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.
A checking account is a deposit account opened at a bank that allows making numerous withdrawals and unlimited deposits. Checking account is the most liquid account and can be easily accessed at any time using ATMs, checks, online banking, credit or debit card. Due to its characteristics, checking account is also known as demand or transactional account.
Many financial institutions offer checking accounts for very low monthly or annual fees and traditionally banks use this service as a loss leader. The loss leader is a term in marketing, which includes offering a product below its market value in order to attract consumers. When the consumers have been attracted with free or low-cost checking accounts, banks offer them more profitable products, such as mortgages, personal loans, investments in life insurance or retirement funds.
Functions of checking account Different types of checking accounts have been designed in order to meet the requirements of the users. They can include student accounts, business accounts, as well as joint accounts for households. Generally, checking accounts do not offer any interest return due to its liquidity.
Checking accounts are easy to set up at bank branches for a private individual. For businesses, you might be required to go through a certain procedure depending on the bank rules and state regulations. Checking account is one of the most practical solutions for keeping your cash available for any transactions, such as paying your bills, purchasing goods online, as well as paying with a credit or debit card in a store. Demand account is the most simple bank service and is used by almost every bank customer in the world. This account gives you a freedom and convenience when accessing your funds immediately and without any extra charges, except transaction fees in some cases.
Some banks offer checking accounts with a certain credit limit, which you can use in case of an emergency. If this is the case of your transactional account, you can be restful that you have an access to some extra cash at any time. Meanwhile, you should be more careful in order not to exceed your balance without an important reason. Typically, this short-term credit is tied to huge interest. For some people, who like spending all accessible cash, checking account with credit line might not be the best option.
Advantages & disadvantages of checking account Although checking accounts in terms of liquidity are close to cash, it is considered that keeping your money in a bank and accessing it over your transactional account may reduce unnecessary spending. It is also a good alternative to cash in case of a robbery, wallet loss or other accidents. Instead of losing all your cash, your funds would safely be held in your bank account.
Advantages Nowadays, it may be hard to imagine receiving your paychecks in cash, which include physical reception after depositing cash in your account. It is hard to imagine going and paying for your utilities and other bills. Checking accounts even allow you to set up regular payments for mortgage or other payments that occur on a regular basis easily.
Most of the banks also offer debit or credit cards tied to your transactional account, which allows you to debit funds from the account by going to your closest ATM instead of visiting the branch, standing in queues and paying transactional fees. In addition, credit and debit cards allow you to do online shopping, purchase plane tickets and rent a car. Your credit or debit card information can also be used as a personal identification method for different sites online.
Corporate documents, also known as legal documents - are set of specific documents, where all the necessary facts regarding the company are written. These documents are known as face of the company, because they are the source of official information about the company. Whenever a company is founded or changes are made, documents including facts about the company or the facts about the corporate changes must be filed with the Register of Enterprises. The Register will change information in Commercial register and attach the submitted documents to the company's file so any person is authorized to acquire the official facts about the company.
There are different types of corporate documents, each containing different information. The most important set of documents are known as constitutive documents, such as Memorandum of Incorporation and Articles of association.
Every document has strict requirements and specific form. A signature in some documents must be notarised in order to have a binding effect. These documents are usually drafted by lawyers or by the law offices that specialise in commercial law. It is important to keep in mind that the status and requirements of legal documents vary between jurisdictions. Moreover, the names of the documents can vary in different countries.
Corporate documents required for company incorporation To form a company, two basic founding documents are necessary:
Memorandum of association It contains the fundamental conditions upon which the company is allowed to operate. The document consists of information like firm of the company, data on the founders, information about the equity capital of the company, admissible amount of the foundation expenses and their payment order, etc.;
Articles of association It generally defines the responsibilities of the board, the type of business to be executed, and means by which the owners exert control over the board of directors. Upon consent of the founders the Articles of association may include specific provisions regarding decision making, restrictions of the board, competence of the council, other specific conditions regarding the process of shares transfer. Other secondary documents may be demanded. These are as follows:
An application of the local commercial registry – every state has its own form that must be submitted for any changes to take place; Declaration of each board member / Consent of board member; List of shareholders / A division of the register of shareholders (for limited liability company); Declaration of company address / Announcement of an office address; Bank notice on the payment of the equity capital; Receipt for payment of the state fee;
If you live in France or simply have some business in France that requires a money transfer, you will need to open a bank account with one of the banks registered in France. France's banking system can certainly be compared to other leading European countries, therefore, whichever bank you choose, in addition to online banking, you can expect quality service and a wide network of branches and ATMs. The largest banks in France include BNP Paribas, Societe General, Credit Agricole, BPCE and Credit Mutuel, in addition to other multinational banks operating in France.
