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BlogINCORPORATING IN MEXICO
Start A Company, Hr +2
INCORPORATING IN MEXICO

General overview.Mexican General Law of Business Organizations (“Ley General de Sociedades Mercantiles” or “LGSM”) provides for six types of business entities, however, the most prevalent in Mexico are: (i) the “Sociedad Anónima” (“S.A.”) or stock corporation; and (ii) the “Sociedad de Responsabilidad Limitada” (“S. de R.L.”) or limited liability corporation. Both types of entities provide for limited liability of the shareholders (S.A.) or partners (S. de R.L.), which liability may not be assessed beyond the amount of their respective shareholdings or interest holdings. The S.A. is the most common entity used in Mexico for all types of business purposes, but certain foreign entities (particularly those residents in the United States) have adopted the S. de R.L. in order to opt for tax treatment abroad as a partnership. Considering that the commercial differences between the S.A. and the S. de R.L. are minor and that in Mexico both entities have the same tax treatment, our following comments are related to an S.A.Shareholders - In accordance with the LGSM, to incorporate an S.A. a minimum of two (2) shareholders are required. Such shareholders may be either individuals or corporate entities.Capital and Shares - There is no minimum capital for incorporating an S.A. The capital is represented by nominative shares which have equal economic and corporate rights. However, preferred shares with limited voting rights may also be issued if so established in the corporate by-laws. The company may issue different series of shares with specific rights per series (typically done in cases of joint ventures). At the time of incorporation or at any time thereafter, the company may adopt the modality of “variable capital”, in which case it becomes a “Sociedad Anónima de Capital Variable” or “S.A. de C.V.”. Under the variable capital modality, the company may increase or decrease the variable part of the corporate capital in an easier and less expensive process. Shares of an S.A. may be transferred freely; however, the corporate by-laws may provide that any proposed sale or transfer of shares must be authorized by the Board of Directors. Likewise, the by-laws can provide for preferential rights, drag along and tag along rights, among others.Shareholders’ Meetings - In accordance with the LGSM, the maximum authority of an S.A. is the General Shareholders’ Meeting. General Shareholders’ Meetings may be (i) Ordinary (dealing with basic, on-going corporate issues) and/or (ii) Extraordinary (usually dealing with special issues which may imply fundamental changes to the company). A General Annual Ordinary Shareholders’ Meeting must be held within four months following the close of the company’s fiscal year (December 31). Special series of shares may hold Special Shareholders’ Meetings. Shareholders may personally attend the Meetings, or they may be represented by special attorneys-in-fact pursuant to simple proxy letters; however, members of the Board of Directors and Inspectors may not represent shareholders at such Meetings. Minutes of the meetings must be recorded in the Shareholders’ Meetings Minutes Book and signed at least by the President and Secretary of the Meeting.Management - Management of an S.A. may be conferred to a Sole Administrator or to a Board of Directors (two members or more), who are appointed (and/or ratified) by the General Shareholders’ Meeting. The Sole Administrator or the members of the Board may be or not shareholders of the Company, they may be Mexicans or foreigners and they do not need to reside in Mexican territory.Surveillance - The Company must appoint one or more Inspectors (“Comisarios”). Such Inspector is usually a certified public accountant in Mexico who oversees the actions of the Sole Administrator/Board of Directors and files an annual report with the General Shareholders’ Meeting regarding management’s compliance with all applicable Mexican legislation and the corporate by-laws, as well as regarding the veracity and accuracy of the annual financial statements.Incorporation process. Incorporation Permit - The incorporation procedure requires a permit from the Mexican Ministry of Economy (“Secretaría de Economía”), which essentially reserves a corporate name (not already in use or easily confused with others) for a particular type of business entity.Drafting of Charter of incorporation and By-Laws - In accordance with Mexican law, the charter of incorporation and the corporate by-laws are usually drafted and contained in one single document known as the “acta constitutiva”. Such document provides for all the basic structural aspects of the Company (i.e., name, domicile, duration, purpose, capital and shares, management, calls to shareholders’ and board of directors’ meetings, attendance and voting quorums, shareholders’ rights and obligations, dissolution, and liquidation).Formalization before Notary Public - The charter of incorporation and by-laws (“acta constitutiva”) must be formalized before a Mexican Notary Public. At the time of formalization, the initial shareholders appear either in person or represented by attorneys-in-fact appointed pursuant to special, limited powers of attorney and, essentially, hold the first Shareholders’ Meeting to subscribe and pay the corporate capital, appoint members of the Board and grant powers of attorney in favour of officers/representatives of the Company. In the event the shareholders are represented at the time of incorporation by attorneys in fact (usually members of this Law Firm), the respective powers of attorney that we will prepare and send to you shall be filed in by a representative of each shareholder, certified before local Notary Public and, depending on the jurisdiction, apostilled or legalized before the corresponding local authority (Secretary of State or Consulate).Public Registry of Commerce - Once the charter of incorporation/by-laws have been executed and protocolized before a Mexican Notary Public, the Notary shall record the first original of such public deed before the Public Registry of Commerce of the corporate domicile.National Registry of Foreign Investment - Given that the corporation’s corporate capital will be owned by foreign investors, it must be registered within the next forty (40) business days following the date of incorporation before the National Registry of Foreign Investment. Further information has to be provided to this agency on a quarterly and yearly basis.Tax Regime - At the time of incorporation, powers of attorney must be granted in favour of the person that will act as the legal representative of the Company before Mexican Tax Authorities. The legal representative may be or not Mexican national but must be a taxpayer with current tax identifications. Likewise, the Company must have a tax domicile, which is an existing address within Mexican territory. The Company must file monthly and annual tax returns; therefore, an external accounting firm must be appointed to carry out these obligations.Centuro Connect by Centuro GlobalFor those looking to expand their business into Mexico, Centuro Connect is a revolutionary new global expansion platform that empowers companies with the knowledge and expertise to trade in any jurisdiction globally.The easy-to-use, self-service portal will grant access to a database of Mexican expansion blueprints, a global network of experts & actionable support. Sign up today and start your global expansion journey.

