Thursday, April 6, 2017
The local and foreign investors who want to set up a car rental company in Romania must follow a few legal steps for incorporation and they should know that the procedure has been simplified in the last years. The Trade Register functions as a “one-stop” registration office and the incorporation procedure lasts only a few days once all the required documents are submitted.
The entrepreneurs must first decide the type of company they want to open in order to offer car rental services in Romania. The most common types are limited liability company (SRL) for small businesses and joint stock company (SA) for large ones. A foreign investor who wants to set up a company in this field can give the power of attorney to a local lawyer who will be in charge with all the company formation aspects and will provide legal assistance for starting the business. The local attorney will inform you about the special license or permits necessary for your company.
The car rental industry in Romania has developed in the last years and it is expected to grow as the economy is on a positive trend and the number of foreign tourists coming to Romania has increased year after year. Car rental sector increased by 12% in 2015 compared to the previous year due to the large number of foreign tourists who visited our country. A part of the businessmen who invested in this field have targeted also the local citizens interested in renting cars in major Romanian towns. The prices for this service are low comparatively to other European countries or exotic destinations like Dubai (http://www.rentluxurycarindubai.com), so this business has a high potential of growth in the next years.
Tuesday, February 21, 2017
As a German speaking person it might be hard to find a Company Formation Specialist in Netherlands for the formation of your company. In this case we recommend our partners INCO GROUP which can assist German nationals in establishing Dutch companies.
Please access the following link:
Please access the following link:
Tuesday, January 17, 2017
Hong-Kong is one of the most famous offshore jurisdictions in Asia and even the world. Businesses setting up there can enjoy easy access to the Chinese market and low tax (or no tax) for their corporate income. Hong-Kong is especially useful when expanding your business in an Asian country as a good location for a holding company. Opening a company in Hong Kong can be done quickly with low costs and a maximum of privacy.
If you want to know more on the basic procedure for establishing a company in HK please see: http://www.cr.gov.hk/en/home
For more general info on foreign investment in Hong Kong please access http://www.censtatd.gov.hk/hkstat/sub/sp260.jsp?productCode=B1040003.
Thursday, September 29, 2016
Liechtenstein is indeed an offshore jurisdiction and and a special tax haven for different high income individuals or corporations, but is actually regarded as a top location for asset protection structures such as trusts (family trusts for instance) and foundations.
Also incorporating simple Limited Company structures could be beneficial for tax minimization purposes. If you are interested to find our more about Liechtenstein as a country please visit http://www.liechtenstein.li/en/. If you are interested in this countru as a possible location for your future business please visit http://dfat.gov.au/trade/Pages/trade-and-investment.aspx or Companyformationliechtenstein.com.
Tuesday, January 12, 2016
As a foreign businessman looking to set up a business in Ireland, you should know some important legal and administrative aspects. From choosing the right type of legal structure to obtaining special permits and licenses, the experts at our partner law office in Ireland are ready to assist you in every company formation phase. Our partners in Ireland have identified 5 main legal demands that every businessmen should be aware of when opening a company in Ireland.
1. Choosing a legal form for your business
Any new company in Ireland must be incorporated as a legal structure. The main types of companies available for incorporation in this country are:
- private and public limited companies;
- companies limited by guarantee without a share capital;
- private unlimited companies with a share capital;
- sole proprietorship;
Each company type has its own particularities, this is why you should ask for the help of a legal consultant in Ireland which can help you choose the most suited one for your business objectives.
2. Registering your new company with the responsible Irish authority
After you have chosen the right type of company, the next step is to register it with the Irish Trade Register. For the registration process you will need to submit several documents and complete some important steps such as: choosing an unique name for your company and drafting the Articles of Association. Our partners in Ireland can help you draft the Articles of Association and can handle the entire company registration procedure.
3. Registering your company with the PAYE and PRSI
PAYE (Pay As You Earn) and PRSI (Pay Related Social Insurance) are the Irish systems responsible for the deduction of taxes imposed on employees. Therefore, if you intend to hire personnel at your new company, registering your business with PAYE and PRSI is another legal requirement that you must respect.
4. VAT registration in Ireland
Depending on the amount of your company’s annual revenue, you may be required to register for VAT in Ireland. VAT registration is mandatory for companies that generate the following annual turnovers:
- €37,500 from the sale of services;
- €75,000 from the sale of products.
There are four VAT tax rates in Ireland and depending on the industry sector your company activates in, you could pay a 9% or a 23% VAT rate.
5. Obtaining business permits and licenses in Ireland
Special permits and licenses are required in Ireland depending on the industry you intend to activate in. Some of the domains that require licenses are:
- the gambling sector;
- the food and beverage industry;
- the transportation sector;
- the mass media sector.
If you intend to open a company in one of the sectors mentioned above, you cannot start your business activities without obtaining a special license.
As you can observe there are several legal requirements you must comply with when opening a company in Ireland, but with the right legal help you can make sure that your new business respects all the rules and regulations imposed in this country.
Tuesday, September 15, 2015
A foreign investor who wants to open a company in Spain should follow a few steps before starting his own business in this country. The first step is choosing the proper type of company for his business and this can be done easily with the help of a local lawyer who can present him the main advantages and disadvantages of each type of company available in this country.
