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BlogTop 5 compliance mistakes to avoid when hiring internationally
Start A Company, Hr +2
Top 5 Compliance Mistakes To Avoid When Hiring Internationally

Ignorance is bliss, but not in all situations. When running a business, especially internationally, you should do due diligence by familiarising yourself with the laws that govern your business in foreign countries, as not knowing this could cost you a great deal. With the ever-increasing access to new and conventional ones, more regulations are being put in place, proportional to compliance risks.Understanding Compliance Risks  Compliance risks, similarly referred to as integrity risks, are the financial, legal, and reputational dangers a company exposes itself to by failing to abide by laws, regulations, and standard practices. To fully understand and address the issues that are compliance risks, companies need to put more effort into thoroughly assessing risks because missing any could deal a significant blow to the company.  It is not a rare occurrence for companies expanding to other countries or recruiting remote workers in different regions to make some errors in the process or after the process has been completed. Some of the most common mistakes companies make when hiring abroad include:  Erroneous classification of a worker’s status  When hiring, it is essential to clarify the agreement terms to qualify the employee under the country’s local and tax laws. The status of an employee affects things significantly. As an employer, you may think you are hiring an independent contractor, for instance, but you are employing the person as a part-time employee.It is good to carry out your research diligently and get these things straight because by making a mistake or doing this intentionally, you could avoid paying taxes and the like, which could attract severe sanctions. Failing to grasp the local laws required to set up in a new country   When expanding globally, ensure all key stakeholders across your business understand the in-country employment and labour laws. In many countries, the regulations and governments often favour local employees over foreign employers.Hiring local employees may require a local legal entity, a registration of your company, and a clear understanding of the local labor laws, and employee rights. The lack of adequate knowledge makes the hiring process daunting for many firms expanding into new markets. One of the surest and easiest ways to get this done is to seek expert help. Contact us for setup advice. A problem with employee benefits Employee benefits differ in various jurisdictions. So, to make an irresistible offer and recruit some of the best talents, it is pertinent to understand the benefit entitlements of employees in certain jurisdictions are entitled. Some of these benefits may include health insurance, pension funds, a 13th-month salary, and fully paid maternity leave (in some European countries).Also, it would be best if you didn’t attempt to kill all birds with one stone by dishing out the same benefits to all your global workforce; it’ll only bring about catastrophic results.  Issues meeting the requirements for international employees' relocation Meeting and taking care of the immigration and visa requirements is tasking. The problem associated with this is failure to meet the preconditions and the penalty is the rejection of the application. As an employer, if you desire to bring foreign employees to your home country, you automatically become their sponsor, and it is not a walk in the park.  Not adhering to compensation laws and minimum wages for international workersIt is common to seek to hire international employees because this gives you access to an infinite pool of talent and, to an extent, reasonable compensation. However, one thing you must consider when hiring from a foreign country is that various jurisdictions have their minimum wage laws.These laws differ on the state and even regional levels, but one thing is constant, there are strict penalties if you, by any chance, fail to comply with the laws.Managing Compliance Risks Making sure your business complies with the rules and regulations of the various countries you are hiring from is essential to the growth of your business. It is also crucial to know what to do when compliance risks surface.  Some of the best practices by which you can manage compliance risks include conducting a risk assessment and having a structure that carefully spells out your organisation’s duty to all the parties involved.You must consider the parties, from the government down to the customers, and also endeavour to update the structure often to accommodate new laws and regulations that may come up. Also, you have nothing to lose by making sure your business is an ethical one where people can speak up if there are any issues.Managing compliance risks is not an easy task, but it is something you must be done. If you don’t have the personnel or time to do the job carefully, as is usually the case, it is advisable to automate the process with our AI-Powered global expansion platform.   Final Words Do not assume a country’s laws when hiring from there; make sure you do proper research because you may unknowingly be violating laws and creating errors for which you could be significantly penalised.Also, in any case, where you are indulging compliance risks to escape some financial duty, desist from it because it comes back to bite. Contact us for advice and support when hiring internationally.​

Apr 22, 2022
BlogAn international expansion case study: Deliveroo
Start A Company, Hr +2
An International Expansion Case Study: Deliveroo

Origins of DeliverooAfter making the move from New York to London, Co-Founder, and CEO Will Shu was astounded to realize that it was very difficult to get ready-made food delivered to consumers. As a result, he made it his personal mission to bring restaurants closer to their customers. This led to the launch of Deliveroo in February 2013. Before going global, Deliveroo started as a small company in the US with very few sales and minimal stock listings. In its 3rd year, revenue grew to £18 million and the company began to grow and develop significantly.  How much has Deliveroo grown?  In 2021, Deliveroo won Best Beats First Category Company in the Real Innovation Awards. Moreover, it was crowned the fastest growing technology firm in the UK by Deloitte. Over the last 4 years, it has achieved an incredible growth rate of 107,117%. This year, the company is in the rankings again, proving that it has the momentum to maintain its steep growth trajectory.Currently, the company is valued at US $2 billion (£1.5 billion), making it one of Britain’s most valuable private companies despite having recorded a gross profit of less than 1% in 2021. In addition, Deliveroo has raised over $900m since it was established, and this has given it the opportunity to expand in other countries. The company is growing at an extraordinary rate, partnering with thousands of popular restaurants to deliver great food to customers’ doorsteps.  What led to Deliveroo's global expansion success?  Without a doubt, Deliveroo is ahead of the competition since it heavily invests in resources that afford it a competitive advantage. To be precise, the crux of its success lies deeply in its prompt responses to customer demands and concerns, and this is made possible by its data-driven decision-making process.  The firm was also able to raise over $200 million (£132 million) last year, and this has partly contributed to its meteoric rise. Unlike its competition, Deliveroo has transformed the way consumers order food by making it possible for its customers to indulge in-home delivery from restaurants that were not making deliveries. Today, customers can get reliable and quick deliveries from more than 750 premium London hotels thanks to its massive network of 300 freelance drivers.  The efficiency and adeptness of the company can also be attributed to big data and machine learning. Dan Webb, the company’s VP of engineering, says that "ever since the company was established, the use of data has been pivotal to ensuring that riders, customers, and restaurants get the best possible experience."  Deliveroo uses data in 3 key ways:  - To support team decisions. Constant experimentation has enabled the company to comprehend product changes. According to Webb, graphs and data help their operations team to comprehend and react to trends.  - To provide support for recommendations and decisions. The company uses machine-learning models that need to be retrained to make sure that the company is making decisions and recommendations using relevant and up-to-date information.  - To provide ‘real-time operational monitoring. Since Deliveroo’s operations are mostly in busy cities, connecting customers to restaurants and riders is always unpredictable. To overcome this, the company uses real-time data to identify and react to challenges that may arise.  By leveraging on data, their dispatch engine, ‘Frank’ is able to continuously calculate and match the ideal combination of riders and restaurants with customer orders. These predictions and calculations are based on machine learning algorithms trained to identify and react to challenges that may arise.  How many countries does Deliveroo operate in?  Deliveroo has transformed itself into a global company that operates in over 800 cities and towns across 12 markets. These include Hong Kong, Belgium, France, the United Arab Emirates, Italy, Ireland, the Netherlands, Singapore, the United Kingdom, Spain, Kuwait, and Australia.  How many employees does Deliveroo have?  Deliveroo has partnered with more than 140,000 takeaways and restaurants. It also boasts over 110,000 riders that provide food delivery services across the globe. Moreover, it has over 2,000 employees in offices around the world.  Challenges Deliveroo faced  Shifting customer preferences  The main aim of Deliveroo was to grow its market share by offering the best possible deals to its customers at an affordable price. Unfortunately, players in the food delivery niche have elevated the marketing game to such a level that customers are spoilt for choice. This made it hard for the company to build brand loyalty.  Volatile Market Prices  Apart from growing its customer base, the company has also decried the high volatility of food prices. The company says that it has been hard to track and keep up with market prices, and this has made it difficult to implement an ideal pricing strategy.  Observance of Food Quality Standards  Due to a massive demand for orders, delivering food to customers who are far away from restaurants while maintaining quality has been a challenge for Deliveroo. The problem is that the food served in restaurants and the one being delivered to customers create a significant loophole that the company is striving to overcome.  Managing Customer Expectations   Regardless of the success that Deliveroo has had, it has been finding it hard to satisfy customer demands. The company has publicly stated that customer satisfaction is not just a matter of their delivery partners but also those working at the point of origin. As a result, it has been a challenge for the company to fill the gap that exists between restaurant workers and delivery partners. Conclusion  Despite the challenges faced by Deliveroo, it has established itself as a big wig in the food delivery industry. And though it is yet to make substantial profits, we should expect the company to continue its growth, largely due to its business model and its ability to raise funds for expansion,

Apr 22, 2022
BlogHow to successfully expand into Germany
Start A Company, Hr +2
How To Successfully Expand Into Germany

Looking to expand your business into Germany? Well, that's a noble business move for several reasons. First and foremost, Germany is a global powerhouse boasting the largest economy in Europe. Moreover, it has a highly skilled workforce, over 450 million consumers, an innovative business culture, 45 preferential international trade agreements, and manufacturing dominance responsible for 22% of Europe’s GDP.Even though it is this lucrative, there are several business and regulatory factors you need to take into consideration before expanding into Germany. To help you out, we have created this comprehensive guide to assist you to establish any kind of entity in Germany be it a sole proprietorship, partnership, or corporation.  How to set up an entity in the German market  Before setting up a business in Germany, it’s imperative to be aware of what form of entity you are looking to start. There are 3 types of entities you can establish. Let’s have a look at each.  1. Sole Proprietorship (Einzelunternehmen)  This is the most popular option for people looking to start personal companies or businesses. In Germany, a Sole Proprietorship is commonly referred to as a Gewerbe. As a sole proprietor, you will be responsible for all business debts and actions. In case the company makes less than 22000 Euros in its first year and not over 50000 Euros in the second year, you can opt to re-register it as a small business (Kleingewerbe) and benefit from less bureaucracy  2. Business Partnership (Personengesellschaft) Partnerships in Germany are described as sole proprietorships with 2 or more actors. There are different forms of partnerships but the most common include:  - General commercial partnerships OHG (offene Handelsgesellschaft)  - Civil law partnerships  GbR (Gesellschaft bürgerlichen Rechts)  - limited partnerships KG (Kommanditgesellschaft)  Apart from limited partnerships (KG), all others are liable for business actions and debts.  3. Corporation (Kapitalgesellschaft)  Corporations are the most favorite entities among funded companies and startups. There are 2 types of corporations you can establish in Germany. These are: - Limited liability companies GmbH (Gesellschaft mit beschränkter Haftung). These require 250000 Euros as capital but your personal finances are protected. - UG (Unternehmergesellschaft). This is an ideal option if you don’t have enough capital to start a limited liability company since you only need 1 Euro as a starting capital.   How to register an entity in Germany  When establishing an entity in Germany, the process will vary depending on the type of business. However, it is typically similar in most cases. The most important milestones you need to complete will be something like this.  Obtain a Business Visa for Germany  A business visa grants you up to 6 months of stay as you establish your business and complete necessary paperwork. To get one, you will need to declare your address, prove financial support, and have short-term health insurance  Register Your Address  Once you have arrived in the country, you will be required to register your address with the local Bürgeramt.  Get Your Trade License  After registration and permission to stay in Germany, you will be required to register your entity with the trade office (Gewerbeamt) so that you can be granted a trading license. The trade license (Gewerbeanmeldung) permits you to get involved with business activities. To get registered with the trade office, you are required to fill out an online form, sign it, and send it to a local Gewerbeamt.  Register With The Tax Authorities  Once you have a trade license, you will be required to register your entity with tax authorities. This can be a tedious task since it requires you to complete a 7-page questionnaire. Fortunately, we can help you with the process.   Tax Structure in Germany for Foreign Companies  Germany’s taxation system is grounded on over 40 types of taxes established under strict rules. The tax burden also varies depending on the taxpayer's benefits from various deductions and exemptions. However, foreign investors and non-resident individuals are only levied income tax on the income they generate. The same applies to foreign corporate entities which are levied corporate tax and municipal trade tax depending on where they have been registered.  Corporate Tax Rules for Germany  Foreign entities in Germany are categorized under the foreign tax act which was put into effect in 2010. These regulations apply to German resident taxpayers with over 50% stake in a foreign company and to foreign entities established in Germany that receive passive income.  The German corporate income tax is charged to corporations at a 15% flat tax rate but an additional 5% solidarity tax may apply. Moreover, foreign companies or German subsidiaries are levied a 25% withholding tax on their dividends.  However, in case there is a double taxation agreement between another country and Germany, this dividend tax may be reimbursed.  The trade tax applied to foreign companies in Germany  Foreign corporate entities are required to pay municipal trade tax if they generate income this also applies to foreign entities that have been permanently established in the country and the municipal tax trade ranges from 6% to 17% depending on the location of operation.  In case capital gains are repatriated to another corporation, the foreign entity may benefit from tax exemptions for trade tax purposes. This exemption is effected by reducing the tax burden to about 1.5%. To qualify for this exemption, the foreign entity needs to have about 15% of shares in a permanent German establishment.  What Visas are available to expanding companies? (Work Permits vs. Business Visas)  Work Permits Germany Anyone can live in Germany and conduct business activities even if they are not EU citizens as long as they meet eligibility criteria. To be allowed to work and live there legally, you will need a residence and work permit. You don’t have to apply for each individually since they are granted together.  Categories of Work Permits in Germany  Based on your employment type and qualifications, there are different types of work permits. These include:  General Work Permit – if you have found a job in Germany that could not be filled by an EU national, you can apply for this type of work permit. There are no requirements for extraordinary skills. All you need is to be qualified for the job.  Highly Skilled Worker Permit – if you are a highly skilled worker with a lot of experience and high income, this is the work permit to apply for.  The EU Blue Card for Germany – if your annual salary ranges between €44,304 and €56,800, you can apply for the EU Blue Card more so if you are in a shortage occupation.  Work Permit for Freelancers- If you are self-employed or a freelancer, you can apply for this type of visa. However, you need to prove that you have prospective clients.  Visa options for Germany  The Germany Employment Visa provides an opportunity for foreigners to settle and establish entities in Germany in any given field. It offers an individual the chance to work, enter, and reside in the country for 2 years with the possibility to extend the stay with an EU blue card or other work permits.  Long-Stay Visa Types for Working in Germany  The Germany Long-Stay Visa can be used for the following purposes:  Employment – if you have landed a job in Germany  Self-Employment – if you want to open an entity or work as a freelancer  Jobseeker – if you are looking for a job while staying in Germany.  Working as an Au Pair – for people looking to immerse themselves in the German language and culture.  Working Holiday Visa – for young people from countries that have working holiday agreements with Germany.   Reasons to expand to Germany  Prosperous economy  Germany is the largest economy in Europe and ranks among the top 5 economies of the world. In 2020, it accounted for about a quarter of the EU's gross domestic product. Since its economic crisis ended in 2019, the GDP has grown in bounds making it an ideal to expand your business or start a new one.  Largest consumer market  Besides having the largest GDP in Europe, its population of 83.2 million tops the population of all other EU countries. This implies that it is the largest consumer market in Europe both in terms of purchasing power and number of people.  Skilled German Workforce Germany's reputation for innovation and productivity is largely owed to its highly skilled workforce. It boasts a robust vocational and education system and over 50% of upper secondary graduates have a vocational qualification. This means that you will always have qualified employees in the business that you want to set up in Germany.  Investment incentives  The country offers a wide array of incentive programs and funding instruments that can be very beneficial for expanding businesses. The most common are:  - GRW cash grants  - Research and development grants  - Grants for hiring   Top challenges of expanding to Germany  Though there are several benefits of doing business in Germany, there are also several drawbacks. The social market may be prosperous but expanding businesses come across extensive regulations and high labor costs. Some of the challenges include:  Lengthy process for starting a business  The biggest challenge of expanding into Germany is the complicated and long process of starting a business. Germany ranks 125th on the World Bank’s starting business index and this accounts for procedures, time, and cost.  Robust employee protections  Individuals looking to tap into the German market need to be aware that Germany has the strongest employee protections in the world. Employment laws set strict requirements that employers should enforce on their employees. For instance, employees in Germany are entitled to 20 days of paid holidays and 13 public holiday offs.  High cost of labor  Germany’s competent labor force is a draw to many investors but the cost of labor is not. The average hourly rate in the country is 35.6 euros which is higher than the EU average of 27.7 euros. The minimum wage is currently 9 euros but is bound to increase to 10 by the end of 2022.  Complicated tax laws Setting up a business is not the only complexity. Notably, the fiscal system is very convoluted so anyone looking to set up a business needs to partner with local finance experts to help them file taxes and organize their finances.  Conclusion  Despite these challenges, Germany is still a global powerhouse that is very lucrative for international investors. The bureaucracies of doing business might be harsh but once you are established, you are bound to reap the benefits. To help investors get a share of the German market, we have a German company formation service that simplifies the process of establishing entities. Please contact us for further details on how we can help you set up a business in Germany.How to Get the International Expansion Ball Rolling Setting up a company in Germany is actually much simpler than many realise. Expanding internationally is a challenge, but when done correctly, it can be a streamlined process that enhances your business hugely.    Want to learn more about how to expand your business to Germany?    Sign up to the Centuro Connect platform today and start your global expansion journey to Germany and 100+ other countries! The Centuro Connect platform has details on tax, immigration, market entry points, HR, marketing, and real estate - plus contactable reliable experts to help you ace your expansion. This means that no matter what stage of the expansion journey you’re at, support is there if you face a challenge.  There’s no risk, no hidden costs, and no endless documentation to fill out. Just a wealth of guidance and support, here to aid you and your business throughout your international business expansion.      

