because the majority of companies registered in Germany need local employees. Employers are largely offered a well-trained workforce. It is also possible to look for employees at the numerous local recruitment agencies.
Company account opening in Germany If you are not a German resident, even if you are a citizen of another EU member state, there are still certain verification and compliance procedures to open a corporate bank account in Germany. This means that your company is expected to comply with certain legal requirements, such as B. a local tax number, place of residence and some other relevant things.
There are also additional compliance requirements as it can be quite difficult to prove credit history for a newly incorporated company, international invoices can easily cause problems and raise questions meaning most banks will not be willing to take the risks which can lead to the refusal to open a business account.
Such a practice complicates things quite a bit, as smaller traders from other EU member states, small e-commerce traders and all those business people dealing with online marketplace businesses usually struggle to get paid. For example, if you are willing to have an Amazon marketplace connected business account with a German bank, you will most likely need to have a business account with a local German IBAN number in order to receive money, simply for security reasons, which can cause problems.
For many customers, the best practical solution would be to find an online business banking partner that offers a virtual business bank account, such as a B2B Pay. It can be especially useful if you are able to get a multi-currency virtual account, which means you can receive money and store money in multiple different currencies.
An investment account is maintained with such financial institutions as banks, brokerage houses, or even insurance companies. The main purpose of this account is capital preservation and growth, as well as fixed-interest profit through long-term deposits in the asset portfolio.
In general, "investing" means a proactive use of assets in a very broad definition - such as patents, trademarks, rare wines or gold coins, but also small businesses, real estate and antiques. In this regard, the investment account contains fewer physical assets: cash, stocks, bonds, and mutual funds. The basic investment objective remains the same – to buy the asset and hold it for the long term, and to sell it at some point in the future when the asset's value is cheaper. Depending on the asset you have decided to invest in, you need to evaluate your investment as a long-term process as you will have to wait for the particular asset to appreciate in value.
Investment Account Features Before opening an investment account, you should consider whether or not this type of financial service is best for your risk/return. Furthermore, liquidity preferences embody your goal. Investment accounts are usually maintained with long-term goals. Traditionally, the long term is considered to be 7 years or more, but this number should not be the primary determinant when deciding whether or not to open an investment account. This banking service is often used when there is a specific event in your life that requires a higher income, such as a wedding. For example, if you are sending your child to college, buying a house, or approaching retirement.
Since one of the main determinants of the investment account is its long-term nature, you should be ready to face another attribute of it - liquidity. Any financial instrument has less liquidity compared to cash in your checking or savings account. Additionally, this type of deposit usually comes with higher transaction costs in case you want to access the cash sooner than a specific time specified in the agreement between you and the financial institution.
Types of investment accounts If you have decided to open an investment account, the next step is to find a bank or other financial institution that can offer you the most suitable type of investment account regarding the costs, risk level and other components. There are various kinds of accounts designed for different needs and wishes of investor, but not all banks offer such services.
Brokerage account This account is managed by the investor himself. Usually, after depositing cash on this account, you can use the funds to purchase different financial instruments or other types of investments. This account involves a commission paid to your broker for executing your purchase and sell orders. If you feel uncertainty regarding your investing skills, you may use full service brokerage account, which would also include investment advices.
Retirement account This account is designed for long term continuous deposits over the years of employment, which results in higher income during retirement in addition to the state pension (if applicable in your country – ask us). In several countries, deposits in the retirement account are not tax applicable.
Custodial / guardian account These accounts are designed for investors, who want to save funds for their children or other person. This includes savings made for a child’s education.
Specialty account This type of account usually includes testamentary or non-testamentary trust accounts. In case of a non-testamentary trust account financial instruments are registered on behalf of the trust, while managed by a trustee. Meanwhile, a testamentary trust is opened through the testimony of a deceased person.
Business account Business account works similarly as brokerage account, while the client is a business instead of a private person.
Business documents play a crucial role in many ways these days. The deal consists not only of contracts, but also of special corporate documents aimed at making changes in the corporate structure. Overall, documents are necessary to prove or support specific facts or actions.
Therefore, if an act is not recorded in a document, it can be very difficult to prove that the act took place in the first place. However, several problems can arise in this regard - if documents are forged and the actual act did not take place, it can be very difficult to prove the opposite. That is why it is necessary to notarize corporate documents for certain actions - it serves as a protection for companies, since it is much more difficult to forge documents that need to be notarized.
The certification of the document implies that an official, i. H. a notary, authorizes a specific person to sign the document. The notary identifies the person signing the document and attaches a notary seal with notarized deed to the document. In this way, any third party can be sure that the signature of the document is real and not forged. This service is referred to as a "certified signature". However, you must be aware of the risk that the signing party does not know the contents of the document.
One of the additional/possible (depending on the company) services that can be provided is a notarization of the content of a document. In this case, not only is the signer officially identified by the notary, but the content of the document is also explained to the signer by the notary. When the contents of the document are notarized, other people can be sure that the signer knows exactly what they signed. However, this service is more expensive, complicated and time-consuming and therefore not widely available in many jurisdictions.
Confidus Solutions can help you with the notarization of signatures or documents: we have contacts with public notaries and can help you make an appointment at the time you want and prepare your documents in full compliance with notarial requirements.