When people think of private banking, many think of well-respected private banks that cater to clients with at least EUR 1 million in financial assets. Meanwhile, French private banking welcomes people with financial assets from EUR 100,000. In fact, private individuals holding between EUR 100,000 and EUR 1 million represent around 50% of total investments in the French market. Nonetheless, retail banking holds 75% of the market and nearly one in two clients eligible for private banking services still seeks the advice of a retail advisor.
Private banking is either a sector of a banking institution along with retail banking, or a separate entity engaged only in private banking. In general, private banking offers a wide range of products and services. In addition to classic retail banking services, private banking clients receive more personalized services - a full range of fund administration services, securities advisory, tax-advantaged investments, private equity, management on behalf, advice and transactions of fixed assets (art, rural property, real estate, etc. ) and the structuring of investments.
Requirements for opening a private bank account in France The process of opening a private bank account is fairly simple but can be daunting at times as many bankers and most of French society do not like speaking English. Although private banking is certainly more responsive to the interests and needs of their clients, you should be prepared to look for an English speaking private banker to feel comfortable entrusting him or her with your wealth.
The procedure and requirements usually vary from bank to bank, but in general the required documents are as follows:
Completed and signed application form (generally in French, but some banks offer English translations); Copy of a valid passport; Copy of a marriage certificate (if applicable); Copy of a current electricity bill (usually no more than 3 months old); proof of income; The reservation contract or title deed of the property in France. All private banks have a certain minimum amount of assets under management in order to become a customer. As discussed above, you will find offers from private banks to open a private account from 100,000 euros in assets. In France there are numerous banks offering private banking services. Three of these are discussed below.
BNP Paribas With more than EUR 100 billion in assets under management and 2,400 employees in 23 countries, BNP Paribas Private Banking is one of the world's leading private banking organisations. In France, BNP Paribas manages around 45 billion euros and serves 75,000 customers. The BNP Paribas brand is the most valued in France - in 2015 its brand was worth EUR 14.7 billion. It is also a leading bank in the Eurozone, ranking 2nd in Europe and 8th globally in 2017.
Banque privée Edmond de Rothschild Banque privée Edmond De Rothschild was ranked as the best private bank in France in 2016. With headquarters in Geneva, Switzerland it is dedicated to the wealth management of private as well as institutional clients. It was founded in 1923 as Banque privée but was bought by the Rothschild family and is currently a part of the Edmond de Rothschild Group.
Société Générale Société Générale is a multinational banking institution headquartered in Paris offering a wide range of services including international retail banking, corporate and investment banking, asset management, private banking as well as securities services. Société Générale is the third largest bank in France by total assets and sixth largest in Europe.
Société Générale Private Banking has developed a Centre of Expertise for Wealth Planning and Fiduciary (Trust) Services for global wealth planning. Each year, the centre delivers over 1000 wealth studies in addition to in-house expertise in domestic and international wealth planning.
Practical advices As mentioned above, when coming to France you have to keep in mind that French people do not like to speak English. Surely, when opening a bank account you want to be understood and be able to communicate freely also if you do not speak French. Therefore, it is highly suggested to make sure that your private manager speaks English or ensure you have a translator before opening an account with a certain bank.
Generally, banks are open from 09:00 to 17:00 in workdays, but some branches tend to have irregular opening hours (for example, half a day) and lunchtime closing is a rather normal appearance. Before opening a private bank account, make sure that the bank has opening hours convenient to you.
A trading company is a business that specialises in buying and selling various products. As the entity that ultimately delivers the goods to the customer, trading companies also set up shops and storage facilities to avoid becoming dependent on a manufacturer's ability to supply products on demand. Moreover, trading companies may handle all the necessary procedures relating to the delivery of goods, including procedures for international trade. When planning to establish a trading company there are several factors to be taken into consideration, such as taxes applied by the jurisdiction of domicile, the jurisdiction of your company’s bank, bookkeeping requirements and possible locations for warehouses and storage facilities (if necessary).
IBC or International Business Company or as it is also called International Business Corporation is basically an offshore company that is usually incorporated under the laws of some jurisdictions worldwide as a tax neutral company, meaning that it is not subject to tax in the country of incorporation. It is also limited in the direct business activities it may engage in while operating in the context of the jurisdiction in which it is incorporated.
Importance and main functions of IBC Often IBC features can vary by jurisdiction, but typically include confidentiality of business records, ability to issue shares, provision of a local registered agent or office, and exemption from local corporate income tax as the majority of offshore Jurisdictions that removed or are processing removal exempt IBC from local taxation while reducing corporate income tax to zero to avoid hurting the entire offshore finance industry.