Apr 21, 2022
BlogHow to expand your business to the USA
Start A Company, Hr +2
How To Expand Your Business To The USA

Is your business contemplating expanding into the USA? The United States of America is the world's largest economy, and many businesses are drawn to the opportunity of establishing a presence in the profitable market due to its rich talent and ease of entry.However, there are many pain points that companies need to consider as the process can be labor-intensive and costly. To help you determine whether the USA is the right target market for your global expansion, we have compiled a definitive guide to inform you of the key business incorporation steps.    What are the benefits of expanding into the US market?   1. Skilled workforce  The US reputation for innovation and productivity is largely owed to its highly skilled workforce. It boasts a robust vocational and education system and over 50% of upper secondary graduates have a vocational qualification. This means that you will always have qualified employees in the business that you want to set up in the USA.    2. The US access to funding  The US has the largest foreign direct investment (FDI) initiatives in the world. This implies that the country heavily invests in international businesses. In 2020, the FDI initiative was valued at $4.6 trillion, while in 2021, the US venture capital firms invested $160 billion in over 10,000 businesses.  3. Entrepreneurial mindset  The US ranks among the top 3 most entrepreneurial markets in the world. In the country, entrepreneurs are forward-looking and this is captured vividly by Allyson Stewart-Allan, author of Working with Americans.  4. The US market size  The US is the world's largest economy with a Gross Domestic Product of over $20 trillion. The GDP growth in 2021 was 5.7% and the trend is expected to continue upward. It also boasts a 330 million population and this makes the USA an ideal country to invest in.   What are the top challenges of expanding to the US?    Though there are several benefits of doing business in the US, there are also several drawbacks. The social market may be prosperous, but expanding businesses come across extensive regulations and high labor costs. Some of the challenges include:  1. Lengthy process for starting a business  The biggest challenge of expanding into the US is the complicated and long process of starting a business. The US ranks 46th on the World Bank's starting business index and this accounts for procedures, time, and cost.  2. Robust employee protections  Individuals looking to tap into the US market need to be aware that it has some of the strongest employee protections in the world. Employment laws set strict requirements that employers should enforce on their employees.   3. Complicated tax laws  Setting up a business is not the only complexity. Notably, the fiscal system is very convoluted, so anyone looking to set up a business there needs to partner with a local tax consultant to help them file taxes and organize their finances.   How do companies set up an entity in the US?   Choose Your Company Structure   Depending on the nature of your business, there are several legal entity types you can choose from. These include:  Sole Proprietorship: In the US, this is a company that is owned by a single person and is not separate from its owner in terms of legal representation. This means that the owner bears full responsibility for any debts or obligations of the company. Moreover, the owner of such a business enjoys all the profits that the company earns, and any generated income is added to the owner's personal tax returns.  Partnership: A partnership is similar to a sole proprietorship, with the difference being that it is owned by more than one person.  Limited Liability Company: An LLC is a company with multiple owners, but it is a separate legal entity from its owners. A document known as an operating agreement governs Limited Liability Companies. This document outlines how the company will be governed. Under US corporate law, an LLC is the most flexible business structure since they are easy to manage.  C-Corporation: A C corporation is a legal entity where the shareholders or owners are taxed separately from the company. C-corps are the most prevalent corporations and they are subject to corporate income taxation. Taxes on profits from these companies are both from personal and corporate levels creating a double taxation situation.  S-Corporation: This is a type of corporation that meets certain Internal Revenue Code requirements. If it does, the company can pass credits, income, losses, or deductions on to shareholders without having to pay federal corporate taxes. This type of entity is associated with small companies that have less than 100 shareholders. The S corp status gives the business benefits of incorporation while enjoying tax-exempt privileges.   How to register a company in the USA?   Once you have decided on the type of entity you wish to establish, you will be required to formally register your business. The process will vary depending on the entity type you have selected. Below are the primary steps and requirements. 1. Choose a unique name as a trademark   You will be required to choose a unique trade name that is not currently registered in the US. If you are still undecided about a suitable name, be sure to consult the US Patent Trademark database to view trademarks that may no longer be available  2. Register with state agencies   Once you have a name, you will be required to register your business in the state where you intend to conduct your business. To do this, you need to:  · Have a physical address in the relevant state  · Conduct in-person business meetings in that state  · Prove that most of your income comes from that state  · Hire employees from your chosen state  3. Get a registered agent   A registered agent is an individual or business that is responsible for receiving Service of Process (SOP) when a business entity is in legal action, such as a summons or lawsuit. In all states, it is a mandatory requirement when forming a new company.  4. File for Foreign Qualification  Filing for Foreign Qualification refers to registering your entity with the secretary of the state office of another state. It facilitates your company to pursue growth opportunities in other states without having to incorporate a new business entity. This is usually the first step when expanding your business operations in a new state. Once you have filed for the qualification, you may receive a certificate of authority which makes it possible to obtain state-level business licenses and tax registration.   5. File state documents and fees   The necessary documents will vary depending on your business structure and where you want to register it. However, the most common requirements include:  Business location  Business structure  Registered agent information  Value and number of shares  Management structure, ownership, or directors  6. Register with local agencies  For LLCs, corporations, and partnerships, you will be required to file for city or county licenses. If you are using a trading name, you might also be required to register it with the local county or city.  7. Open a Business bank account   You will also be required to have a business account to run your entity's financial transactions. This is mandatory if you are starting an LLC or corporation. There are several options to choose from, but it will pay to conduct some research for more affordable bank providers.   If you require assistance with setting up an entity in the US, please Contact Us.  What is the Tax structure in the USA?  Taxation of income earned by non-US citizens is dependent on whether the income has a nexus with the US and the extent and level of the non-citizen's presence in the US. There are many tax benefits for companies looking to set up in the US. However, it is key to understand the tax structure first. It can be broken down as follows:  Alternative minimum tax (AMT)   AMT is imposed on LLCs, C corporations, and S corporations with an average 3-year gross revenue not exceeding $7.5 million. This tax is computed by adjusting the company's regular taxable income by specific adjustments and tax preferences. Adjustment items or tax preferences arise if a company has substantial accelerated depreciation, intangible drilling costs, percentage depletion, or non-taxable income.  S corporations  Corporations with 100 or fewer shareholders are taxed under Subchapter S of the Internal Revenue Code. These companies are taxed in a manner similar to but not identical to partnerships. This implies that all taxable items, such as deductions and income flow through the owners of the entity. Therefore, S corporations are not subject to US federal tax income.  Gross transportation income taxes   Nonresident individuals and foreign companies are subject to an annual 4% tax on gross transportation income (USSGTI). However, there is an exception for income associated with a US trade or business. Transportation income is defined as any income resulting from or connected with:  • The use, leasing, or hiring of an aircraft or vessel  • The performance of services related to the use of an aircraft or vessel.  State and local income taxes  In addition to the federal income tax, some states impose a state income tax. Local governments also levy income taxes based on state income tax calculations. State income tax is imposed at a graduated rate on the taxable income of every corporation, individual, trust, and certain estate. These rates will vary by entity type and state. However, they conform closely with federal taxable income.   If you would like to discover more about the tax structure in the US or have any questions, please Contact Us.    What Visas are available to employees looking to immigrate?   There are 4 visa categories available to companies with employees who are looking to relocate to the US. These include:  Visa options for the USA   1. Temporary Investor Visa: E1 & E2 Visa   Candidates who are looking to establish a company in the US may be eligible for an E1 or E2 visa. Although not all candidates will be eligible for this visa category, those who do qualify are able to register entities in the US. Spouses, employees, and children of these visa holders may also qualify for a visa.  2. Permanent Investor Visa: EB-5 Visa   The EB5 Visa allows the candidate to live, work and register as an entity without having an employer in the United States. To qualify for this visa, substantial investment is required. Candidates need to invest at least $900,000 in a US enterprise that creates at least ten or more jobs for American citizens. Successful candidates for the EB-5 visa may receive a green card, which could eventually lead to citizenship.   3. Business Expansion Visa: L-1 Visa   The L1 visa is also known as a business expansion visa. It offers temporary residence for employees of international companies with offices in the US. This visa is available to employees working for companies outside the US that have subsidiaries, branches, affiliates, or joint ventures with companies in the US.   4. US Corporate Immigration   If you have a business and would like to expand your operations in the US, the Corporate Immigration visa is your best option. It is precisely designed for small to medium-sized enterprises (SMEs) and may apply to large companies that are looking to seamlessly transfer their employees to the US.   Conclusion   All in all, the United States is a perfect country if you are looking to expand your business. However, the process can be taxing more so if you are a foreigner. Fortunately, we are here to help you. Contact Us so that we can advise you accordingly on what you need to have your business set up in the USA.How to Get the International Expansion Ball Rolling Setting up a company in the USA is actually much simpler than many realise. Expanding internationally is a challenge, but when done correctly, it can be a streamlined process that enhances your business hugely.    Want to learn more about how to expand your business to the USA?    Sign up to the Centuro Connect platform today and start your global expansion journey to the USA and 100+ other countries! The Centuro Connect platform has details on tax, immigration, market entry points, HR, marketing, and real estate - plus contactable reliable experts to help you ace your expansion. This means that no matter what stage of the expansion journey you’re at, support is there if you face a challenge.  There’s no risk, no hidden costs, and no endless documentation to fill out. Just a wealth of guidance and support, here to aid you and your business throughout your international business expansion.                      

Apr 20, 2022
BlogHow to Expand Your Business to Canada
Start A Company, Hr +2
How To Expand Your Business To Canada

