Tuesday, July 8, 2014

Our Partners in Milan, Italy

E&C LAW FIRM has established a partnership with a reputable law firm in Milan, Italy. For those interested please find below a company liquidation guide drafted by our Italian partners:

How can you liquidate your company in Italy?
For liquidating your company in Italy, you must follow a few steps and know the major procedures according to the Italian law. If the shareholders decide to close the company, it is a voluntary liquidation and if a third party asks for the company liquidation for legal reasons (such as a debt), then it is a compulsory liquidation.
In both cases, you must appoint a liquidator, according to the Civil Code in Italy. His mission is to conclude the legal procedure and to verify the documents for company liquidation.
The voluntary liquidation can be requested in certain situations:
-         after the expiry date of the company, according to the articles of association;
-         when the company has achieved its goals;
-         there is no minimum capital required;
-         the company is not active for a long time
-         the shareholders decide to close the company after a general meeting.  
For the compulsory liquidation, the local court will decide after the judges examine the request from the creditors or other third party who is interested in company’s liquidation. If the company pays its debts to the creditors, it is allowed to continue its activity, but if it refuses or can’t pay anything it will be declared in insolvency.

The liquidation for bankruptcy of a company can be started after the request sent by a creditor, debtor or court. The judges will decide if the company is insolvent and, in this case, it will be appointed a delegated judge and a bankruptcy trustee. The court will hear the claims regarding the bankruptcy and it will decide if these are approved or not. After the situation of the claims is clarified, the liquidation process will be closed.

A liquidation of a company in Italy may last at least six months, but it may take several years if there are many or complex issues to be solved.

If you need more information about the company liquidation in Italy, you may contact our law firm in Italy and our attorneys will handle the entire procedure.

Partner Law Firm in Hungary

Enescu & Cuc is a Romanian Law Firm with partners throughout Europe, Hungary included. This is why we invite you to read a guest post from our partner law firm in Budapest: www.LawyersHungary.com.

Why invest in Hungary?

FDI Magazine, a publication owned by Financial Times Group, recently published its ranking related to the most attractive investment environments in Europe. In this top, Budapest ranks on top of the list as the most attractive Eastern European city for capital investment.
The country is situated in the center of Europe therefore providing optimal logistics conditions for investors who intend to address European markets. Entrepreneurs interested in starting their businesses in Hungary will be able to benefit from low transportation and production costs. Other advantages are an excellent infrastructure, friendly economic environment, governmental incentives and a competitive tax system. The best performing industries are automotive, electronics, information technology and biotechnology.
Hungary’s EU membership status provides investors with many advantages such as a harmonized VAT payment system, increase in economy stability, easier access to financial institutions and funds and lower real interest rates. Also, foreign investors and expats in Hungary enjoy a high standard of living since the country is very welcoming and opened towards foreigners.
The Hungarian Government created many programs to support the economy and attract investments. Besides signing Double Tax Treaties with a considerable number of countries in order to avoid the situation when investors are taxed twice, they also started a program of Special Packages for Large Investors that offers them preferential terms for conducting their businesses and considerably lower taxes. However, the conditions to be accepted in this program are not easy to reach. For example they must start manufacturing projects amounting up to 50mil. Euros and create minimum new 100 jobs.
Entrepreneurs decided to open a companies in Hungary might also be interested in the fact that the country signed several bilateral and multilateral investment protection treaties with countries with high strategic importance. These treaties with over 35 countries stipulate special legal guarantees for investors from these countries.

Wednesday, July 2, 2014

Our Partners in Poland

Poland is one of the fast-growing and developed markets in Europe due to the increasing number of new investment projects. A World Investment Report published in June 2013 by the United Nations Conference on Trade and Development (UNCTAD) estimates that by the year of 2015 Poland will be 4th in Europe and 14th in the World most attractive economy for investment

As the sixth largest EU member state and the largest of the post-communist countries, Poland provides foreign investors with the opportunity of an easy access to the worlds’ biggest free market area. Entrepreneurs choosing to invest in Poland can therefore benefit from the country’s position in Central Europe and be taking advantage of lower transportation costs of goods and facile import and export procedures.

The country provides business owners with a well-educated and highly skilled workforce of 17 million workers, certified in areas like economy engineering, IT and science. The country is also called the “manufacturing hub of Europe” due to the high number of factories and low cost of production. The Polish labor cost is 4 to 10 times cheaper than in other countries according to a report from Boston Consulting Group. Poland offers competitive products due to their superior quality.

The legislation is becoming increasingly more open and friendly for foreign investors in Poland, granting them real possibilities for the development of new economic entities. One of the largest and most successful development projects meant to encourage investments was the creation in 1995 of Polish Special Economic Zones. The Government established 14 such zones and entrepreneurs have the possibility to conduct their activities on preferential terms and with the assurance lower taxes than in other Polish areas.

According to the Central Statistical Office of Poland, in 2010 the country’s economic growth rate was 3.9%, which was one of the best results in Europe. In the first quarter of 2014, the economy of Poland increased by 3.4% and by the end of the year is expected to grow by another 3.5%. Premises for the future look bright since the country’s economy is expected growth by 3.5% in 2015 and 3.8% in 2016. All data show a high potential for business investments and company formation in Poland.