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China is considered to be a vast nation because of its total area. Its total land area is 9,596,960 km² (approx. 3,705,390 mi²). Continental shelf of China is approximately 231,340 km² (around 89,320 mi²). China is located in Asia. Asia is the world’s largest and most populous continent. Asian countries include, but are not limited to, Russia, China, Japan, Hong Kong, and North and South Korea. China has 16 neighbouring countries. Its neighbours include Afghanistan, Bhutan, Myanmar, Hong Kong PR China, India, Kazakhstan, North Korea, Kyrgyzstan, Laos, Macau PR China, Mongolia, Nepal, Pakistan, Russia, Tajikistan, Vietnam. China is not a landlocked country. It means that is is bordered by at least one major body of water. The average elevation range of China is 1,840 m (6,037 ft).
Neighbors Total length of land borders of China is 22457 kilometers (~8,671 miles). China has 19 unique land boundaries with neigbouring territories and it shares its land borders with 16 different countries. China has 3 non-contiguous sections of land borders. This happens, when a country has a border with a neighbour, and this border is split by a border with another neighbour. China has 16 neighbouring countries. Its neighbours include Afghanistan, Bhutan, Myanmar, Hong Kong PR China, India, Kazakhstan, North Korea, Kyrgyzstan, Laos, Macau PR China, Mongolia, Nepal, Pakistan, Russia, Tajikistan, and Vietnam. The lengths of the land borders of China with its neighbouring countries are as follows:
Afghanistan - 76 km (47 mi), Bhutan - 470 km (292 mi), Myanmar - 2185 km (1,358 mi), Hong Kong PR China - 30 km (19 mi), India - 3380 km (2,101 mi), Kazakhstan - 1533 km (953 mi), North Korea - 1416 km (880 mi), Kyrgyzstan - 858 km (533 mi), Laos - 423 km (263 mi), Macau PR China - 0.34 km (0 mi), Mongolia - 4677 km (2,907 mi), Nepal - 1236 km (768 mi), Pakistan - 523 km (325 mi), Russia - 3645 km (2,265 mi), Tajikistan - 414 km (257 mi), Vietnam - 1281 km (796 mi). Cities The capital city of China is Beijing. The largest cities in China are Beijing, Shanghai.
Elevation The average elevation range of China is 1,840 m (6,037 ft). The highest point of China is Mount Everest, with its official height being 8848 m (29,030 ft). The lowest point of China is Aydingkol. It lies at -154 m (-505 ft), i.e. below the sea level. The elevation difference between the highest (Mount Everest) and lowest (Aydingkol) points of China is 9002 m (2 ft).
Area The total land area of China is 9,596,960 km² (approx. 3,705,390 mi²). and the total exclusive economic zone (EEZ) is 877,019 km² (~338,617 mi²). The continental shelf of China is approximately 231,340 km² (around 89,320 mi²). Including land mass and EEZ, the total area of China is approximately 10,473,979 km² (~4,044,007 mi²). China is considered to be a vast nation because of its total area.
Forest and arable land 2,083,210 km² of China's territory is covered in forests, and forest land comprises 22% of all the land in the country. There are 1,385,905 km² of arable land in China, and it comprises 14% of the country's total territory.
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o start a business, you will have to register a company. However, there are many questions and issues to consider during the company formation process, such as where to register the company, what legal structure to choose, what documents you will need, how to reduce your expenses and tax burden, what the procedure involves, etc. Confidus Solutions is here to clarify everything.
Before even drafting the documents, there are two decisions you will need to make in order to determine subsequent action: what jurisdiction are you going to incorporate your company in? This is the major factor that will determine a wide range of things, such as the company formation procedure, the documents required and the taxes your company will have to pay. Below you can find a directory, which will help you choose the best possible jurisdiction based on one of the several criteria.
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With the right paperwork and initial outlay, it is possible for a foreign citizen to open a bank account in Denmark. This opportunity for international accounts and investments offers several advantages based on economic regulations and tax structures. Interest rates, tax laws, and fees vary depending on the specific country in which you are investing; careful research and strategic financial moves could result in significant portfolio growth.
When considering opening a bank account in Denmark, one must enlist the help of international experts to guide them through the process.
Legal structures in Denmark Every international jurisdiction abides by a different set of legal structures for taxation and banking. Confidus Solutions helps you to understand the nuances of each country's legal structures. To do business in Denmark, it will be critical for you to have a firm grasp on the financial and legal implications.
Initial investments The vast majority of bank accounts in Denmark will require an initial financial outlay to secure account opening. This value differs from bank to bank and also depends on variable rates of currency exchange. An international finance expert will help to navigate these conversions as well as the assorted fees and minimums involved in sustaining a bank account. Be sure to understand interest and growth rates associated with any potential international bank account so that you are able to maximize your earnings while minimizing risk.