Why are more companies choosing to expand their businesses to Canada?There are many reasons why companies choose to expand their business to Canada. It is ranked as the 10th largest economy in the world, it offers friendly immigration policies and a highly skilled workforce. Canada is considered one of the safest countries globally to conduct business due to its appealing tax concessions, low corruption rates, and political stability.    For companies looking to do international business in the North American market, Canada may be the ideal candidate to consider for your global expansion.   Market Entry Options for Canada   What steps do you need to take till you have your business up and running in Canada?  There are several methods that can be used to enter the Canadian market. Depending on your business objectives, assessing your best option is crucial. Timelines, costs, resourcing, and employment are all factors that may influence your market entry strategy. Some of the considerations to take into account include; Locally hiring employees payroll setup  drafting of local contracts and agreements  registering a company  entity set up  PEO / EOR services  The information below provides an overview of the various market entry options available to you. Depending on your business goals, and operations, deciding on hiring employees locally, setting up an entity, or engaging a PEO / EOR service requires professional advice.  Initiate a case to speak to an expert.Below is a brief overview of some of the most common market entry options. 1. Set up an EntityRegistering an entity allows companies to hire staff if necessary, sell goods/services  , apply for business benefits, and many other options. The main Entity types in Canada for foreign business owners include: Sole Proprietorship;   Limited Partnership;  Corporation; and  Cooperative.   Deciding on which entity is best suited to your need depends on your business objective and background. Register to Centuro Connect for FREE to discover details about the entities types, documents required, timelines, and the procedure of how to apply.  2. FranchiseAllow others in different locations to open up your business branches and operate them following your guidelines. They pay you a fee and a percentage of profits. However, they have more operations control within their local market.3. Direct ExportingMarket your goods and services within a region and export your goods and services from your home region.4. Partnerships Can take many forms including JVs or having a local partner to represent your firm and help generate business.Some countries require a local partner to have an ownership stake within a region.You may simply need a distributor to sell your goods.5. Buy a CompanyYou immediately claim market share with an existing customer base.No incorporation or initial setup costs/laws to comply withHowever, expensive to buy and need to integrate into the company culture6. LicensingGive ownership of your product to parties in different regions for them to sell on your behalf,7. PEO / EORA professional employer organisation (PEO) can be defined as an outsourcing firm that provides services to small and medium-sized entities (SMEs). An ‘Employer of Record’ (EOR) is a third-party contracted by a client company to take on the core compliance responsibilities of an employer, as specified under the law. If you liaise with a company offering PEO and EOR services you will be able to expand your company in a region without setting up an entity. This involves the "leasing" of employees. A resident firm will hire employees on your behalf, and cover payroll and other necessary HR requirements, whilst the employees work for you.  This enables you to test the market with staff but without the up-front capital of setting up a company.  This may be a suitable option for companies that want to hire a few employees in Canada without setting up an entity.  Canada also offers an Intra-Company Transferee (ICT) Programme that aids companies in entering the market. In order for your company to set up an entity in Canada via the ICT programme, it must meet certain eligibility requirements;   your business must be selling or providing services at the moment of application;  the business must be established for one year or longer,  you should have at least one employee,  your business should be officially registered in your home country (This should include its own registered office and a complete tax payment record). Your company is also required to have sufficient funds to sustain itself.    If the eligibility criteria are met, your next step is to choose one out of Canada's ten provinces to do business in and register your company. Provinces offer various benefits. Register for Centuro Connect to discover which may be best suited for your company.  Companies are also required to obtain a business number, which can be applied for online via the Canadian government's official website. There is a specific application for non-resident businesses to register for a business number. This number is an identifier unique to your entity.  To register, business owners are required to submit some personal information as well as company information such as; business name, type of business or organisation, name and social insurance number of the owners, physical address, mailing address, and description of major business activity.    Once your organisation is registered, you will need to consider hiring local employees. In most Canadian provinces, it is required to hire at least one Canadian director.  What is the Services tax structure?    Tax structure and Tax Rules in Canada One of the major tax benefits of setting up in Canada is low corporate taxes. After the general tax reduction, the tax rate for Canada’s corporate system is 15%, one of the lowest rates internationally. Canada also offers several tax incentive programmes such as Scientific and Experimental Development, the Strategic Innovation Fund, the Pan-Canadian Artificial Intelligence Strategy, and Canada’s Ocean Supercluster. This provides huge incentives to companies looking to expand.  The Canadian tax system imposes corporate and income tax under the Income Tax Act (ITA), which applies to both residents and individuals conducting business in the country.  Foreign business owners are generally subjected to taxes on income such as: Incomes from an office or employment in Canada.  Capital gains on the disposition of properly, Income from a business carried on in Canada.  Incomes of a passive nature are received from Canadian residents.   The federal tax system in Canada is administered by the Canada Revenue Agency (CRA) and assets used in businesses conducted in Canada are taxable Canadian property. The ITA does impose a 25% holding tax on non-residents who receive income from Canada, this includes dividends, rents, royalties, certain trust distribution, and management fees in Canada.  For a detailed breakdown of the tax system in Canada, including rates, and corporate and income tax information, register for Centuro Connect for FREE.   What Visas are available to expanding companies?   Canada offers several options for foreign nationals to conduct business. If your company has been successfully registered in Canada, you will need to apply for a work permit. There are also several visa options for Canada. This application can be submitted online. The Permits and Visas are eligible for all provinces in Canada except Quebec, which has its own provincial requirements.   Work Permits Canada  If you intend to operate a business in Canada, you may be eligible for an employer-specific work permit.Your company should create or maintain significant social, cultural, or economic benefits. In addition to this, you should meet general eligibility requirements for a Canadian work permit. If obtaining your work permit, your spouse, common-law partner, and children may be able to live, work or study with you. The permit will expire after a specified time, and you should apply to extend your permit at least 30 days before it expires.    Business Visa for Canada      A Canadian business visa allows individuals to travel to Canada to do business. It is a temporary visa, allowing the individual holding the visa to only stay in Canada for a short period, typically under 6 months.    Business Immigration Program    This program aims to encourage and facilitate the admission of successful business people who are seeking new opportunities and help immigrants start a business and settle in Canada. Eligibility criteria include a letter of support from your designated entity, meeting language requirements, and having sufficient settlement funds.    Start-up Visa Program  If your business is innovative, can compete on a global scale, and allows for job creation for Canadian citizens, you may qualify for Canada’s Start-Up Visa programme. This program targets immigrant entrepreneurs with the skills and potential to build a business in Canada. This programme is aimed at business owners with at least 3 years of running a successful enterprise.   Ease of Entry into Canada – a good option for expanding companies  There are many benefits of expanding into Canada. The Canadian government provides ample opportunities for ease of entry. It’s relatively easy for qualified companies to conduct their business in Canada and individuals to immigrate. Some additional reasons why it may be beneficial for your business to expand to Canada.  Businesses immigrating to Canada will benefit from its vast trade network, which provides an advantage to organizations based in Canada with access to global and diverse markets. Canadian trade pacts include the North American Free Trade Agreement, the European Union’s  Comprehensive Economic Trade Agreement and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.  Canada has a reasonably stable economy when compared to a country like the United States. This stability will lower your risks of a business shutdown. The reasons for this financial stability are low tax rates, well-managed bureaucracy, and the freedom to do trade.    If planning on doing business in Canada, you will have access to a highly-skilled workforce. Offering employment to Canadian residents or citizens is one of the key requirements for starting a successful enterprise in Canada.    Canada is in a convenient location. Not only is it the second-largest country on earth, but it is surrounded by three oceans and traversed over 6 time zones. Canada has 550 port facilities and 18 airports.  Eager to learn more? Contact us for guidance, support, and expert advice on expanding your business to Canada and beyond. Register for Centuro Connect now to discover more information and receive expert advice.  

Apr 11, 2022
BlogTop countries with remote work visas
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Top Countries With Remote Work Visas

Since the beginning of the COVID-19 pandemic, a surge of people around the world are experiencing newfound flexibility with their careers. The pandemic has allowed for a digital nomad revolution, with increased flexibility for employees to work from anywhere in the world.Consequently, several countries have responded by creating a new visa category for long and short-term digital nomads. These remote work visas allow employees to live where they want as they maintain their careers elsewhere.   Given the multitude of countries offering remote work visas, ranging from Europe, and the Caribbean to the Middle East, employers and employees should familiarize themselves with the countries offering these visas and pick a country that best suits their needs and preferences.Of course, some factors make certain locations more attractive than others. These may include favourable weather conditions, low costs of living, low tax rates, and a laidback lifestyle are often frontrunners. Even so, rest assured that there is a country out there that is a perfect match for you.  Once you have decided on where to settle, remote work visas are typically easy to apply for online. For employees looking to work remotely, discover the popular locations to consider:   Dubai   In October 2020, Dubai introduced a one-year virtual work program that accepts applicants from around the world. If you are accepted, you get access to banking facilities, telephone providers, a resident ID, and the ability to rent an office and purchase a vehicle.The program also allows a multiple entry visa during its tenure but if the applicant is away from the country for more than 6 continuous months, the visa may be revoked. However, individuals can bypass this by entering Dubai on a tourist visa before fully committing to the one-year program.  The requirements   To apply for Dubai’s virtual work visa, you will require the following: - A passport with a 6-month minimum validity  - Health insurance with UAE coverage validity - If you are an employee, the following is required:  An employment contract with a minimum of one-year validity  A minimum monthly salary of US$5000  Previous month's payslip  3 months preceding bank statements    - Business owners should have:  Proof of ownership of their company  An average monthly income of $5000 and  3 months foregoing bank statements  Benefits   This remote work program comes with a lot of benefits that make it one of the most lucrative and popular digital nomad visas. Some of its benefits include:  - The program does not impose a personal income tax at all- Unlimited access to standard utilities and services that residents enjoy. These include schooling, banking facilities, phone lines, a resident ID, and the ability to rent an office and buy a car - A seamless and affordable application process. To apply, you will only have to part with $611 in total. This includes processing costs, application fees, an Emirates ID, and a pre-application medical exam  - The program accepts travel insurance with healthcare coverage which you can later change to UAE health insurance after your visa application is acceptedRisks and challenges to consider   Besides its benefits, this program comes with several compliance risks that individuals should be aware of before submitting their applications. These include:  - As a virtual working visa holder, you are not allowed to work for local companies- If you are away from the country for over 6 months continuously your visa will be revoked Before making the leap, consult with our immigration experts to assess and strategize on how to overcome potential risks and challenges.How to apply  Application for this remote work visa is done online. If Dubai appeals to you, you can apply by contacting us.   Estonia  Estonia is a flourishing international tech hub so it comes as no surprise that it offers a digital nomad visa for remote workers and freelancers along with an e-residency visa program for foreign online entrepreneurs.The E-residency visa allows foreign nationals to work in Estonia for up to one year for their businesses registered abroad while the digital nomad visa allows people to work for foreign employers in a remote position. If the individual stays in the country for over 183 days in a consecutive 12-month duration, they will be required to pay taxes.  In Estonia, there are 2 types of digital nomad visas. The best one to apply for depends on the duration that best suits the applicant.  - If the individual is planning to stay in the country for less than 90 days, apply for the Type C Digital Nomad Visa - If the individual's stay will exceed 90 days, apply for the Type D Digital Nomad Visa  The requirements  Like most Visas, you have to be eligible before making an application for the Estonia Digital Nomad Visa. To be eligible: - You must have a current employment contract with a company or business registered outside of the country- The company owner should be registered overseas and not in the country. If the individual is applying as a freelancer, clients must be located out of Estonia  - The minimum income requirement is €3504 per month (before tax deductions). Moreover, individuals have to prove that they have earned the amount mentioned for over six months- They must prove that they can work remotely and independently  -  Work has to be done using communication technology such as cellphones, laptops, Wi-Fi, etc.  Benefits  - Successful applicants get a government-issued digital identity for online and personal uses  - Obtain access to Estonia’s e-services such as banking, payments, and tax declarations - Affordable application fees and minimal bureaucracy- Obtain the right to work remotely and stay in Estonia for a year    How to apply  - The application fee is 100€ for a (long stay) Type D visa and 80€ for a (short stay) Type C visa. If you would like to apply, contact us - Once printed and signed, visit an Estonian consulate or embassy and submit your application. The review process takes up to 30 days - If you or one of your employees are already in the country and would like to make this application, you can do so in any Police and Border Guard Board office Risks and challenges to consider  In Estonia, there are eligibility restrictions based on the sector of your work or country of origin. Even so, applications can be denied if you can't travel to Estonia due to COVID-19 restrictions.  Georgia  If you are an applicant looking for a place with a dynamic food and wine culture, you should consider Georgia. Its landscape and ease of living rival that of Switzerland making it an ideal place for remote workers. In August 2020, the country launched a remote work program that welcomes long and short-term visitors from 95 countries.Though it is not technically a visa, it allows freelancers and remote employees to enter the country and live there for about a year. The program is designed for remote employees, freelancers, and entrepreneurs who want to work and live in the country without restrictions.  The requirements  To qualify for the remote work program, your applicants need to fulfill the following requirements:  - Be a citizen of the 95 countries on this list  - Have a minimum income of $2000 a month for at least 12 months (applicants can also get approved if they have $24000 in savings) - Present travel or health insurance that has been bought within the last 6 months - Unvaccinated applicants are also required to undergo an 8-day quarantine in an approved hotel and get a PCR test on the 8th day at their own expense - Vaccinated applicants need to prove that they have received 2 Covid-19 dosesBenefits  This package comes with its share of benefits. These include:  - Unlimited access to standard utilities and services such as schooling, and banking facilities - A seamless and affordable application process. There are no fees charged to applicants - The program accepts travel insurance with healthcare coverage  - Length of stay: 360 days  - Digital nomads with an annual income of $150,000 qualify to register as entrepreneurs and pay only 1% tax  Risks and challenges to consider  Some of the challenges that applicants should be aware of before committing to the program include: - Freelancers and remote workers under the program are required to pay income tax - The national language can be difficult for applicants from English speaking countries  How to apply  Applications are done online and applicants need to specify whether they are full-time employees, entrepreneurs, or freelancers.   Bermuda  Bermuda boasts a well-earned reputation as a clean, open, safe, and beautiful country to live and work in. These factors drive many visitors to choose it as a place to work, study, and live. To address this need, the country introduced a Work from Bermuda Certificate which allows freelancers and remote workers to work on the island.   The Requirements  Your applicants will require very little information to apply for the Work from Bermuda Certificate. The requirements include:   - A colour scan of their passport plus validity for the entire duration of their stay  - A colour scan of their visa if they are not entering from the United Kingdom, United States, Canada, and the European Union  - Valid travel or health insurance with Bermuda coverage - No convictions  - Proof of a continuous source of income  Benefits - The Work from Bermuda Certificate allows applicants to work and live in the country for up to one year from the date of issue - There are no salary requirements  - The program does not impose a personal income tax at all- Access to Bermuda’s services and utilities such as banking and transportation  Risks and challenges to consider  - The program requires that each individual in a family apply separately be it a child or adult- You will have to part with $268 application fee  How to apply  Applications are done online and you can do so here.   The future of work is changing for many individuals who are looking to work in exciting new locations. There are dozens of other countries that offer remote working visas or digital nomad visas. Stay compliant and discover the various ways you can work from anywhere. Contact us for more information.    