Feb 27, 2021
BlogThe Portuguese non-habitual resident (NHR) tax regime
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The Portuguese Non-habitual Resident (NHR) Tax Regime

“The NHR regime essentially grants qualifying individuals the possibility of becoming tax residents of a white-listed jurisdiction whilst legally avoiding or minimising income tax on certain categories of income and capital gains for a period of 10 years.”The non-habitual resident (“NHR”) tax regime came into force in Portugal in 2009 and is proving very successful at attracting individuals of independent means, pensioners and certain skilled professionals to establish residency in Portugal for tax purposes, while not being subject to minimum or maximum stay requirements.In addition to the non-existence in Portugal of wealth tax, or of inheritance/gift tax for close relatives, the NHR regime essentially grants qualifying individuals the possibility of becoming tax residents of a white-listed jurisdiction whilst legally avoiding or reduce the income tax on certain categories of non-Portugal sourced income and capital gains for a period of 10 years.A major feature of the NHR regime lies in its interaction with the double taxation agreements (DTAs) signed by Portugal, or with the OECD model tax convention in the absence of one. In effect, most DTAs (of which Portugal signed 79, grant the possibility to tax most categories of income to the country of source of such income, although in practice, so as to attract foreign investment, many countries will not make use of that possibility to tax non-residents. Since most such categories will not be taxed in Portugal in the hands of an NHR because they may be taxed abroad, in practice most foreign-source income types will be zero taxed in such hands.Taking the UK/Portugal DTA as an example, if you are a resident of Portugal but receive dividends from the UK, then the UK has the power to tax them under article 10, although it does not if the recipient is not a UK resident. On the other hand, Portugal will not tax such dividends in the hands of an NHR either, because the UK may tax them under the DTA. This way, the non-habitual resident of Portugal may receive dividends from UK sources completely free of tax.Under the NHR regime, the following categories of foreign-source income and capital gains (except if sourced from a blacklisted tax haven that does not have a double taxation agreement with Portugal, will be exempt from income tax in Portugal if they may be taxed in the source country, even though they will not often be taxed in the hands of non-residents in the latter country either:Dividends, interest and real estate incomeCapital gains from the disposal of real estateRoyalties and associated income (but please note that under some conventions the source country is prevented from taxing this income, in which case it will be taxed in Portugal); b• Profits derived from eligible occupations; Capital gains from the alienation of movable property (other than shares deriving more than 50% of their value from real estate, or ships/aircraft operated in international traffic) will be tax-exempt if the relevant double taxation agreement states that they may be taxed in the source country, but this is not the case with the OECD model or with the generality of the conventions, and therefore some tax advice may be required.It should be noted that several countries often deemed “offshore tax havens” do have double taxation agreements with Portugal and, strictly in accordance with the relevant legal provisions, are therefore white-listed for the purposes of the NHR regime. However, in practice, this is not always the case and blacklisted tax havens should preferably be avoided as income source countries by someone who wishes to avoid any confrontation with the tax authorities. In any case, all EU member states are white-listed, even though several such states may in many ways be used as “offshore tax havens”, especially by non-residents thereof.Pensions will be liable to a 10% flat tax rate in Portugal provided they are not deemed sourced from Portugal.Foreign-source income from employment (including fees of directors and entertainers or sportsmen) will not be taxed in Portugal if it is taxed (at whatever rate) in the source country in accordance with a double tax treaty.Portuguese-source income depends on whether it is derived from eligible occupationsEmployment income (including fees of directors and entertainers/sportsmen), business or self-employment profits and royalties (including payments for know-how), if derived from eligible occupations will be subject to a 20% flat rate;Other Portuguese-source income will be taxed at the normal rates applicable to regular resident taxpayers;A surcharge of 2.5% is imposed on the slice of total taxable income between €80,640 and €250,000; and a surcharge of 5% on the slice of income that exceeds €250,000.So as to maximise the advantages of the NHR regime, one has to take into account not only Portuguese tax law but also the tax law of the source country of the income, as well as the double taxation agreements (or the OECD model convention) applicable to the foreign-source income and gains one is to receive as an NHR.Main benefits1. Residency of a white-listed, EU-member, country.2. No minimum stay requirements in Portugal (but care must be taken to avoid deemed tax residence in another country).3. Possibility of enjoying a tax-exemption on the following types of non-Portuguese source income for 10 years:- Dividends;- Interest;- Real estate income;- Capital gains from the disposal of real estate, of shares deriving more than 50% of their value from real estate, and of ships/aircraft operated in international traffic;- Royalties and other income from know-how (with some exceptions);- Business and self-employment profits derived from eligible occupations (but do check the relevant double taxation agreement in this respect).- Possibility of paying tax at a flat rate of 20% during at least 10 years on Portuguese-source employment income, fees, profits and royalties if derived from eligible occupations.- Possibility of paying tax at a flat rate of 10% during at least 10 years on pensions and similar remuneration obtained abroad.- Ability to pass on wealth to a spouse, life partner, and direct descendants or ascendants, without payment of inheritance or gift taxes.Centuro ConnectFor those looking to expand their business into Portugal, Centuro Connect is a free revolutionary new global expansion platform that empowers companies with the knowledge and expertise to trade in any jurisdiction globally.Our easy to use, self-service portal will grant access to a database of Portuguese expansion blueprints, a global network of experts & actionable support. Sign up for your free account and start your global expansion journey today.

