An agency company is an entity that has entered into an agreement with an offshore company (the principal) to act as an agent. The agency company itself does not conduct business activity in Austria, but receives income from the agency commission.
Austrian companies A GmbH (Gesellschaft mit beschränkter Haftung), a company with limited liability, is the most popular option for founding a business in Austria, both for domestic and international purposes. The following information describes the process of establishing this kind of company:
Statutory share capital The statutory share capital of an Austrian GmbH is €35,000, of which at least €17,500 must be paid in cash.
Directors & shareholders The company can be established with just one shareholder, no matter whether the shareholder is a domestic or foreign individual or a legal entity. The director of the GmbH is the only one legally authorised to represent the GmbH, and is personally responsible for liabilities resulting from legal transactions carried out on behalf of the GmbH and for any unpaid taxes.
Corporate income tax The corporate income tax rate in Austria is 25%. There is also a minimum amount of tax that must be paid by Austrian companies, which is currently €1,750 per year, divided into four quarterly payments. These payments are due on 15 February, 17 May, 16 August and 15 November each year. Agency structure basics At all stages, the agency company conducts business on behalf of the customer, who may be a company located in a tax haven, under the terms of the agency agreement. Business transactions are conducted through the Austrian company (which may trade, with VAT, with EU and non-EU companies) and the revenue is received into its bank account. After deducting a commission, the capital amount is transferred to the account of the real seller (e.g. the EU company). The agency commission can be set at 2%, 5% or even higher, and is usually paid annually. The Austrian company will declare the commission received as taxable income in Austria.
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.
CryptocurrencyLinks to an external site. is defined as the money of the future or a 21st-century unicorn as some may joke. It has become a global phenomenon while being misunderstood by majority of financial institutions, governments and companies which are still working according to old standards. However, many of people working there have heard about virtual currencies such as Bitcoin which confused the society with its innovative approach to handling money flow in a form of digital cash.
The most popular cryptocurrencies of today The most popular cryptocurrencies nowadays are: Bitcoin (market cap $11, 382, 240, 050), Ethereum (market cap $904,848,975), Ripple (market cap $290,446,848), Litecoin (market cap $184,904,214), Monero (market cap $83,466,495), Ethereum Classic (market cap $80, 817, 441), Dash (market cap $66, 519, 213), Augur (market cap $52, 038, 360), NEM (market cap $37, 322, 550), Waves (market cap $35, 727, 500).
Bitcoin Is the first such currency which serves as a digital gold standard in the whole industry. Its price has increased from 0 to more than $650, while their transaction volume reached more than 200 thousand daily transactions.
Litecoin While Bitcoin is referred to as a digital gold, this cryptocurrency is referred to as digital silver. It has an updated algorithm, is even faster and has a larger amount of token than the Bitcoin. However, it is still called „a smaller brother of of bitcoin”.
Ethereum Is very flexible family of cryptocurrencies as it validates a set of accounts, balances and states as well being able to process complex programs and contracts.
Monero This cryptocurrency raised a lot of awareness when its popularity peaked in Summer 2016. It happened for the reason of darknetmarkets deciding not to accept it as a currency. The consequences were its price increase and a decrease of its actual usage.
Ripple Has a bigger tendency to process IOUs than to be a cryptocurrency, it doesn’t serve as a medium to store and exchange value while having a XRP as a store of value. It is more like a token to protect the network about spam. However, such financial institutions as banks can use them and are using today as well on a daily basis.
Cryptocurrencies’ working mechanism Professional people refer cryptocurrencies as some sort of limited entries in a database no one can change without fulfilling specific conditions. In addition, it is a definition of any currency as well. This is true due to the structure of a cryptocurrency. For example Bitcoin consists of a network of peers each of them having a record of the history of all transactions and the balance of every account. A transaction can be defined as a simple file which states that someone is transferring a certain amount of bitcoins to another person and seals the deal by signing the file with his or her private key. After signing the file, the transaction made is broadcasted in the network and sent from one peer to another.
The whole mechanism looks like: someone requests a transaction – it is then broadcasted to P2P network consisting of computers (nodes) – then validation comes into play as the user’s status must be validated by using known algorithms – after the verification the transaction is combined with other transactions in order to create a new block of data – it is then added to the existing block chain – and the transaction is complete.
So, basically cryptocurrencies working mechanism or better to say a technology can be called a p2p-technology where cryptocurrency itself becomes a medium of exchange which is created and stored electronically in the block chain by using some encryption techniques for controlling the creation of monetary units and verifying the transfer of funds. In general, cryptocurrency is digital money which was created from code which economy is monitored by a peer-to-peer internet protocol which has an encoded or encrypted string of data.
The increasing popularity of cryptocurrencies Nowadays cryptocurrencies are increasing in popularity mostly due to their revolutionary properties which make them similar to digital gold, while being also secure from political influence. They are pretty fast and comfortable means of monetary transactions. Cryptocurrencies can also serve as means of payment for black markets as they are anonymous. They are creating a dynamic market of investors as they daily trade volume exceeds that of major European stock exchanges. Every day more new cryptocurrencies are emerging and the old ones disappearing after a few months survival marathon at the cryptocurrency market.
Cryptocurrencies as an investment object
Can be a good investment object because of such transactional properties as: being irreversible (after a confirmation, the transaction being made can’t be reversed), pseudonymous (transactions as well as accounts are not connected to real-world identities), fast and global (transactions are confirmed in a couple of minutes), secure (as they are locked in a public key cryptography system), permissionless (all is needed for their usage is a software which can be downloaded). Some say that later they will overtake the Western Union as a more preferable remittance tool.