Apr 11, 2022
BlogHow to set up a company in Ireland
Start A Company, Hr +2
How To Set Up A Company In Ireland

There are many reasons why companies should consider Ireland for expanding their business. Ireland is one of the top countries to set up within Europe. When considering the tax landscape, accessibility, consumers, as well as many other factors, companies realise the location's vital role.  Top-rated companies such as Microsoft, Facebook, and Google operate in Ireland. Many of these companies have chosen Ireland for several reasons including; low Corporate Tax rates of 12.5%; holding company incentives; the average cost of living and because the Ireland government is actively involved in economic productivity and very welcoming of foreign corporations.To establish an entity in Ireland, the following information is important to consider.  Practical Steps on How to Establish a Business in Ireland   What steps do you need to take till you have your business up and running in Ireland?  Assess the market    Assessment of the market is a crucial step preceding the establishment of a company in Ireland or anywhere. Assessing the market entails grasping what a particular industry is all about, what it encompasses, and familiarising yourself with your soon-to-be competitors. Understanding how to position your product or service in a new country is also key to success.  Another vital consideration about market assessment is knowing your audience. Discovering the demographic or faction your likely consumers fall into cannot be overemphasised. It helps in strategising properly and saving time and cost.  Business incorporation   Business incorporation involves deciding your business structure, whether you want a sole proprietorship, a partnership, or a limited company. This article will be discussing what the process is like when it involves a limited liability company. If you are looking to discover other business incorporation options available, please contact us.  Limited Liability Company (LLC)  A limited liability company (LLC) doubles as a corporation and maybe a sole proprietorship or partnership, as it possesses characteristics of both. An LLC protects its owners from being personally liable for the debts incurred by the company. Now, what is the incorporation process?  - Designate a director.  The first step to incorporating your business is to designate a minimum of one director who will manage the company's affairs in the interests of the shareholders. This director, however, must reside in a European Economic Area (EEA).  In a case where you have more than one director, and one of them resides in an EEA state, you're qualified to establish your company. Another alternative is purchasing the bond of €25,000 as contained in section 137 of the Companies Act 2014.  - Existence of shareholders. A director may be a shareholder, but not in all cases. Essentially, shareholders own shares or stocks in a corporation; they are its owners.  - Select a secretary.  In this setting, a secretary transcends the everyday meaning of a secretary. One of the directors could double as a secretary as it is a crucial position, or a different person can be hired. The secretary is tasked with filing yearly returns and other essential activities, which, when defaulted, could attract stringent sanctions.  - Allocation of shares. Distributing a company's stocks or shares is fundamental, seeing as the process may determine the parties that own a company. When establishing a limited liability company in Ireland, you have to allocate shares.  - Brainstorm and cross-check a name for your company. When the idea of establishing a business in Ireland comes to mind, we suppose you must have thought up several names you'd like your company to have. That's good. However, the name you decide to give your company must satisfy the standards of the Companies Registration Office.  - Addresses. A company could have two or even three different addresses, or it could have just one. A company may choose to have office and mailing addresses. An office address is a physical location where meetings are held. In comparison, the company's mail goes to the mailing address. Most companies that adopt the dual address structure are small companies.  - Sign the document. Finally, you have to attach your signature to the incorporation documents through Companies Online Registration Environment (CORE), or you could hire an expert to handle the process.  Opening a Business Bank Account   It is advisable to conduct your research and filter through the banks that would be the most favourable in terms of fees and related matters. To open an account, you may need an array of documents which include forms of ID, a mandate signed by the directors, signature samples of authorised people, a Memorandum of Association (MoA), proof of your company's registration and location, and your incorporation certificate.  Tax Structure   If your company has a director in Ireland, your company is to pay a corporate tax of 12.5% of its profit. You may need to pay other taxes such as Pay Related Social Insurance (PRSI), depending on the company.  There are exceptions, however. Section 486C provides for tax payment relief if specific criteria are fulfilled. They range from the type of trade to the total amount of payable corporation tax.Hiring Local Employees/ Immigration Options   Ireland is known for its highly educated and impressive workforce. However, it is relatively expensive to hire local employees, and there are employment laws guiding the process, including the average hours employees are allowed to work per week in Ireland. As a resident of an EEA country, you are allowed to employ or be employed without any restrictions.  However, as a person who doesn't belong to an EEA country, the UK, or Switzerland, you need to be offered employment, then apply to obtain a relevant work permit or visa (if it's required in your case). There are various kinds of work permits, one of them being the critical skills employment permit; which is for adept workers in fields where there is a shortage of manpower, in Ireland. Other kinds of work permits include general employment work permits, internship work permits, partner/family work permits, among others.  Ireland work visa, classified under the "D visa", is open to self-employed and high skill work employees. It is advisable to apply three months before going to Ireland and is a long process that requires a lot of documents to prove that you qualify. You will have to fill out a work visa application form, provide an authentic passport, your contract of employment, and several other supporting documents.  If you're interested in moving to Ireland for work, you may easily be overwhelmed by the whole process if you're on your own. With the right help, the whole process is a lot easier.  Ireland is a welcoming country that boasts of being home to over 1,000 successful multinational companies. Why don't you give it a try and add your name to the list of successful companies in Ireland? We can help you Incorporate, Move and Manage your business, taxes, payroll, and more in Ireland.  Don’t hesitate and send us an e-mail.How to Get the International Expansion Ball Rolling Setting up a company in ireland is actually much simpler than many realise. Expanding internationally is a challenge, but when done correctly, it can be a streamlined process that enhances your business hugely.    Want to learn more about how to expand your business to Ireland?    Sign up to the Centuro Connect platform today and start your global expansion journey to Ireland and 100+ other countries! The Centuro Connect platform has details on tax, immigration, market entry points, HR, marketing, and real estate - plus contactable reliable experts to help you ace your expansion. This means that no matter what stage of the expansion journey you’re at, support is there if you face a challenge.  There’s no risk, no hidden costs, and no endless documentation to fill out. Just a wealth of guidance and support, here to aid you and your business throughout your international business expansion.

Mar 18, 2022
BlogGOING GLOBAL: CONSIDERATIONS FOR EMPLOYEE BENEFITS, INSURANCE, AND RECRUITMENT
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GOING GLOBAL: CONSIDERATIONS FOR EMPLOYEE BENEFITS, INSURANCE, AND RECRUITMENT

Whether you are a traditional family business, or a fast-growing startup expanding overseas — several aspects must be implemented or strategically planned to have a smoother landing in a new authority. Building a strong workforce and having a positive team environment are key elements that will allow companies to enter a new market more successfully. A good company culture generates talent attraction. As companies are waging the war on talent, there are several components of employee benefits that will need to be incorporated to ensure employee satisfaction. Employee benefits are a pillar of workforce resilience that helps to create a symbiosis between the employer and employee.Insurance is a key vehicle to help build the best employee benefits experience. Demonstrating care and offerings towards business associates is an important message companies should share about employee benefits. As a result, companies need to consider adapting their original practices to align with employment laws, local standards, and benefits in new countries.   From the very basics, such as Health & Disability offerings or Life protection insurance, the offerings differ per country and company. Insurance principles across countries operate in the same manner, as there are detailed conditions that vary depending on the local regulations and norms. Companies need to ensure they comply and adapt their offerings to match those of the local regulatory framework.   Every country has its own norm and legal framework of employment laws and employee benefit offerings.  The science of balancing the differences across countries to match your company strategy and culture is something that must be done with your specialised insurance broker or consultant. Ideally, you should work with an insurer that has global knowledge and capabilities for employee benefits.   The COVID-19 pandemic demonstrated large losses for both public and private sector insurance companies. This is specifically relevant to insurance that involved Health, Disability, and Life. As a result, many private insurers increased their pricing in 2021, to cover the increase in cost and risk.  There are ways to mitigate the impact of these cost increases. These include:    1. Merging or “pooling’’ cost coverages and countries’ insurance offerings where you can,   2. and share the profits with insurers in times where costs are lower.   Pooling is a tool that allows companies with operations in different countries to match company strategy with local requirements and market standards. This helps to protect your talent by maximising coverage and minimising costs.   Whatever the solution is as to how you choose to manage your global employee benefits, it is important to ensure good coordination and communication with a specialised insurance consultant. Ideally, you will work with a local expert to advise on country-specific queries, but consult a global headquarters to advise on your global strategy and policies. Working side-by-side with either a domestic or global insurer will help you optimise your employee benefits. In conclusion, having a well-established Employee Benefits Programme helps companies to attract talent by demonstrating well-established policies and employee benefit programmes.    An example can be demonstrated when considering opening a company in Mexico. Two familiar challenges companies face include:  1. When a company is incorporated in Mexico, companies often have their contracts or project specifications drafted by US lawyers. In the USA, however, the wording of certain contracts obliges companies to purchase coverage for their employees, such as Workers Compensation Insurance with a reputable established insurance company. Our challenge is that we must explain that coverage in Mexico is provided by the “IMSS” (Social Security System), which is government-operated, however, it is paid by the employer and employee through the payroll.  2. Although some coverage is provided by the State of Mexico, companies must still provide a private Health and Life insurance programme which is to be owned by the ‘’mother’’ company in the United States. This is because the USA employer will provide a range of benefits which many employees will find attractive. The USA employer can advertise this to attract the best available talent. Depending on the size of the company and the number of employees, the programme can start from an individual policy, a smaller group policy hosting at least 10 employees, or grow into a robust programme over the years and analyse the feasibility of pooling. In Mexico, international insurers such as Metlife, AXA, and Zurich offer these options. Domestic companies such as Atlas, Argos, and GNP are also able to provide this service.   How to Get the International Expansion Ball Rolling  Expanding internationally is a challenge, but when done correctly, it can be a streamlined process that enhances your business hugely.Want to learn more about how to expand your business the simple way?    You can sign up for the Centuro Connect platform today. The platform has details on tax, immigration, market entry points, HR, marketing, and real estate - plus contactable reliable experts to help you ace your expansion. This means that no matter what stage of the expansion journey you’re at, support is there if you face a challenge. There’s no risk, no hidden costs, and no endless documentation to fill out. Just a wealth of guidance and support, here to aid you and your business throughout your international business expansion.

Mar 17, 2022
BlogHow to apply for The Portugal Golden Visa
Start A Company, Hr +2
How To Apply For The Portugal Golden Visa

Chinese nationals continue to be the main applicants of Portugal golden visas, however, there has been a decline, especially in this past year. The citizens of Brazil stand out in second place, albeit in a smaller dimension. In addition to China and Brazil, nationals from countries such as Turkey, South Africa, and Russia are part of the TOP 5 of applicants for the Portuguese Golden Visa. Other nationalities continue to emerge as new applicants, such as those from the United States and Jordan.  At the start of 2022, the Portugal golden visa program underwent changes that restrict the form of investment in Portugal, particularly with regards to real estate investment.  By altering this regime, the government aims to shift and channel foreign investment to the interior of the country, thus alleviating the pressure that has been felt in the metropolitan areas, in addition to encouraging investment that benefits the creation of new jobs, urban prequalification, and cultural heritage. The changes to the Portugal Golden Visa Program are essentially based on two pillars: • An increase in the minimum investment amounts, and • Restriction on the real estate investment.  Increase in minimum amounts of investment •  Transfers of capital are now of an amount equal to or greater than 1.5 million euros (the amount previously foreseen was equal to or greater than 1 million euros);  •  Investment in research or scientific activities carried out by the public or private scientific research institutions, integrated into the national scientific and technological system – investment amount equal to or greater than 500 thousand euros (previously, an amount equal to or greater than 350 thousand euros was required); •  Investment funds or venture capital funds dedicated to the capitalisation of companies, whose maturity, at the time of investment, is at least five years and, at least, 60% of the value of the investments is carried out in commercial companies based in Portugal – investment in the minimum amount of 500 thousand euros (in the previous law, the amount foreseen was equal to or greater than 350 thousand euros) •  Creation of jobs – investment amount equal to or greater than 500 thousand euros intended for:  -  The constitution of a commercial company based in Portugal, combined with the creation of five permanent jobs, or -  The reinforcement of the share capital of a commercial company headquartered in Portuguese territory, already constituted, with the creation or maintenance of jobs, with a minimum of five permanent jobs, and for a minimum period of three years (the amount previously foreseen was equal to or more than 350 thousand euros).Restrictions on real estate investments  This regime does not allow for the possibility of real estate investment for housing in the following areas: • Lisbon metropolitan area,  • Porto metropolitan area (with the exception of the municipality of Arouca and the parishes of Junqueira and Arões in the municipality of Vale de Cambra) and   • most of the Algarve (with the exception of the municipalities of Alcoutim, Aljezur, Castro Marim, Monchique and Vila do Bispo,   • The parishes of Alte, Ameixial, Salir, Union   • The parishes of Querença, Tôr and Benafim in the municipality of Loulé,  • The parish of São Marcos da Serra in the municipality of Silves,  • And the parishes of Cachopo, Santa Catarina da Fontes do Bispo in the municipality of Tavira)  It should be highlighted that property investment for tourism purposes, commerce, and services, does not apply to the territorial exclusions mentioned above.  It is important to note that when concerning real estate investment, there is no change in the minimum investment value — which is currently from 500 thousand euros for real estate, or a global amount equal to or greater than 350 thousand euros for the acquisition of real estate, a construction which has been completed for at least 30 years or located in an area of rehabilitation and carrying out rehabilitation works of the acquired real estate.The 20% reduction in values is also maintained if the property is located in territories considered to be of low density.  It should also be noted that these changes only affect new Portugal Golden Visa applications made from January 1, 2022.  Despite these updates, Portugal's Golden Visa Program continues to be highly advantageous. In addition to being able to obtain Portuguese Citizenship after five years, this modality does not mandate the individual to stay in Portugal for long periods of time. In fact, under this regime, the individual is only required to stay in Portugal for seven days in the first year, and 14 days in each of the following years.The benefits also include family reunification and travel visa-free in the Schengen Area.1 Investment data 2012 - 2021 provided by the SEF.Should you require more information or need help with applications for the Portuguese Golden Visa, don’t hesitate and send us an e-mail. We can help you Incorporate, Move and Manage your business, taxes, payroll and more in Portugal! 

Mar 15, 2022
BlogIs the USA still the ultimate goal for expanding companies?
Start A Company, Hr +2
Is The USA Still The Ultimate Goal For Expanding Companies?

The short answer is a big “Yes!”.  The United States still has the largest gross domestic product of any country in the world at $20.89 trillion. China is far second at $14.86 trillion, followed by Japan at far third with a GDP of $5.04 trillion.Being the largest consumer market in the world, the United States is indeed considered to be the ultimate goal for many scaling companies, a desirable location for their business to truly skyrocket.  On top of this, the World Bank ranks the United States sixth globally in terms of ease of doing business, demonstrating that the country has a keen focus on making it possible for companies to operate and thrive. That being said, the World Bank ranks the United States 55th in the world in terms of ease of starting a business here. In addition, a Business Roundtable comparative study ranked the United States 9th out of 10 countries examined with regards to immigration policies that promote economic growth.These statistics show that while the United States may represent a powerful launchpad that can take a company to levels of achievement unimaginable in any other location, entering the market takes grit, determination, and top experts guiding you along the way.  Watch our webinar on how to ensure long term success when expanding your business into the USAAlthough US immigration law is fairly complex and not necessarily ideal for facilitating economic growth as the study mentioned above explains, with a strong expert at your company’s side, it is definitely achievable. For the 81 countries that have an E-2 treaty with the United States, the E-2 Treaty Investor visa can often be an excellent and highly workable visa option for companies expanding to the United States.  The main requirements are as follows:  1. The new US company is at least 50% ultimately owned by citizens of the treaty country or is solely traded on the stock market of the treaty country.  2. The employees applying for the E-2 visas are citizens of the same treaty country.3. A “substantial investment” has been made in establishing the US business operations.  There is no set minimum amount for this requirement – it is looked at on a case-by-case basis and depends on how much it typically takes to start that type of business in that particular location in the United States.  4. The visa applicant is either an investor in the US business or an employee who will be working in either an executive/managerial or highly skilled capacity for the company in the United States.The E-2 is a great starting point in terms of visa options for companies expanding to the United States, but there are certainly others as well if the E-2 is not a good fit, such as the L-1A Intracompany Transferee New Office category, or the O-1 Extraordinary Ability category for highly accomplished business executives or entrepreneurs.For any Visa advice or support for the USA, contact us to speak to an expert directly. We can help you Incorporate, Move and Manage your business, taxes, payroll, and more in the USA and over 170 countries References  https://www.statista.com/statistics/268173/countries-with-the-largest-gross-domestic-product-gdp/  https://www.doingbusiness.org/en/rankings  https://www.businessroundtable.org/policy-perspectives/immigration/state-of-immigration  Disclaimer: This article is for informational purposes only and does not constitute formal legal advice.  In addition, this article may constitute attorney advertising. 