Then, the foreign entrepreneur must decide the name of his company, verify it with the Trade Register for availability and draft the documents for the incorporation. If you are interested in finding out what documents you need and the conditions for starting a company in Spain, such as the minimum share capital or the number of shareholders, you may contact a Spanish attorney. He may represent you in front of the local Trade Register for the incorporation procedure, so you don’t have to spend time to travel to Spain for bureaucratic procedures.
After the foreign investor receives the registration certificate and the incorporation is published in the gazette of the Trade Register, he is allowed to start the economic activity.
Thursday, July 9, 2015
Do you want to expand your business in the Middle East? You can choose to open a company in the Ras Al Khaimah Free Trade Zone (RAK FTZ), one of the most important destinations for foreign investors in UAE. You will benefit from 100% tax-free environment, 100% foreign ownership and low costs.
- 100% privacy
- 0% Corporate Tax
- 0% witholding dividend tax!
- 100% privacy
- 0% Corporate Tax
- 0% witholding dividend tax!
Wednesday, May 13, 2015
Malta is a very interesting jurisdictions for setting up tax minimization structures (for Romanian investments as well).
Malta is chosen as a business destination by many foreign entrepreneurs who are attracted by the low company formation costs, the tax efficient jurisdiction and the business opportunities in this small country, close to two continents – Africa and Europe. For registering a company in Malta, no matter its size, you may contact a local lawyer who knows the legal steps and can help you incorporate your company in just a few days, after you submit all the required documents.
For registering a company in Malta, based on Companies Act that came into force in 1995, you need a memorandum of association that contains the following information:
- the name of the company that must be unique;
- the type of company you want to register;
- the address of the registered office in Malta;
- the economic activities it will perform;
- the amount of share capital to be paid for the registration and the total amount of share capital;
- the name of the subscribers of the memorandum, their addresses and also the number of shares owned by each of them;
- the number of directors and information about each of them (name, address etc.);
- details about the company secretary;
- representation of the company - who is entitled to represent the registered entity.
Trade Register is the local authority that handles the company registration procedure.
Benefits of incorporating a company in Malta
An investor who chooses to register a company in Malta can benefit from a refund if the shareholder of the company is a non-resident in this country. There is also a tax refund for a company registered in Malta that holds a participating interest in another non-resident company. Another benefit is that the distribution of profits to the non-resident shareholders is exempt from withholding taxes and stamp duties. The dividends can be expatriated with no restrictions to the non-resident shareholders.
Thursday, March 19, 2015
How can you obtain a compensation for a personal injury in Los Angeles, California?
The victims of different kinds of accidents may obtain compensations for their sufferings and their expenses for treating the personal injuries, if they know how to act in order to get the financial reparation. A simple citizen, who is not familiar with the legal terms and procedures, may not succeed in getting a compensation, so the recommended alternative is to contact a lawyer specialized in personal injuries who will represent him in front of the court or in a settlement with the other party. The personal injury cases are most common in the United States of America, where there is an important number of attorneys with experience in this field, who have represented hundreds of persons and have obtained important compensations over time.
A personal injury lawyer may help you in different cases of accidents or other problems, such as:
- vehicle accidents,
- pedestrian accidents,
- wrongful death of a family member,
- slip & fall accidents,
- defective products that caused severe injuries or even death,
- medical malpractice, including wrong diagnose,
- animal bites etc.
What should you do after the accident?
If you have suffered any of these accidents, you should contact a personal injury lawyer as soon as possible after you received the medical treatment. You don’t have to worry about the expenses for this action because most of the personal injury lawyers don’t ask for a fee from the very beginning. The evaluation of the case is generally free of charge and you will have to pay a percentage of the compensation you will get only after you will receive the respective money. So there is no cost for you, the fee for the attorney will be paid directly from the compensation you will get.
At the evaluation of your case, the attorney will tell you what documents you must present in order to set up a settlement with the other party that is guilty for the accident. If there is no positive conclusion at the end of the settlement, your lawyer will take the case to the court in order to obtain a plentiful compensation.
If you are interested in finding out more about the personal injury cases, you may contact our specialized lawyers in Los Angeles who provide legal services for the entire California state.
Monday, October 6, 2014
Since Romania is becoming a world-famous destination for dental tourism we believed it was time to provide the readers of our blog with information on this type of activity in Romania.
From the UK, Israel or even the United States, a rising number of tourists arrive to Romania for dental work. This is not because Romania offers a special kind of dental treatments, but because the prices are much lower than at home. In order to facilitate the accommodation here, certain cabinets have special departments for relations with foreign patients practicing dental tourism. It manages their stay here, facilitating their visits to the cabinet according to the time limits and the services they require. An example in this sense would be Romanian Dental Tourism.com, a service started by a well-known dental clinic in Romania with the purpose of providing all the necessary information on arrangements of trips, various dental treatments and dental tourism in general. The service can offer detailed information on prices for dental treatment in Romania, services provided by the clinic, arranging your trip in Romania: from transportation to hotel reservations.
Enescu & Cuc Law Firm can offer full legal assistance for opening this type of business in Romania, including the company formation and assistance for obtaining the necessary permits.