Tax structures in Denmark For best results and to avoid bureaucratic and legal pitfalls, enlist the support of an expert in international finance and economics. This initial investment in proper processes and research will help to avoid a litany of long-term costs and fees associated with unforeseen errors and legal miscues. Language expertise, financial knowhow, and bureaucratic experience will ensure that your account opening is handled smoothly and without unintended consequences.
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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 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 ideas about 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 services company with 94 offices in over 100 countries and headquarters in New York City. The largest bank in the US also ranks 6th in the world in terms of its asset base. Currently, JP Morgan Chase & Co has an asset base of $2.35 trillion. It provides various financial services to millions of individuals, small and medium-sized 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 founded by Amadeo Giannini in 1904 and was originally known as Bank of Italy. The bank is a multinational financial institution with 5,100 branches and is headquartered in Charlotte, North Carolina. At $2.185 trillion, it is currently the second largest bank in the United States by asset base. Wells Fargo was founded in 1852 by Henry Wells and William Fargo. While it is only the third largest bank in the US by asset base, it was the largest bank in the world by market capitalization as of 2016. The bank had 8,700 retail locations in 35 countries and was headquartered in San Francisco. The bank is known for supporting several environmental programs and has also been accused of numerous economic crimes. Citigroup was founded in 1812 and is currently headquartered 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 a total asset base of $1.801 trillion, it is the fourth largest bank in the United States. It suffered massive losses during the financial crisis and was bailed out by the federal government and, as of June 2012, had the largest cash reserve of any commercial bank in the US. The Goldman Sachs Group was founded in 1869 by Marcus Goldman and Samuel Sachs. This bank is one of the few financial institutions that managed to turn a profit during the financial crisis. Meanwhile, he was later fined $5.06 billion for falsely assuring investors that the securities he sold were backed by high-quality mortgages. With assets of $861 billion, Goldman Sachs Group closes the top 5 list of largest US banks. Morgan Stanley with assets of $807.5 billion; US Bancorp with assets of $428.6 billion; Bank of New York Mellon with assets of $372.9 billion; PNC Financial Services with assets of $361 billion; Capital One with assets of $330.3 billion.
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Major industries in the country are diamond processing, metal-cutting machine tools, forging and pressing machines, electric motors, knitted wear, hosiery, shoes, silk fabric, chemicals, trucks, instruments, microelectronics, jewelry, software, food processing, brandy, mining. The Industrial Production growth rate of Armenia is 8%.18.2% of population in the country are unemployed. The total number of unemployed people in Armenia is 534,016. Armenia produces 7,075 GW/h of electricity each year. Armenia emits 1.7 metric tons per capita of CO₂. On average, you would pay 1.3 USD for one liter of gasoline in Armenia. One liter of diesel would cost 1 USD.
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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 operations 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, diamond and other precious metal mining 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.
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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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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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A personal banker is a bank employee, usually in retail banking, who assists clients in managing their funds and providing various solutions to their financial needs, such as taking deposits or other commercial banking products and planning for retirement or children's college expenses.
Personal bankers typically work with retail clients to help them with their banking-related questions or problems. On the other hand, a private/investment banker's main objectives are also related to sales performance and they mainly work with corporations or high net worth individuals. In addition, private and investment bankers get to know their customers very well, but personal bankers do not usually work with a specific list of customers.
Benefits of a personal banker A personal advisor can help you with almost any question about banking services and can help you with anything that is unclear. Personal bankers can also give you tips on which services are best for you. However, when applying for a new service via your online banking, you are on your own. There are still many people who do not feel comfortable on the Internet and prefer personal communication.
Disadvantages of a personal banker When considering the disadvantages of personal banking, there are two main reasons why online banking is preferable to visiting a personal banker in a branch. First, like any other industry, bank employees who work in the front office and meet their existing or potential customers on a daily basis are salespeople. This means your personal manager has sales quotas and most of his salary is based on commission. Personal bankers are evaluated primarily on their sales performance, and this is an important factor when branch managers consider potential promotions or job cuts. Ultimately, all personal managers will try to sell you as many banking services as possible, and if they are good salespeople, they will succeed. If you want to avoid aggressive sales strategies, you might even be well advised to keep branches away at the end of the month and especially at the end of the quarter.
Another disadvantage is the higher transaction costs compared to online banking. While the number of services offered is pretty much the same whether you use a personal banker or your online banking, banks very often offer two different prices for services depending on whether they are provided in-branch or online. Banks have to pay for branch upkeep, employee salaries, and other expenses, and these expenses are covered by the transaction fees you pay at the bank. Lower or no transaction fees are also used as a strategy to motivate customers to use their online banking as much as possible. Some banks are now even designed without branches and their services can only be reached via the Internet or by telephone.
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23.09.2024 19:36