Mar 15, 2022
Blog
Start A Company, Hr +2
Top 5 Compliance Mistakes To Avoid When Hiring Internationally

Ignorance is bliss, but not in all situations. When running a business, especially internationally, you should do due diligence by familiarising yourself with the laws that govern your business in foreign countries, as not knowing this could cost you a great deal. With the ever-increasing access to new and conventional ones, more regulations are being put in place, proportional to compliance risks.Understanding Compliance Risks  Compliance risks, similarly referred to as integrity risks, are the financial, legal, and reputational dangers a company exposes itself to by failing to abide by laws, regulations, and standard practices. To fully understand and address the issues that are compliance risks, companies need to put more effort into thoroughly assessing risks because missing any could deal a significant blow to the company.  It is not a rare occurrence for companies expanding to other countries or recruiting remote workers in different regions to make some errors in the process or after the process has been completed. Some of the most common mistakes companies make when hiring abroad include:  Erroneous classification of a worker’s status  When hiring, it is essential to clarify the agreement terms to qualify the employee under the country’s local and tax laws. The status of an employee affects things significantly. As an employer, you may think you are hiring an independent contractor, for instance, but you are employing the person as a part-time employee.It is good to carry out your research diligently and get these things straight because by making a mistake or doing this intentionally, you could avoid paying taxes and the like, which could attract severe sanctions. Failing to grasp the local laws required to set up in a new country   When expanding globally, ensure all key stakeholders across your business understand the in-country employment and labour laws. In many countries, the regulations and governments often favour local employees over foreign employers.Hiring local employees may require a local legal entity, a registration of your company, and a clear understanding of the local labor laws, and employee rights. The lack of adequate knowledge makes the hiring process daunting for many firms expanding into new markets. One of the surest and easiest ways to get this done is to seek expert help. Contact us for setup advice. A problem with employee benefits Employee benefits differ in various jurisdictions. So, to make an irresistible offer and recruit some of the best talents, it is pertinent to understand the benefit entitlements of employees in certain jurisdictions are entitled. Some of these benefits may include health insurance, pension funds, a 13th-month salary, and fully paid maternity leave (in some European countries).Also, it would be best if you didn’t attempt to kill all birds with one stone by dishing out the same benefits to all your global workforce; it’ll only bring about catastrophic results.  Issues meeting the requirements for international employees' relocation Meeting and taking care of the immigration and visa requirements is tasking. The problem associated with this is failure to meet the preconditions and the penalty is the rejection of the application. As an employer, if you desire to bring foreign employees to your home country, you automatically become their sponsor, and it is not a walk in the park.  Not adhering to compensation laws and minimum wages for international workersIt is common to seek to hire international employees because this gives you access to an infinite pool of talent and, to an extent, reasonable compensation. However, one thing you must consider when hiring from a foreign country is that various jurisdictions have their minimum wage laws.These laws differ on the state and even regional levels, but one thing is constant, there are strict penalties if you, by any chance, fail to comply with the laws.Managing Compliance Risks Making sure your business complies with the rules and regulations of the various countries you are hiring from is essential to the growth of your business. It is also crucial to know what to do when compliance risks surface.  Some of the best practices by which you can manage compliance risks include conducting a risk assessment and having a structure that carefully spells out your organisation’s duty to all the parties involved.You must consider the parties, from the government down to the customers, and also endeavour to update the structure often to accommodate new laws and regulations that may come up. Also, you have nothing to lose by making sure your business is an ethical one where people can speak up if there are any issues.Managing compliance risks is not an easy task, but it is something you must be done. If you don’t have the personnel or time to do the job carefully, as is usually the case, it is advisable to automate the process with our AI-Powered global expansion platform.   Final Words Do not assume a country’s laws when hiring from there; make sure you do proper research because you may unknowingly be violating laws and creating errors for which you could be significantly penalised.Also, in any case, where you are indulging compliance risks to escape some financial duty, desist from it because it comes back to bite. Contact us for advice and support when hiring internationally.​

Apr 22, 2022
Blog
Start A Company, Hr +2
An International Expansion Case Study: Deliveroo

Origins of DeliverooAfter making the move from New York to London, Co-Founder, and CEO Will Shu was astounded to realize that it was very difficult to get ready-made food delivered to consumers. As a result, he made it his personal mission to bring restaurants closer to their customers. This led to the launch of Deliveroo in February 2013. Before going global, Deliveroo started as a small company in the US with very few sales and minimal stock listings. In its 3rd year, revenue grew to £18 million and the company began to grow and develop significantly.  How much has Deliveroo grown?  In 2021, Deliveroo won Best Beats First Category Company in the Real Innovation Awards. Moreover, it was crowned the fastest growing technology firm in the UK by Deloitte. Over the last 4 years, it has achieved an incredible growth rate of 107,117%. This year, the company is in the rankings again, proving that it has the momentum to maintain its steep growth trajectory.Currently, the company is valued at US $2 billion (£1.5 billion), making it one of Britain’s most valuable private companies despite having recorded a gross profit of less than 1% in 2021. In addition, Deliveroo has raised over $900m since it was established, and this has given it the opportunity to expand in other countries. The company is growing at an extraordinary rate, partnering with thousands of popular restaurants to deliver great food to customers’ doorsteps.  What led to Deliveroo's global expansion success?  Without a doubt, Deliveroo is ahead of the competition since it heavily invests in resources that afford it a competitive advantage. To be precise, the crux of its success lies deeply in its prompt responses to customer demands and concerns, and this is made possible by its data-driven decision-making process.  The firm was also able to raise over $200 million (£132 million) last year, and this has partly contributed to its meteoric rise. Unlike its competition, Deliveroo has transformed the way consumers order food by making it possible for its customers to indulge in-home delivery from restaurants that were not making deliveries. Today, customers can get reliable and quick deliveries from more than 750 premium London hotels thanks to its massive network of 300 freelance drivers.  The efficiency and adeptness of the company can also be attributed to big data and machine learning. Dan Webb, the company’s VP of engineering, says that "ever since the company was established, the use of data has been pivotal to ensuring that riders, customers, and restaurants get the best possible experience."  Deliveroo uses data in 3 key ways:  - To support team decisions. Constant experimentation has enabled the company to comprehend product changes. According to Webb, graphs and data help their operations team to comprehend and react to trends.  - To provide support for recommendations and decisions. The company uses machine-learning models that need to be retrained to make sure that the company is making decisions and recommendations using relevant and up-to-date information.  - To provide ‘real-time operational monitoring. Since Deliveroo’s operations are mostly in busy cities, connecting customers to restaurants and riders is always unpredictable. To overcome this, the company uses real-time data to identify and react to challenges that may arise.  By leveraging on data, their dispatch engine, ‘Frank’ is able to continuously calculate and match the ideal combination of riders and restaurants with customer orders. These predictions and calculations are based on machine learning algorithms trained to identify and react to challenges that may arise.  How many countries does Deliveroo operate in?  Deliveroo has transformed itself into a global company that operates in over 800 cities and towns across 12 markets. These include Hong Kong, Belgium, France, the United Arab Emirates, Italy, Ireland, the Netherlands, Singapore, the United Kingdom, Spain, Kuwait, and Australia.  How many employees does Deliveroo have?  Deliveroo has partnered with more than 140,000 takeaways and restaurants. It also boasts over 110,000 riders that provide food delivery services across the globe. Moreover, it has over 2,000 employees in offices around the world.  Challenges Deliveroo faced  Shifting customer preferences  The main aim of Deliveroo was to grow its market share by offering the best possible deals to its customers at an affordable price. Unfortunately, players in the food delivery niche have elevated the marketing game to such a level that customers are spoilt for choice. This made it hard for the company to build brand loyalty.  Volatile Market Prices  Apart from growing its customer base, the company has also decried the high volatility of food prices. The company says that it has been hard to track and keep up with market prices, and this has made it difficult to implement an ideal pricing strategy.  Observance of Food Quality Standards  Due to a massive demand for orders, delivering food to customers who are far away from restaurants while maintaining quality has been a challenge for Deliveroo. The problem is that the food served in restaurants and the one being delivered to customers create a significant loophole that the company is striving to overcome.  Managing Customer Expectations   Regardless of the success that Deliveroo has had, it has been finding it hard to satisfy customer demands. The company has publicly stated that customer satisfaction is not just a matter of their delivery partners but also those working at the point of origin. As a result, it has been a challenge for the company to fill the gap that exists between restaurant workers and delivery partners. Conclusion  Despite the challenges faced by Deliveroo, it has established itself as a big wig in the food delivery industry. And though it is yet to make substantial profits, we should expect the company to continue its growth, largely due to its business model and its ability to raise funds for expansion,

Apr 22, 2022
Blog
Start A Company, Hr +2
How To Successfully Expand Into Germany

Looking to expand your business into Germany? Well, that's a noble business move for several reasons. First and foremost, Germany is a global powerhouse boasting the largest economy in Europe. Moreover, it has a highly skilled workforce, over 450 million consumers, an innovative business culture, 45 preferential international trade agreements, and manufacturing dominance responsible for 22% of Europe’s GDP.Even though it is this lucrative, there are several business and regulatory factors you need to take into consideration before expanding into Germany. To help you out, we have created this comprehensive guide to assist you to establish any kind of entity in Germany be it a sole proprietorship, partnership, or corporation.  How to set up an entity in the German market  Before setting up a business in Germany, it’s imperative to be aware of what form of entity you are looking to start. There are 3 types of entities you can establish. Let’s have a look at each.  1. Sole Proprietorship (Einzelunternehmen)  This is the most popular option for people looking to start personal companies or businesses. In Germany, a Sole Proprietorship is commonly referred to as a Gewerbe. As a sole proprietor, you will be responsible for all business debts and actions. In case the company makes less than 22000 Euros in its first year and not over 50000 Euros in the second year, you can opt to re-register it as a small business (Kleingewerbe) and benefit from less bureaucracy  2. Business Partnership (Personengesellschaft) Partnerships in Germany are described as sole proprietorships with 2 or more actors. There are different forms of partnerships but the most common include:  - General commercial partnerships OHG (offene Handelsgesellschaft)  - Civil law partnerships  GbR (Gesellschaft bürgerlichen Rechts)  - limited partnerships KG (Kommanditgesellschaft)  Apart from limited partnerships (KG), all others are liable for business actions and debts.  3. Corporation (Kapitalgesellschaft)  Corporations are the most favorite entities among funded companies and startups. There are 2 types of corporations you can establish in Germany. These are: - Limited liability companies GmbH (Gesellschaft mit beschränkter Haftung). These require 250000 Euros as capital but your personal finances are protected. - UG (Unternehmergesellschaft). This is an ideal option if you don’t have enough capital to start a limited liability company since you only need 1 Euro as a starting capital.   How to register an entity in Germany  When establishing an entity in Germany, the process will vary depending on the type of business. However, it is typically similar in most cases. The most important milestones you need to complete will be something like this.  Obtain a Business Visa for Germany  A business visa grants you up to 6 months of stay as you establish your business and complete necessary paperwork. To get one, you will need to declare your address, prove financial support, and have short-term health insurance  Register Your Address  Once you have arrived in the country, you will be required to register your address with the local Bürgeramt.  Get Your Trade License  After registration and permission to stay in Germany, you will be required to register your entity with the trade office (Gewerbeamt) so that you can be granted a trading license. The trade license (Gewerbeanmeldung) permits you to get involved with business activities. To get registered with the trade office, you are required to fill out an online form, sign it, and send it to a local Gewerbeamt.  Register With The Tax Authorities  Once you have a trade license, you will be required to register your entity with tax authorities. This can be a tedious task since it requires you to complete a 7-page questionnaire. Fortunately, we can help you with the process.   Tax Structure in Germany for Foreign Companies  Germany’s taxation system is grounded on over 40 types of taxes established under strict rules. The tax burden also varies depending on the taxpayer's benefits from various deductions and exemptions. However, foreign investors and non-resident individuals are only levied income tax on the income they generate. The same applies to foreign corporate entities which are levied corporate tax and municipal trade tax depending on where they have been registered.  Corporate Tax Rules for Germany  Foreign entities in Germany are categorized under the foreign tax act which was put into effect in 2010. These regulations apply to German resident taxpayers with over 50% stake in a foreign company and to foreign entities established in Germany that receive passive income.  The German corporate income tax is charged to corporations at a 15% flat tax rate but an additional 5% solidarity tax may apply. Moreover, foreign companies or German subsidiaries are levied a 25% withholding tax on their dividends.  However, in case there is a double taxation agreement between another country and Germany, this dividend tax may be reimbursed.  The trade tax applied to foreign companies in Germany  Foreign corporate entities are required to pay municipal trade tax if they generate income this also applies to foreign entities that have been permanently established in the country and the municipal tax trade ranges from 6% to 17% depending on the location of operation.  In case capital gains are repatriated to another corporation, the foreign entity may benefit from tax exemptions for trade tax purposes. This exemption is effected by reducing the tax burden to about 1.5%. To qualify for this exemption, the foreign entity needs to have about 15% of shares in a permanent German establishment.  What Visas are available to expanding companies? (Work Permits vs. Business Visas)  Work Permits Germany Anyone can live in Germany and conduct business activities even if they are not EU citizens as long as they meet eligibility criteria. To be allowed to work and live there legally, you will need a residence and work permit. You don’t have to apply for each individually since they are granted together.  Categories of Work Permits in Germany  Based on your employment type and qualifications, there are different types of work permits. These include:  General Work Permit – if you have found a job in Germany that could not be filled by an EU national, you can apply for this type of work permit. There are no requirements for extraordinary skills. All you need is to be qualified for the job.  Highly Skilled Worker Permit – if you are a highly skilled worker with a lot of experience and high income, this is the work permit to apply for.  The EU Blue Card for Germany – if your annual salary ranges between €44,304 and €56,800, you can apply for the EU Blue Card more so if you are in a shortage occupation.  Work Permit for Freelancers- If you are self-employed or a freelancer, you can apply for this type of visa. However, you need to prove that you have prospective clients.  Visa options for Germany  The Germany Employment Visa provides an opportunity for foreigners to settle and establish entities in Germany in any given field. It offers an individual the chance to work, enter, and reside in the country for 2 years with the possibility to extend the stay with an EU blue card or other work permits.  Long-Stay Visa Types for Working in Germany  The Germany Long-Stay Visa can be used for the following purposes:  Employment – if you have landed a job in Germany  Self-Employment – if you want to open an entity or work as a freelancer  Jobseeker – if you are looking for a job while staying in Germany.  Working as an Au Pair – for people looking to immerse themselves in the German language and culture.  Working Holiday Visa – for young people from countries that have working holiday agreements with Germany.   Reasons to expand to Germany  Prosperous economy  Germany is the largest economy in Europe and ranks among the top 5 economies of the world. In 2020, it accounted for about a quarter of the EU's gross domestic product. Since its economic crisis ended in 2019, the GDP has grown in bounds making it an ideal to expand your business or start a new one.  Largest consumer market  Besides having the largest GDP in Europe, its population of 83.2 million tops the population of all other EU countries. This implies that it is the largest consumer market in Europe both in terms of purchasing power and number of people.  Skilled German Workforce Germany's reputation for innovation and productivity is largely owed to its highly skilled workforce. It boasts a robust vocational and education system and over 50% of upper secondary graduates have a vocational qualification. This means that you will always have qualified employees in the business that you want to set up in Germany.  Investment incentives  The country offers a wide array of incentive programs and funding instruments that can be very beneficial for expanding businesses. The most common are:  - GRW cash grants  - Research and development grants  - Grants for hiring   Top challenges of expanding to Germany  Though there are several benefits of doing business in Germany, there are also several drawbacks. The social market may be prosperous but expanding businesses come across extensive regulations and high labor costs. Some of the challenges include:  Lengthy process for starting a business  The biggest challenge of expanding into Germany is the complicated and long process of starting a business. Germany ranks 125th on the World Bank’s starting business index and this accounts for procedures, time, and cost.  Robust employee protections  Individuals looking to tap into the German market need to be aware that Germany has the strongest employee protections in the world. Employment laws set strict requirements that employers should enforce on their employees. For instance, employees in Germany are entitled to 20 days of paid holidays and 13 public holiday offs.  High cost of labor  Germany’s competent labor force is a draw to many investors but the cost of labor is not. The average hourly rate in the country is 35.6 euros which is higher than the EU average of 27.7 euros. The minimum wage is currently 9 euros but is bound to increase to 10 by the end of 2022.  Complicated tax laws Setting up a business is not the only complexity. Notably, the fiscal system is very convoluted so anyone looking to set up a business needs to partner with local finance experts to help them file taxes and organize their finances.  Conclusion  Despite these challenges, Germany is still a global powerhouse that is very lucrative for international investors. The bureaucracies of doing business might be harsh but once you are established, you are bound to reap the benefits. To help investors get a share of the German market, we have a German company formation service that simplifies the process of establishing entities. Please contact us for further details on how we can help you set up a business in Germany.How to Get the International Expansion Ball Rolling Setting up a company in Germany is actually much simpler than many realise. Expanding internationally is a challenge, but when done correctly, it can be a streamlined process that enhances your business hugely.    Want to learn more about how to expand your business to Germany?    Sign up to the Centuro Connect platform today and start your global expansion journey to Germany and 100+ other countries! The Centuro Connect platform has details on tax, immigration, market entry points, HR, marketing, and real estate - plus contactable reliable experts to help you ace your expansion. This means that no matter what stage of the expansion journey you’re at, support is there if you face a challenge.  There’s no risk, no hidden costs, and no endless documentation to fill out. Just a wealth of guidance and support, here to aid you and your business throughout your international business expansion.      