Such companies are generally formed for offshore banking, international investment, 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 stated in Streber Weekly, there are many jurisdictions that offer IBC as a business structure. The list of such jurisdictions is quite 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 includes most jurisdictions without considering their worldwide reputation. Some popular offshore jurisdictions not mentioned previously offer territorial taxation and other tax incentives in lieu of IBCs. These business structures can operate as Exempt Corporations, Free Zone Corporations, or Non-Resident Corporations, etc. without having the ease of IBC corporations: Panama, Hong Kong, Cayman Islands, Turks and Caicos Islands (TCI), United Arab Emirates (UAE), Bermuda.
For example, the jurisdiction of Panama is generally appropriate for International Foundation or IBC in terms of asset protection. The jurisdiction of Hong Kong in general is also convenient for international trade due to the favorable tax system as no withholding tax, capital gains tax, capital gains tax, VAT and other types of taxes are levied.
The most respected jurisdictions for IBCs The British Virgin Islands (BVI) is recognized as the world's leading offshore business center with more than 450,000 operating companies registered on its territory. He is often referred to as the grandfather of all IBCs. International international business corporations have a fairly good reputation among other jurisdictions of this type due to the ability to transfer domicile and privacy of ownership for assets collected within the corporation. In general, the BVI provide flexible, cost-effective and fast international offshore company formation services.
Seychelles can be alternatives to BVI offshore companies as this jurisdiction also offers ease of administration, simplicity and privacy. Additionally, with more than 175,000 companies registered there, IBC is the most common type of company formed on islands. The IBCs of this jurisdiction are commonly used as consulting and staffing services firms, as well as holding companies for stocks, real estate, and stocks.
The Bahamas is one of the oldest offshore jurisdictions to be considered classic like the previously mentioned BVI as it is independent, politically stable, has an improving reputation and is gambling friendly.
Saint Kitts and Nevis has a good reputation but is also politically stable and has an average to low cost. However, this jurisdiction is more popular for its limited liability companies (LLC).
St. Vincent and the Grenadines has low costs. It is quite stable politically and has a good reputation which has improved in recent years due to increasing popularity due to financial deals conducted by Euro Pacific Bank and Loyal Bank.
Belize is also a great place for IBC formation. Within this jurisdiction, IBC may provide international trade, asset protection, offshore banking, real estate ownership, e-business or other financial services
Order one of the offered Latvian business services and possible solutions will be prepared. Confidus Solutions, in cooperation with a variety of experts (including Latvian locals), develops a strategy and creates a unique tailor-made business solution for each client. Once communication is established, you will be provided with a list of required documents and information to proceed.
If you want to start a business, you need to register a business. However, there are many questions and issues to consider during the business formation process such as: etc. Confidus Solutions is here to clarify everything and give you a clear picture of the whole incorporation process, as well as provide legal advice on how to achieve your goals and what solutions are most efficient for you.
For the sake of simplicity, we can divide the whole company formation process into three main phases: preparation, when all the important decisions regarding jurisdiction and legal form are made; Registration, when the company's legal documents are signed and submitted to the National Business Register; and Closing – after the company is registered there are some things you need to take care of before starting your business such as: B. Opening a bank account and acquiring VAT status (if required). You can read more about this below.
Preparation: Things to do before starting a business Before you even create the documents, you need to make two decisions to determine how to proceed: In which jurisdiction will you incorporate your company? And which legal form will you choose? These two factors determine a variety of things, such as the incorporation process, the documents required, and the taxes your company must pay. Visit our website to learn more about the main jurisdictions and legal structures.
After you have decided on the location and legal form of your company, you need to think about the company name and legal address. There are usually specific requirements that the company name must meet, but these vary from country to country, so it is best to check the availability of your desired name before creating any documents. A legal address can usually be rented along with virtual office services if required.
Registration of your company Once the preparatory steps have been completed and all relevant decisions have been made, it is time to start registering the company. This process varies greatly by jurisdiction, which is why we can only provide general guidelines here.
First, contact your lawyers and start drafting the necessary documents. Most incorporation documents should be signed in front of a notary public, with signatures notarized (and apostilled if necessary). Document creation usually takes between one and five days. Also keep in mind that the initial deposits into the company's equity must be made before filing the documents with the commercial register. Banks usually open a temporary bank account solely for the purpose of depositing equity.
After all documents are created and signed, they must be filed with the local trade register. The business register examines the documents to determine whether they comply with national laws and regulations and to ensure that the proposed shareholders and directors are free from registered restrictions. Company registration usually takes between three and 14 days, depending on the country.
Finalization: preparing your company to start operations After entry in the commercial register, your company is almost fully operational. The only remaining tasks are opening a bank account and possibly acquiring a VAT number. Also, depending on the area of your business, you may need additional licenses and/or permits to operate.
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