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 alone 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 the idea of 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 service provider with 94 branches in over 100 countries and headquarters in New York City. The largest bank in the US is also ranked 6th globally in terms of its asset base. Currently, JP Morgan Chase & Co has an asset base of USD 2.35 trillion. It provides various financial services to millions of private customers, small and medium 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 formed in 1904 by Amadeo Giannini and it was initially known as the Bank of Italy. The bank is a multinational financial institution with 5,100 banking outlets and headquarters in Charlotte, North Caroline. With USD2.185 trillion it is currently the second biggest bank in US in terms of the asset base. Wells Fargo was founded in 1852 by Henry Wells and William Fargo. While it is only the third largest bank in US in terms of asset base, it was the largest bank in the world in terms of market capitalization in 2016. The bank had 8,700 retail branches across 35 countries and headquarters in San Francisco. The bank is well known for supporting several environmental programs and also has been charged for numerous economic crimes. Citigroup was founded in 1812 and currently has headquarters 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 total asset base of USD 1.801 trillion it is the fourth largest bank in the US. It experienced massive losses during the financial crisis and was rescued by the federal government and as of June 2012, it had the largest cash reserve among all commercial banks in the US. Goldman Sachs Group was established in 1869 by Marcus Goldman and Samuel Sachs. This bank is one of the few financial institutions that managed to generate profit during the financial crisis. Meanwhile, it was later charged with USD 5.06 billion fine for falsely assuring investors that the securities it sold were backed by quality mortgages. With USD 861 billion in assets Goldman Sachs Group closes the top 5 list of the US largest banks. Morgan Stanley with USD 807.5 billion in assets; U.S. Bancorp with USD 428.6 billion in assets; Bank of New York Mellon with USD 372.9 billion in assets; PNC Financial Services with USD 361 billion in assets; Capital One with USD 330.3 billion in assets.
Trademark protection in the United States dates back to colonial times when American common law recognized some intellectual property rights. This tradition has its traces in history, because many American companies live from their marketing strategies. These companies understand the importance of registering and protecting their trademark to promote their brand.
Because of this, registering a trademark in the US is a fairly quick and cheap process compared to other countries, and even unregistered trademarks can enjoy some legal protection if they have already been used in commerce. If so, you must be able to demonstrate that your use of the mark is well established in your interstate business. This is not always easy to prove and it is not economical to hold your own against your competitor if you have skipped the registration stage of your trademark.
At the federal level, the United States Patent and Trademark Office (USPO) administers trademark registration in the United States. Because of the legal value of commercial use of trademarks, it is possible to enter the American market before applying for registration. Nevertheless, it is also possible and often advisable to file the so-called "intent-to-use" trademark application. You can file an Intent to Use (ITU) application if you make an affidavit of intent, but be aware (!) that in the event of litigation, you will need to demonstrate your efforts to “commercialize” your mark soon after the application date. Later you should be able to convert the (ITU Application) to the ordinary (Use-in-Commerce Application) using a set of specific procedures.
Before any filing, it is important to conduct a thorough research for possible trademarks that could be confused with yours. Attention! This research is the responsibility of the applicant. USPO offers a search system (Trademark Electronic Search System, TESS) that can be used for this search, but it must be noted that the search engine does not consider trademarks that are not registered at the federal level but are used in commerce that differ can even assert themselves against registered ones.
Descriptive marks can only be protected (so-called weak protection) if they are considered distinctive due to their commercial use for more than 5 years. The federal agency sets strict parameters to assess the class of products or services to which your trademark relates. To avoid confusion or many other grounds for refusal that the Office may find, you should consider seeking legal advice.
One of the essential components of building a business today is solid marketing. Many different marketing strategies can be found online with step-by-step guides provided by various business gurus. Most of them emphasize the need to build, monitor and manage businesses online in order to achieve business success. A strong online presence doubles your chances of being seen and heard, and thus generating interest. Data collected by Google shows that 97% of consumers use the internet to search for local businesses. For those looking to offer products or services, this means that when it comes to meeting the needs of the consumer society, it means using the internet makes more sense than just building a business within a business. An online presence can strengthen your brand, facilitate communication with your target audience, and attract new customers or partners who are vital to business growth.
Successful content management can build and improve your company's online presence. This can be achieved by making the online content you offer unique and making sure it can be found by search engines - 89% of consumers use it to research an item or service they are interested in or a deal they want to use before they make a final decision. For this reason, it is important to work on search engine optimization (SEO) if you want to achieve real success in online business. SEO can attract more people to your website by making it easier for search engines to find and list you in their results. Search Engine Optimization, which essentially involves applying search engine friendly marketing methods and techniques, helps generate more traffic as consumers are more likely to trust search engines.
Use the Internet to grow and advance your business SEO can help you grow your business by leveraging the generous support and promotion of search engines that connect people to their desired content on a global scale. Well-known search engines like Yahoo, Bing and Google value fresh and original content that can do wonders for your online business. Appropriate, up-to-date and high-quality content can be seen as the key to search optimization.
Another way to make your business or brand memorable is by using social media marketing. Some customers prefer to contact Facebook, LinkedIn, Foursquare or other popular social media sites before purchasing a product. 79% of consumers choose to follow or like brands on social media just to get more valid information about the goods the company is selling. The information provided on social networks can influence people more than discussing the planned purchase(s) with relatives or friends, as people are becoming more independent in their personal views.
Another effective marketing strategy is video marketing with YouTube. This works well because videos are great substitutes for actual samples of the goods or services being sold. The short video format is really effective in catching people's attention.
There are also a number of other popular marketing strategies such as: B. Email marketing or delivering targeted messages directly to your audience using various email formats (e.g. ShoutOut); Relationship marketing based on building win-win relationships with potential business partners, merchants and consumers; and developmental marketing, which refers to finding new purposes for widely used products or developing, designing, and launching innovative products. It's up to you to decide which of these strategies best suits your business.
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24.06.2024 05:17