Apr 21, 2022
Blog
Start A Company, Hr +2
How To Expand Your Business To The USA

Is your business contemplating expanding into the USA? The United States of America is the world's largest economy, and many businesses are drawn to the opportunity of establishing a presence in the profitable market due to its rich talent and ease of entry.However, there are many pain points that companies need to consider as the process can be labor-intensive and costly. To help you determine whether the USA is the right target market for your global expansion, we have compiled a definitive guide to inform you of the key business incorporation steps.    What are the benefits of expanding into the US market?   1. Skilled workforce  The US reputation for innovation and productivity is largely owed to its highly skilled workforce. It boasts a robust vocational and education system and over 50% of upper secondary graduates have a vocational qualification. This means that you will always have qualified employees in the business that you want to set up in the USA.    2. The US access to funding  The US has the largest foreign direct investment (FDI) initiatives in the world. This implies that the country heavily invests in international businesses. In 2020, the FDI initiative was valued at $4.6 trillion, while in 2021, the US venture capital firms invested $160 billion in over 10,000 businesses.  3. Entrepreneurial mindset  The US ranks among the top 3 most entrepreneurial markets in the world. In the country, entrepreneurs are forward-looking and this is captured vividly by Allyson Stewart-Allan, author of Working with Americans.  4. The US market size  The US is the world's largest economy with a Gross Domestic Product of over $20 trillion. The GDP growth in 2021 was 5.7% and the trend is expected to continue upward. It also boasts a 330 million population and this makes the USA an ideal country to invest in.   What are the top challenges of expanding to the US?    Though there are several benefits of doing business in the US, there are also several drawbacks. The social market may be prosperous, but expanding businesses come across extensive regulations and high labor costs. Some of the challenges include:  1. Lengthy process for starting a business  The biggest challenge of expanding into the US is the complicated and long process of starting a business. The US ranks 46th on the World Bank's starting business index and this accounts for procedures, time, and cost.  2. Robust employee protections  Individuals looking to tap into the US market need to be aware that it has some of the strongest employee protections in the world. Employment laws set strict requirements that employers should enforce on their employees.   3. Complicated tax laws  Setting up a business is not the only complexity. Notably, the fiscal system is very convoluted, so anyone looking to set up a business there needs to partner with a local tax consultant to help them file taxes and organize their finances.   How do companies set up an entity in the US?   Choose Your Company Structure   Depending on the nature of your business, there are several legal entity types you can choose from. These include:  Sole Proprietorship: In the US, this is a company that is owned by a single person and is not separate from its owner in terms of legal representation. This means that the owner bears full responsibility for any debts or obligations of the company. Moreover, the owner of such a business enjoys all the profits that the company earns, and any generated income is added to the owner's personal tax returns.  Partnership: A partnership is similar to a sole proprietorship, with the difference being that it is owned by more than one person.  Limited Liability Company: An LLC is a company with multiple owners, but it is a separate legal entity from its owners. A document known as an operating agreement governs Limited Liability Companies. This document outlines how the company will be governed. Under US corporate law, an LLC is the most flexible business structure since they are easy to manage.  C-Corporation: A C corporation is a legal entity where the shareholders or owners are taxed separately from the company. C-corps are the most prevalent corporations and they are subject to corporate income taxation. Taxes on profits from these companies are both from personal and corporate levels creating a double taxation situation.  S-Corporation: This is a type of corporation that meets certain Internal Revenue Code requirements. If it does, the company can pass credits, income, losses, or deductions on to shareholders without having to pay federal corporate taxes. This type of entity is associated with small companies that have less than 100 shareholders. The S corp status gives the business benefits of incorporation while enjoying tax-exempt privileges.   How to register a company in the USA?   Once you have decided on the type of entity you wish to establish, you will be required to formally register your business. The process will vary depending on the entity type you have selected. Below are the primary steps and requirements. 1. Choose a unique name as a trademark   You will be required to choose a unique trade name that is not currently registered in the US. If you are still undecided about a suitable name, be sure to consult the US Patent Trademark database to view trademarks that may no longer be available  2. Register with state agencies   Once you have a name, you will be required to register your business in the state where you intend to conduct your business. To do this, you need to:  · Have a physical address in the relevant state  · Conduct in-person business meetings in that state  · Prove that most of your income comes from that state  · Hire employees from your chosen state  3. Get a registered agent   A registered agent is an individual or business that is responsible for receiving Service of Process (SOP) when a business entity is in legal action, such as a summons or lawsuit. In all states, it is a mandatory requirement when forming a new company.  4. File for Foreign Qualification  Filing for Foreign Qualification refers to registering your entity with the secretary of the state office of another state. It facilitates your company to pursue growth opportunities in other states without having to incorporate a new business entity. This is usually the first step when expanding your business operations in a new state. Once you have filed for the qualification, you may receive a certificate of authority which makes it possible to obtain state-level business licenses and tax registration.   5. File state documents and fees   The necessary documents will vary depending on your business structure and where you want to register it. However, the most common requirements include:  Business location  Business structure  Registered agent information  Value and number of shares  Management structure, ownership, or directors  6. Register with local agencies  For LLCs, corporations, and partnerships, you will be required to file for city or county licenses. If you are using a trading name, you might also be required to register it with the local county or city.  7. Open a Business bank account   You will also be required to have a business account to run your entity's financial transactions. This is mandatory if you are starting an LLC or corporation. There are several options to choose from, but it will pay to conduct some research for more affordable bank providers.   If you require assistance with setting up an entity in the US, please Contact Us.  What is the Tax structure in the USA?  Taxation of income earned by non-US citizens is dependent on whether the income has a nexus with the US and the extent and level of the non-citizen's presence in the US. There are many tax benefits for companies looking to set up in the US. However, it is key to understand the tax structure first. It can be broken down as follows:  Alternative minimum tax (AMT)   AMT is imposed on LLCs, C corporations, and S corporations with an average 3-year gross revenue not exceeding $7.5 million. This tax is computed by adjusting the company's regular taxable income by specific adjustments and tax preferences. Adjustment items or tax preferences arise if a company has substantial accelerated depreciation, intangible drilling costs, percentage depletion, or non-taxable income.  S corporations  Corporations with 100 or fewer shareholders are taxed under Subchapter S of the Internal Revenue Code. These companies are taxed in a manner similar to but not identical to partnerships. This implies that all taxable items, such as deductions and income flow through the owners of the entity. Therefore, S corporations are not subject to US federal tax income.  Gross transportation income taxes   Nonresident individuals and foreign companies are subject to an annual 4% tax on gross transportation income (USSGTI). However, there is an exception for income associated with a US trade or business. Transportation income is defined as any income resulting from or connected with:  • The use, leasing, or hiring of an aircraft or vessel  • The performance of services related to the use of an aircraft or vessel.  State and local income taxes  In addition to the federal income tax, some states impose a state income tax. Local governments also levy income taxes based on state income tax calculations. State income tax is imposed at a graduated rate on the taxable income of every corporation, individual, trust, and certain estate. These rates will vary by entity type and state. However, they conform closely with federal taxable income.   If you would like to discover more about the tax structure in the US or have any questions, please Contact Us.    What Visas are available to employees looking to immigrate?   There are 4 visa categories available to companies with employees who are looking to relocate to the US. These include:  Visa options for the USA   1. Temporary Investor Visa: E1 & E2 Visa   Candidates who are looking to establish a company in the US may be eligible for an E1 or E2 visa. Although not all candidates will be eligible for this visa category, those who do qualify are able to register entities in the US. Spouses, employees, and children of these visa holders may also qualify for a visa.  2. Permanent Investor Visa: EB-5 Visa   The EB5 Visa allows the candidate to live, work and register as an entity without having an employer in the United States. To qualify for this visa, substantial investment is required. Candidates need to invest at least $900,000 in a US enterprise that creates at least ten or more jobs for American citizens. Successful candidates for the EB-5 visa may receive a green card, which could eventually lead to citizenship.   3. Business Expansion Visa: L-1 Visa   The L1 visa is also known as a business expansion visa. It offers temporary residence for employees of international companies with offices in the US. This visa is available to employees working for companies outside the US that have subsidiaries, branches, affiliates, or joint ventures with companies in the US.   4. US Corporate Immigration   If you have a business and would like to expand your operations in the US, the Corporate Immigration visa is your best option. It is precisely designed for small to medium-sized enterprises (SMEs) and may apply to large companies that are looking to seamlessly transfer their employees to the US.   Conclusion   All in all, the United States is a perfect country if you are looking to expand your business. However, the process can be taxing more so if you are a foreigner. Fortunately, we are here to help you. Contact Us so that we can advise you accordingly on what you need to have your business set up in the USA.How to Get the International Expansion Ball Rolling Setting up a company in the USA is actually much simpler than many realise. Expanding internationally is a challenge, but when done correctly, it can be a streamlined process that enhances your business hugely.    Want to learn more about how to expand your business to the USA?    Sign up to the Centuro Connect platform today and start your global expansion journey to the USA and 100+ other countries! The Centuro Connect platform has details on tax, immigration, market entry points, HR, marketing, and real estate - plus contactable reliable experts to help you ace your expansion. This means that no matter what stage of the expansion journey you’re at, support is there if you face a challenge.  There’s no risk, no hidden costs, and no endless documentation to fill out. Just a wealth of guidance and support, here to aid you and your business throughout your international business expansion.                      