A Canadian Limited Partnership is one of the customized business solutions that Confidus Solutions offers. The Canadian LP company is a flexible legal instrument used in a number of classic corporate structures. One of the most efficient ways to use Canadian LP is to create a commercial entity structure that would allow for tax and cost minimization without being considered an offsopre jurisdiction.
limited partnerships in general The popularity of limited partnerships is easy to understand in today's business environment. In many jurisdictions, limited partnership structures are designed to be tax transparent. The personally liable partner is responsible for the management of the company and is the only partner with unlimited liability. The liability of each limited partner is limited to his contribution and any profit not drawn. Partnerships can be formed by verbal or written agreement, with written agreements always being preferable.
The most popular jurisdictions for forming limited partnerships are Scotland (under the Limited Partnership Act 1907) and Canada (under the Partnership Act of the country's respective provinces: Alberta, British Columbia, New Brunswick, Ontario and Saskatchewan).
Advantages of trading through a Canadian LP Once the above challenges have been overcome, the ease of trading through a Canadian limited partnership becomes obvious:
A Canadian LP is not subject to corporation tax, because it is not a body corporate for Canadian tax purposes. The LP itself is not subject to Canadian taxation; partners are instead assessed based on their share of the profits. Therefore, if the partners are not Canadian residents, there is no Canadian source income and no Canadian income tax is payable. There is no obligation to file an annual financial statement.
Adult literacy rate in Jamaica is 87%. Government expenditure on education is 5.8% of GDP. The education index of Jamaica is 0.668 - formal education levels in the country are average, but most of the population has a secondary school education at least; higher education is possible and not uncommon. People in Jamaica speak the Jamaican English language.
English language In Jamaica, around 1% of the population or 2,650,000 people speak English. 2,600,000 of Jamaica's population call English their first language. 50,000 of Jamaica's population use English as either foreign or second language.
Iceland is considered a large nation due to its total area. Its total land area is 103,000 km² (about 39,768 mi²). The Icelandic continental shelf is approximately 108,015 km² (approximately 41,705 mi²). Iceland is in Europe. Europe is a continent whose borders date back to ancient times. European countries include the United Kingdom, Italy, Germany, Switzerland, Luxembourg, Malta and the Vatican, among others. Iceland is not a landlocked country. It means it is bounded by at least one major body of water. The average altitude range of Iceland is 557 m (1,828 ft).
Neighbors The total length of land borders of Iceland is 0 kilometers (~0 miles). Iceland has no land borders and therefore no neighboring countries in the traditional sense.
Cities The capital of Iceland is Reykjavík. The largest city in Iceland is Reykjavík.
Elevation The average altitude range of Iceland is 557 m (1,828 ft). The highest point in Iceland is Hvannadalshnúkur with an official elevation of 2110 m (6,923 ft). The lowest point in Iceland is the Atlantic. The difference in altitude between the highest (Hvannadalshnúkur) and lowest (Atlantic) point in Iceland is 2110 m (2 ft).
Area The total land area of Iceland is 103,000 km² (about 39,768 mi²). and the total Exclusive Economic Zone (EEZ) is 751,345 km² (~290,095 mi²). The continental shelf of Iceland is approximately 108,015 km² (approximately 41,705 mi²). Including the landmass and the EEZ, the total area of Iceland is approximately 854,345 km² (~329,863 mi²). Iceland is considered a large nation due to its total area.
Forest and farmland 1,930 km² of Icelandic territory is covered with forests, and forested areas make up 2% of the total land area. There are 70 km² of arable land in Iceland, and it accounts for 0% of the country's total area.
Kuwait is considered a large nation due to its total area. Its total land area is 17,818 km² (about 6,880 mi²). The Kuwait continental shelf is approximately 11,026 km² (approximately 4,257 mi²). Kuwait is in Asia. Asia is the largest and most populous continent on earth. Asian countries include Russia, China, Japan, Hong Kong, and North and South Korea, among others. Kuwait has 2 neighboring countries. Its neighbors include Iraq and Saudi Arabia. Kuwait is not a landlocked country. It means it is bounded by at least one major body of water. The average altitude range of Kuwait is 108 m (354 ft).
Neighbors The total length of land borders of Kuwait is 475 kilometers (~183 miles). Kuwait shares land borders with 2 different countries and has the same number of unique land borders with neighboring territories. If, as in the case of Kuwait, a country has the same number of distinct neighboring regions as the number of land borders, then that country does not have non-contiguous sections of a land border. This is in contrast to several countries that have multiple non-contiguous stretches of land borders. Kuwait has 2 neighboring countries. Its neighbors include Iraq and Saudi Arabia. The lengths of land borders of Kuwait with its neighboring countries are as follows:
Iraq - 240 km (149 miles), Saudi Arabia - 222 km (138 miles).
Cities The capital of Kuwait is Kuwait City. The largest city in Kuwait is Kuwait City.
Elevation The average altitude range of Kuwait is 108 m (354 ft). Kuwait's highest point is Mutla Ridge with an official elevation of 306 m (1,004 ft). The deepest point of Kuwait is the Persian Gulf. The difference in elevation between the highest (Mutla Ridge) and lowest (Persian Gulf) points in Kuwait is 306 m (2 ft).
Area The total land area of Kuwait is 17,818 km² (about 6,880 mi²). and the total Exclusive Economic Zone (EEZ) is 11,026 km² (~4,257 mi²). The Kuwait continental shelf is approximately 11,026 km² (approximately 4,257 mi²). Including the landmass and the EEZ, the total area of Kuwait is approximately 28,844 km² (~11,137 mi²). Kuwait is considered a large nation due to its total area.
Forest and farmland 60 km² of Kuwait's territory is covered with forests, and forest land accounts for 0% of the country's total area. There are 150 km² of arable land in Kuwait, which accounts for 1% of the country's total area.