Apr 20, 2022
Blog
Start A Company, Hr +2
How To Expand Your Business To Canada

Why are more companies choosing to expand their businesses to Canada?There are many reasons why companies choose to expand their business to Canada. It is ranked as the 10th largest economy in the world, it offers friendly immigration policies and a highly skilled workforce. Canada is considered one of the safest countries globally to conduct business due to its appealing tax concessions, low corruption rates, and political stability.    For companies looking to do international business in the North American market, Canada may be the ideal candidate to consider for your global expansion.   Market Entry Options for Canada   What steps do you need to take till you have your business up and running in Canada?  There are several methods that can be used to enter the Canadian market. Depending on your business objectives, assessing your best option is crucial. Timelines, costs, resourcing, and employment are all factors that may influence your market entry strategy. Some of the considerations to take into account include; Locally hiring employees payroll setup  drafting of local contracts and agreements  registering a company  entity set up  PEO / EOR services  The information below provides an overview of the various market entry options available to you. Depending on your business goals, and operations, deciding on hiring employees locally, setting up an entity, or engaging a PEO / EOR service requires professional advice.  Initiate a case to speak to an expert.Below is a brief overview of some of the most common market entry options. 1. Set up an EntityRegistering an entity allows companies to hire staff if necessary, sell goods/services  , apply for business benefits, and many other options. The main Entity types in Canada for foreign business owners include: Sole Proprietorship;   Limited Partnership;  Corporation; and  Cooperative.   Deciding on which entity is best suited to your need depends on your business objective and background. Register to Centuro Connect for FREE to discover details about the entities types, documents required, timelines, and the procedure of how to apply.  2. FranchiseAllow others in different locations to open up your business branches and operate them following your guidelines. They pay you a fee and a percentage of profits. However, they have more operations control within their local market.3. Direct ExportingMarket your goods and services within a region and export your goods and services from your home region.4. Partnerships Can take many forms including JVs or having a local partner to represent your firm and help generate business.Some countries require a local partner to have an ownership stake within a region.You may simply need a distributor to sell your goods.5. Buy a CompanyYou immediately claim market share with an existing customer base.No incorporation or initial setup costs/laws to comply withHowever, expensive to buy and need to integrate into the company culture6. LicensingGive ownership of your product to parties in different regions for them to sell on your behalf,7. PEO / EORA professional employer organisation (PEO) can be defined as an outsourcing firm that provides services to small and medium-sized entities (SMEs). An ‘Employer of Record’ (EOR) is a third-party contracted by a client company to take on the core compliance responsibilities of an employer, as specified under the law. If you liaise with a company offering PEO and EOR services you will be able to expand your company in a region without setting up an entity. This involves the "leasing" of employees. A resident firm will hire employees on your behalf, and cover payroll and other necessary HR requirements, whilst the employees work for you.  This enables you to test the market with staff but without the up-front capital of setting up a company.  This may be a suitable option for companies that want to hire a few employees in Canada without setting up an entity.  Canada also offers an Intra-Company Transferee (ICT) Programme that aids companies in entering the market. In order for your company to set up an entity in Canada via the ICT programme, it must meet certain eligibility requirements;   your business must be selling or providing services at the moment of application;  the business must be established for one year or longer,  you should have at least one employee,  your business should be officially registered in your home country (This should include its own registered office and a complete tax payment record). Your company is also required to have sufficient funds to sustain itself.    If the eligibility criteria are met, your next step is to choose one out of Canada's ten provinces to do business in and register your company. Provinces offer various benefits. Register for Centuro Connect to discover which may be best suited for your company.  Companies are also required to obtain a business number, which can be applied for online via the Canadian government's official website. There is a specific application for non-resident businesses to register for a business number. This number is an identifier unique to your entity.  To register, business owners are required to submit some personal information as well as company information such as; business name, type of business or organisation, name and social insurance number of the owners, physical address, mailing address, and description of major business activity.    Once your organisation is registered, you will need to consider hiring local employees. In most Canadian provinces, it is required to hire at least one Canadian director.  What is the Services tax structure?    Tax structure and Tax Rules in Canada One of the major tax benefits of setting up in Canada is low corporate taxes. After the general tax reduction, the tax rate for Canada’s corporate system is 15%, one of the lowest rates internationally. Canada also offers several tax incentive programmes such as Scientific and Experimental Development, the Strategic Innovation Fund, the Pan-Canadian Artificial Intelligence Strategy, and Canada’s Ocean Supercluster. This provides huge incentives to companies looking to expand.  The Canadian tax system imposes corporate and income tax under the Income Tax Act (ITA), which applies to both residents and individuals conducting business in the country.  Foreign business owners are generally subjected to taxes on income such as: Incomes from an office or employment in Canada.  Capital gains on the disposition of properly, Income from a business carried on in Canada.  Incomes of a passive nature are received from Canadian residents.   The federal tax system in Canada is administered by the Canada Revenue Agency (CRA) and assets used in businesses conducted in Canada are taxable Canadian property. The ITA does impose a 25% holding tax on non-residents who receive income from Canada, this includes dividends, rents, royalties, certain trust distribution, and management fees in Canada.  For a detailed breakdown of the tax system in Canada, including rates, and corporate and income tax information, register for Centuro Connect for FREE.   What Visas are available to expanding companies?   Canada offers several options for foreign nationals to conduct business. If your company has been successfully registered in Canada, you will need to apply for a work permit. There are also several visa options for Canada. This application can be submitted online. The Permits and Visas are eligible for all provinces in Canada except Quebec, which has its own provincial requirements.   Work Permits Canada  If you intend to operate a business in Canada, you may be eligible for an employer-specific work permit.Your company should create or maintain significant social, cultural, or economic benefits. In addition to this, you should meet general eligibility requirements for a Canadian work permit. If obtaining your work permit, your spouse, common-law partner, and children may be able to live, work or study with you. The permit will expire after a specified time, and you should apply to extend your permit at least 30 days before it expires.    Business Visa for Canada      A Canadian business visa allows individuals to travel to Canada to do business. It is a temporary visa, allowing the individual holding the visa to only stay in Canada for a short period, typically under 6 months.    Business Immigration Program    This program aims to encourage and facilitate the admission of successful business people who are seeking new opportunities and help immigrants start a business and settle in Canada. Eligibility criteria include a letter of support from your designated entity, meeting language requirements, and having sufficient settlement funds.    Start-up Visa Program  If your business is innovative, can compete on a global scale, and allows for job creation for Canadian citizens, you may qualify for Canada’s Start-Up Visa programme. This program targets immigrant entrepreneurs with the skills and potential to build a business in Canada. This programme is aimed at business owners with at least 3 years of running a successful enterprise.   Ease of Entry into Canada – a good option for expanding companies  There are many benefits of expanding into Canada. The Canadian government provides ample opportunities for ease of entry. It’s relatively easy for qualified companies to conduct their business in Canada and individuals to immigrate. Some additional reasons why it may be beneficial for your business to expand to Canada.  Businesses immigrating to Canada will benefit from its vast trade network, which provides an advantage to organizations based in Canada with access to global and diverse markets. Canadian trade pacts include the North American Free Trade Agreement, the European Union’s  Comprehensive Economic Trade Agreement and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.  Canada has a reasonably stable economy when compared to a country like the United States. This stability will lower your risks of a business shutdown. The reasons for this financial stability are low tax rates, well-managed bureaucracy, and the freedom to do trade.    If planning on doing business in Canada, you will have access to a highly-skilled workforce. Offering employment to Canadian residents or citizens is one of the key requirements for starting a successful enterprise in Canada.    Canada is in a convenient location. Not only is it the second-largest country on earth, but it is surrounded by three oceans and traversed over 6 time zones. Canada has 550 port facilities and 18 airports.  Eager to learn more? Contact us for guidance, support, and expert advice on expanding your business to Canada and beyond. Register for Centuro Connect now to discover more information and receive expert advice.  

Apr 11, 2022
Blog
Start A Company, Hr +2
Top Countries With Remote Work Visas

Since the beginning of the COVID-19 pandemic, a surge of people around the world are experiencing newfound flexibility with their careers. The pandemic has allowed for a digital nomad revolution, with increased flexibility for employees to work from anywhere in the world.Consequently, several countries have responded by creating a new visa category for long and short-term digital nomads. These remote work visas allow employees to live where they want as they maintain their careers elsewhere.   Given the multitude of countries offering remote work visas, ranging from Europe, and the Caribbean to the Middle East, employers and employees should familiarize themselves with the countries offering these visas and pick a country that best suits their needs and preferences.Of course, some factors make certain locations more attractive than others. These may include favourable weather conditions, low costs of living, low tax rates, and a laidback lifestyle are often frontrunners. Even so, rest assured that there is a country out there that is a perfect match for you.  Once you have decided on where to settle, remote work visas are typically easy to apply for online. For employees looking to work remotely, discover the popular locations to consider:   Dubai   In October 2020, Dubai introduced a one-year virtual work program that accepts applicants from around the world. If you are accepted, you get access to banking facilities, telephone providers, a resident ID, and the ability to rent an office and purchase a vehicle.The program also allows a multiple entry visa during its tenure but if the applicant is away from the country for more than 6 continuous months, the visa may be revoked. However, individuals can bypass this by entering Dubai on a tourist visa before fully committing to the one-year program.  The requirements   To apply for Dubai’s virtual work visa, you will require the following: - A passport with a 6-month minimum validity  - Health insurance with UAE coverage validity - If you are an employee, the following is required:  An employment contract with a minimum of one-year validity  A minimum monthly salary of US$5000  Previous month's payslip  3 months preceding bank statements    - Business owners should have:  Proof of ownership of their company  An average monthly income of $5000 and  3 months foregoing bank statements  Benefits   This remote work program comes with a lot of benefits that make it one of the most lucrative and popular digital nomad visas. Some of its benefits include:  - The program does not impose a personal income tax at all- Unlimited access to standard utilities and services that residents enjoy. These include schooling, banking facilities, phone lines, a resident ID, and the ability to rent an office and buy a car - A seamless and affordable application process. To apply, you will only have to part with $611 in total. This includes processing costs, application fees, an Emirates ID, and a pre-application medical exam  - The program accepts travel insurance with healthcare coverage which you can later change to UAE health insurance after your visa application is acceptedRisks and challenges to consider   Besides its benefits, this program comes with several compliance risks that individuals should be aware of before submitting their applications. These include:  - As a virtual working visa holder, you are not allowed to work for local companies- If you are away from the country for over 6 months continuously your visa will be revoked Before making the leap, consult with our immigration experts to assess and strategize on how to overcome potential risks and challenges.How to apply  Application for this remote work visa is done online. If Dubai appeals to you, you can apply by contacting us.   Estonia  Estonia is a flourishing international tech hub so it comes as no surprise that it offers a digital nomad visa for remote workers and freelancers along with an e-residency visa program for foreign online entrepreneurs.The E-residency visa allows foreign nationals to work in Estonia for up to one year for their businesses registered abroad while the digital nomad visa allows people to work for foreign employers in a remote position. If the individual stays in the country for over 183 days in a consecutive 12-month duration, they will be required to pay taxes.  In Estonia, there are 2 types of digital nomad visas. The best one to apply for depends on the duration that best suits the applicant.  - If the individual is planning to stay in the country for less than 90 days, apply for the Type C Digital Nomad Visa - If the individual's stay will exceed 90 days, apply for the Type D Digital Nomad Visa  The requirements  Like most Visas, you have to be eligible before making an application for the Estonia Digital Nomad Visa. To be eligible: - You must have a current employment contract with a company or business registered outside of the country- The company owner should be registered overseas and not in the country. If the individual is applying as a freelancer, clients must be located out of Estonia  - The minimum income requirement is €3504 per month (before tax deductions). Moreover, individuals have to prove that they have earned the amount mentioned for over six months- They must prove that they can work remotely and independently  -  Work has to be done using communication technology such as cellphones, laptops, Wi-Fi, etc.  Benefits  - Successful applicants get a government-issued digital identity for online and personal uses  - Obtain access to Estonia’s e-services such as banking, payments, and tax declarations - Affordable application fees and minimal bureaucracy- Obtain the right to work remotely and stay in Estonia for a year    How to apply  - The application fee is 100€ for a (long stay) Type D visa and 80€ for a (short stay) Type C visa. If you would like to apply, contact us - Once printed and signed, visit an Estonian consulate or embassy and submit your application. The review process takes up to 30 days - If you or one of your employees are already in the country and would like to make this application, you can do so in any Police and Border Guard Board office Risks and challenges to consider  In Estonia, there are eligibility restrictions based on the sector of your work or country of origin. Even so, applications can be denied if you can't travel to Estonia due to COVID-19 restrictions.  Georgia  If you are an applicant looking for a place with a dynamic food and wine culture, you should consider Georgia. Its landscape and ease of living rival that of Switzerland making it an ideal place for remote workers. In August 2020, the country launched a remote work program that welcomes long and short-term visitors from 95 countries.Though it is not technically a visa, it allows freelancers and remote employees to enter the country and live there for about a year. The program is designed for remote employees, freelancers, and entrepreneurs who want to work and live in the country without restrictions.  The requirements  To qualify for the remote work program, your applicants need to fulfill the following requirements:  - Be a citizen of the 95 countries on this list  - Have a minimum income of $2000 a month for at least 12 months (applicants can also get approved if they have $24000 in savings) - Present travel or health insurance that has been bought within the last 6 months - Unvaccinated applicants are also required to undergo an 8-day quarantine in an approved hotel and get a PCR test on the 8th day at their own expense - Vaccinated applicants need to prove that they have received 2 Covid-19 dosesBenefits  This package comes with its share of benefits. These include:  - Unlimited access to standard utilities and services such as schooling, and banking facilities - A seamless and affordable application process. There are no fees charged to applicants - The program accepts travel insurance with healthcare coverage  - Length of stay: 360 days  - Digital nomads with an annual income of $150,000 qualify to register as entrepreneurs and pay only 1% tax  Risks and challenges to consider  Some of the challenges that applicants should be aware of before committing to the program include: - Freelancers and remote workers under the program are required to pay income tax - The national language can be difficult for applicants from English speaking countries  How to apply  Applications are done online and applicants need to specify whether they are full-time employees, entrepreneurs, or freelancers.   Bermuda  Bermuda boasts a well-earned reputation as a clean, open, safe, and beautiful country to live and work in. These factors drive many visitors to choose it as a place to work, study, and live. To address this need, the country introduced a Work from Bermuda Certificate which allows freelancers and remote workers to work on the island.   The Requirements  Your applicants will require very little information to apply for the Work from Bermuda Certificate. The requirements include:   - A colour scan of their passport plus validity for the entire duration of their stay  - A colour scan of their visa if they are not entering from the United Kingdom, United States, Canada, and the European Union  - Valid travel or health insurance with Bermuda coverage - No convictions  - Proof of a continuous source of income  Benefits - The Work from Bermuda Certificate allows applicants to work and live in the country for up to one year from the date of issue - There are no salary requirements  - The program does not impose a personal income tax at all- Access to Bermuda’s services and utilities such as banking and transportation  Risks and challenges to consider  - The program requires that each individual in a family apply separately be it a child or adult- You will have to part with $268 application fee  How to apply  Applications are done online and you can do so here.   The future of work is changing for many individuals who are looking to work in exciting new locations. There are dozens of other countries that offer remote working visas or digital nomad visas. Stay compliant and discover the various ways you can work from anywhere. Contact us for more information.    

Apr 11, 2022
Blog
Start A Company, Hr +2
How To Set Up A Company In Ireland

There are many reasons why companies should consider Ireland for expanding their business. Ireland is one of the top countries to set up within Europe. When considering the tax landscape, accessibility, consumers, as well as many other factors, companies realise the location's vital role.  Top-rated companies such as Microsoft, Facebook, and Google operate in Ireland. Many of these companies have chosen Ireland for several reasons including; low Corporate Tax rates of 12.5%; holding company incentives; the average cost of living and because the Ireland government is actively involved in economic productivity and very welcoming of foreign corporations.To establish an entity in Ireland, the following information is important to consider.  Practical Steps on How to Establish a Business in Ireland   What steps do you need to take till you have your business up and running in Ireland?  Assess the market    Assessment of the market is a crucial step preceding the establishment of a company in Ireland or anywhere. Assessing the market entails grasping what a particular industry is all about, what it encompasses, and familiarising yourself with your soon-to-be competitors. Understanding how to position your product or service in a new country is also key to success.  Another vital consideration about market assessment is knowing your audience. Discovering the demographic or faction your likely consumers fall into cannot be overemphasised. It helps in strategising properly and saving time and cost.  Business incorporation   Business incorporation involves deciding your business structure, whether you want a sole proprietorship, a partnership, or a limited company. This article will be discussing what the process is like when it involves a limited liability company. If you are looking to discover other business incorporation options available, please contact us.  Limited Liability Company (LLC)  A limited liability company (LLC) doubles as a corporation and maybe a sole proprietorship or partnership, as it possesses characteristics of both. An LLC protects its owners from being personally liable for the debts incurred by the company. Now, what is the incorporation process?  - Designate a director.  The first step to incorporating your business is to designate a minimum of one director who will manage the company's affairs in the interests of the shareholders. This director, however, must reside in a European Economic Area (EEA).  In a case where you have more than one director, and one of them resides in an EEA state, you're qualified to establish your company. Another alternative is purchasing the bond of €25,000 as contained in section 137 of the Companies Act 2014.  - Existence of shareholders. A director may be a shareholder, but not in all cases. Essentially, shareholders own shares or stocks in a corporation; they are its owners.  - Select a secretary.  In this setting, a secretary transcends the everyday meaning of a secretary. One of the directors could double as a secretary as it is a crucial position, or a different person can be hired. The secretary is tasked with filing yearly returns and other essential activities, which, when defaulted, could attract stringent sanctions.  - Allocation of shares. Distributing a company's stocks or shares is fundamental, seeing as the process may determine the parties that own a company. When establishing a limited liability company in Ireland, you have to allocate shares.  - Brainstorm and cross-check a name for your company. When the idea of establishing a business in Ireland comes to mind, we suppose you must have thought up several names you'd like your company to have. That's good. However, the name you decide to give your company must satisfy the standards of the Companies Registration Office.  - Addresses. A company could have two or even three different addresses, or it could have just one. A company may choose to have office and mailing addresses. An office address is a physical location where meetings are held. In comparison, the company's mail goes to the mailing address. Most companies that adopt the dual address structure are small companies.  - Sign the document. Finally, you have to attach your signature to the incorporation documents through Companies Online Registration Environment (CORE), or you could hire an expert to handle the process.  Opening a Business Bank Account   It is advisable to conduct your research and filter through the banks that would be the most favourable in terms of fees and related matters. To open an account, you may need an array of documents which include forms of ID, a mandate signed by the directors, signature samples of authorised people, a Memorandum of Association (MoA), proof of your company's registration and location, and your incorporation certificate.  Tax Structure   If your company has a director in Ireland, your company is to pay a corporate tax of 12.5% of its profit. You may need to pay other taxes such as Pay Related Social Insurance (PRSI), depending on the company.  There are exceptions, however. Section 486C provides for tax payment relief if specific criteria are fulfilled. They range from the type of trade to the total amount of payable corporation tax.Hiring Local Employees/ Immigration Options   Ireland is known for its highly educated and impressive workforce. However, it is relatively expensive to hire local employees, and there are employment laws guiding the process, including the average hours employees are allowed to work per week in Ireland. As a resident of an EEA country, you are allowed to employ or be employed without any restrictions.  However, as a person who doesn't belong to an EEA country, the UK, or Switzerland, you need to be offered employment, then apply to obtain a relevant work permit or visa (if it's required in your case). There are various kinds of work permits, one of them being the critical skills employment permit; which is for adept workers in fields where there is a shortage of manpower, in Ireland. Other kinds of work permits include general employment work permits, internship work permits, partner/family work permits, among others.  Ireland work visa, classified under the "D visa", is open to self-employed and high skill work employees. It is advisable to apply three months before going to Ireland and is a long process that requires a lot of documents to prove that you qualify. You will have to fill out a work visa application form, provide an authentic passport, your contract of employment, and several other supporting documents.  If you're interested in moving to Ireland for work, you may easily be overwhelmed by the whole process if you're on your own. With the right help, the whole process is a lot easier.  Ireland is a welcoming country that boasts of being home to over 1,000 successful multinational companies. Why don't you give it a try and add your name to the list of successful companies in Ireland? We can help you Incorporate, Move and Manage your business, taxes, payroll, and more in Ireland.  Don’t hesitate and send us an e-mail.How to Get the International Expansion Ball Rolling Setting up a company in ireland is actually much simpler than many realise. Expanding internationally is a challenge, but when done correctly, it can be a streamlined process that enhances your business hugely.    Want to learn more about how to expand your business to Ireland?    Sign up to the Centuro Connect platform today and start your global expansion journey to Ireland and 100+ other countries! The Centuro Connect platform has details on tax, immigration, market entry points, HR, marketing, and real estate - plus contactable reliable experts to help you ace your expansion. This means that no matter what stage of the expansion journey you’re at, support is there if you face a challenge.  There’s no risk, no hidden costs, and no endless documentation to fill out. Just a wealth of guidance and support, here to aid you and your business throughout your international business expansion.

Mar 18, 2022
Blog
Start A Company, Hr +2
GOING GLOBAL: CONSIDERATIONS FOR EMPLOYEE BENEFITS, INSURANCE, AND RECRUITMENT

Whether you are a traditional family business, or a fast-growing startup expanding overseas — several aspects must be implemented or strategically planned to have a smoother landing in a new authority. Building a strong workforce and having a positive team environment are key elements that will allow companies to enter a new market more successfully. A good company culture generates talent attraction. As companies are waging the war on talent, there are several components of employee benefits that will need to be incorporated to ensure employee satisfaction. Employee benefits are a pillar of workforce resilience that helps to create a symbiosis between the employer and employee.Insurance is a key vehicle to help build the best employee benefits experience. Demonstrating care and offerings towards business associates is an important message companies should share about employee benefits. As a result, companies need to consider adapting their original practices to align with employment laws, local standards, and benefits in new countries.   From the very basics, such as Health & Disability offerings or Life protection insurance, the offerings differ per country and company. Insurance principles across countries operate in the same manner, as there are detailed conditions that vary depending on the local regulations and norms. Companies need to ensure they comply and adapt their offerings to match those of the local regulatory framework.   Every country has its own norm and legal framework of employment laws and employee benefit offerings.  The science of balancing the differences across countries to match your company strategy and culture is something that must be done with your specialised insurance broker or consultant. Ideally, you should work with an insurer that has global knowledge and capabilities for employee benefits.   The COVID-19 pandemic demonstrated large losses for both public and private sector insurance companies. This is specifically relevant to insurance that involved Health, Disability, and Life. As a result, many private insurers increased their pricing in 2021, to cover the increase in cost and risk.  There are ways to mitigate the impact of these cost increases. These include:    1. Merging or “pooling’’ cost coverages and countries’ insurance offerings where you can,   2. and share the profits with insurers in times where costs are lower.   Pooling is a tool that allows companies with operations in different countries to match company strategy with local requirements and market standards. This helps to protect your talent by maximising coverage and minimising costs.   Whatever the solution is as to how you choose to manage your global employee benefits, it is important to ensure good coordination and communication with a specialised insurance consultant. Ideally, you will work with a local expert to advise on country-specific queries, but consult a global headquarters to advise on your global strategy and policies. Working side-by-side with either a domestic or global insurer will help you optimise your employee benefits. In conclusion, having a well-established Employee Benefits Programme helps companies to attract talent by demonstrating well-established policies and employee benefit programmes.    An example can be demonstrated when considering opening a company in Mexico. Two familiar challenges companies face include:  1. When a company is incorporated in Mexico, companies often have their contracts or project specifications drafted by US lawyers. In the USA, however, the wording of certain contracts obliges companies to purchase coverage for their employees, such as Workers Compensation Insurance with a reputable established insurance company. Our challenge is that we must explain that coverage in Mexico is provided by the “IMSS” (Social Security System), which is government-operated, however, it is paid by the employer and employee through the payroll.  2. Although some coverage is provided by the State of Mexico, companies must still provide a private Health and Life insurance programme which is to be owned by the ‘’mother’’ company in the United States. This is because the USA employer will provide a range of benefits which many employees will find attractive. The USA employer can advertise this to attract the best available talent. Depending on the size of the company and the number of employees, the programme can start from an individual policy, a smaller group policy hosting at least 10 employees, or grow into a robust programme over the years and analyse the feasibility of pooling. In Mexico, international insurers such as Metlife, AXA, and Zurich offer these options. Domestic companies such as Atlas, Argos, and GNP are also able to provide this service.   How to Get the International Expansion Ball Rolling  Expanding internationally is a challenge, but when done correctly, it can be a streamlined process that enhances your business hugely.Want to learn more about how to expand your business the simple way?    You can sign up for the Centuro Connect platform today. The platform has details on tax, immigration, market entry points, HR, marketing, and real estate - plus contactable reliable experts to help you ace your expansion. This means that no matter what stage of the expansion journey you’re at, support is there if you face a challenge. There’s no risk, no hidden costs, and no endless documentation to fill out. Just a wealth of guidance and support, here to aid you and your business throughout your international business expansion.

Mar 17, 2022
Blog
Start A Company, Hr +2
How To Apply For The Portugal Golden Visa

Chinese nationals continue to be the main applicants of Portugal golden visas, however, there has been a decline, especially in this past year. The citizens of Brazil stand out in second place, albeit in a smaller dimension. In addition to China and Brazil, nationals from countries such as Turkey, South Africa, and Russia are part of the TOP 5 of applicants for the Portuguese Golden Visa. Other nationalities continue to emerge as new applicants, such as those from the United States and Jordan.  At the start of 2022, the Portugal golden visa program underwent changes that restrict the form of investment in Portugal, particularly with regards to real estate investment.  By altering this regime, the government aims to shift and channel foreign investment to the interior of the country, thus alleviating the pressure that has been felt in the metropolitan areas, in addition to encouraging investment that benefits the creation of new jobs, urban prequalification, and cultural heritage. The changes to the Portugal Golden Visa Program are essentially based on two pillars: • An increase in the minimum investment amounts, and • Restriction on the real estate investment.  Increase in minimum amounts of investment •  Transfers of capital are now of an amount equal to or greater than 1.5 million euros (the amount previously foreseen was equal to or greater than 1 million euros);  •  Investment in research or scientific activities carried out by the public or private scientific research institutions, integrated into the national scientific and technological system – investment amount equal to or greater than 500 thousand euros (previously, an amount equal to or greater than 350 thousand euros was required); •  Investment funds or venture capital funds dedicated to the capitalisation of companies, whose maturity, at the time of investment, is at least five years and, at least, 60% of the value of the investments is carried out in commercial companies based in Portugal – investment in the minimum amount of 500 thousand euros (in the previous law, the amount foreseen was equal to or greater than 350 thousand euros) •  Creation of jobs – investment amount equal to or greater than 500 thousand euros intended for:  -  The constitution of a commercial company based in Portugal, combined with the creation of five permanent jobs, or -  The reinforcement of the share capital of a commercial company headquartered in Portuguese territory, already constituted, with the creation or maintenance of jobs, with a minimum of five permanent jobs, and for a minimum period of three years (the amount previously foreseen was equal to or more than 350 thousand euros).Restrictions on real estate investments  This regime does not allow for the possibility of real estate investment for housing in the following areas: • Lisbon metropolitan area,  • Porto metropolitan area (with the exception of the municipality of Arouca and the parishes of Junqueira and Arões in the municipality of Vale de Cambra) and   • most of the Algarve (with the exception of the municipalities of Alcoutim, Aljezur, Castro Marim, Monchique and Vila do Bispo,   • The parishes of Alte, Ameixial, Salir, Union   • The parishes of Querença, Tôr and Benafim in the municipality of Loulé,  • The parish of São Marcos da Serra in the municipality of Silves,  • And the parishes of Cachopo, Santa Catarina da Fontes do Bispo in the municipality of Tavira)  It should be highlighted that property investment for tourism purposes, commerce, and services, does not apply to the territorial exclusions mentioned above.  It is important to note that when concerning real estate investment, there is no change in the minimum investment value — which is currently from 500 thousand euros for real estate, or a global amount equal to or greater than 350 thousand euros for the acquisition of real estate, a construction which has been completed for at least 30 years or located in an area of rehabilitation and carrying out rehabilitation works of the acquired real estate.The 20% reduction in values is also maintained if the property is located in territories considered to be of low density.  It should also be noted that these changes only affect new Portugal Golden Visa applications made from January 1, 2022.  Despite these updates, Portugal's Golden Visa Program continues to be highly advantageous. In addition to being able to obtain Portuguese Citizenship after five years, this modality does not mandate the individual to stay in Portugal for long periods of time. In fact, under this regime, the individual is only required to stay in Portugal for seven days in the first year, and 14 days in each of the following years.The benefits also include family reunification and travel visa-free in the Schengen Area.1 Investment data 2012 - 2021 provided by the SEF.Should you require more information or need help with applications for the Portuguese Golden Visa, don’t hesitate and send us an e-mail. We can help you Incorporate, Move and Manage your business, taxes, payroll and more in Portugal! 

Mar 15, 2022
Blog
Start A Company, Hr +2
Is The USA Still The Ultimate Goal For Expanding Companies?

The short answer is a big “Yes!”.  The United States still has the largest gross domestic product of any country in the world at $20.89 trillion. China is far second at $14.86 trillion, followed by Japan at far third with a GDP of $5.04 trillion.Being the largest consumer market in the world, the United States is indeed considered to be the ultimate goal for many scaling companies, a desirable location for their business to truly skyrocket.  On top of this, the World Bank ranks the United States sixth globally in terms of ease of doing business, demonstrating that the country has a keen focus on making it possible for companies to operate and thrive. That being said, the World Bank ranks the United States 55th in the world in terms of ease of starting a business here. In addition, a Business Roundtable comparative study ranked the United States 9th out of 10 countries examined with regards to immigration policies that promote economic growth.These statistics show that while the United States may represent a powerful launchpad that can take a company to levels of achievement unimaginable in any other location, entering the market takes grit, determination, and top experts guiding you along the way.  Watch our webinar on how to ensure long term success when expanding your business into the USAAlthough US immigration law is fairly complex and not necessarily ideal for facilitating economic growth as the study mentioned above explains, with a strong expert at your company’s side, it is definitely achievable. For the 81 countries that have an E-2 treaty with the United States, the E-2 Treaty Investor visa can often be an excellent and highly workable visa option for companies expanding to the United States.  The main requirements are as follows:  1. The new US company is at least 50% ultimately owned by citizens of the treaty country or is solely traded on the stock market of the treaty country.  2. The employees applying for the E-2 visas are citizens of the same treaty country.3. A “substantial investment” has been made in establishing the US business operations.  There is no set minimum amount for this requirement – it is looked at on a case-by-case basis and depends on how much it typically takes to start that type of business in that particular location in the United States.  4. The visa applicant is either an investor in the US business or an employee who will be working in either an executive/managerial or highly skilled capacity for the company in the United States.The E-2 is a great starting point in terms of visa options for companies expanding to the United States, but there are certainly others as well if the E-2 is not a good fit, such as the L-1A Intracompany Transferee New Office category, or the O-1 Extraordinary Ability category for highly accomplished business executives or entrepreneurs.For any Visa advice or support for the USA, contact us to speak to an expert directly. We can help you Incorporate, Move and Manage your business, taxes, payroll, and more in the USA and over 170 countries References  https://www.statista.com/statistics/268173/countries-with-the-largest-gross-domestic-product-gdp/  https://www.doingbusiness.org/en/rankings  https://www.businessroundtable.org/policy-perspectives/immigration/state-of-immigration  Disclaimer: This article is for informational purposes only and does not constitute formal legal advice.  In addition, this article may constitute attorney advertising. 

Mar 15, 2022