Feb 26, 2021
BlogHow to Get Mexican Citizenship
Start A Company, Hr +2
How To Get Mexican Citizenship

The process of obtaining Mexican citizenship or becoming naturalized is quite straightforward. You might consider this if you are a long-term resident, or you have family in the country. As usual, you must meet their requirements and present the correct documentation to the authorities (SRE – External Relations Secretariat). As a naturalized Mexican you will enjoy similar rights and privileges of your fellow citizens. These include voting and the right to own property near the borders. In this article, we outline what you need to do.Requirements for Mexican Citizenship ApplicationOriginal and one copy of the following, unless indicated otherwise:Completed application form DNN-3Resident card (two copies) – valid for 6+ months from the application date, and proving Mexican residency for two or five years previous to the application dateCURP – Clave Única de Registro de Población (Unique Population Registry Code) Legalized/apostilled foreign birth certificate – translated into Spanish by a court-certified translator (read more about apostillization here)Passport or alternative valid ID – two copies of all pages of the passportResident card. This document must demonstrate consecutive residency in the country for five/two years immediately prior to the date of application. This document must be valid for at least six months after filing the application. A letter under oath declaring the number of exits from and entries to Mexico for the two years preceding the application (two copies)Clean Criminal Record Certificate (Certificado de No Antecedentes Penales) issued by the national and local authority for your place of residency Proof of your knowledge of the Spanish language, the history of the country and your cultural integration in MexicoTwo passport-size photos: white background, no glasses, bare head Proof of payment of application feesApplicants must take a test to demonstrate their knowledge of the items in 9. Consult the government website for a study guide: https://sre.gob.mx/tramites-y-servicios/nacionalidad-y-naturalizacion (Over 60s and children are exempt from this requirement.)Why Become a Naturalized Mexican?To enjoy the same rights as other Mexican citizens, specifically:the right to buy property in restricted areas without the need for a trust (fideicomiso). the right to vote in Mexico. change residence and job without having to inform the immigration authority.to avoid renewing temporary residency. priority at airport immigration –  avoid the tourist lines.Things to Be Aware OfTo apply, you must be able to demonstrate legal residency in Mexico for at least five consecutive years prior to the application date. This requirement is only two years if you have a Mexican spouse or child. Similarly, it is two years if you are a Spanish or Latin American national. Furthermore, you cannot have been outside Mexico for more than a total of 180 days in the two years prior to your application. Finally, having applied for Mexican citizenship, you will no longer have the right to consular protection from your home country while you are in Mexico.Centuro ConnectFor those looking for more information regarding Mexican citizenship (or other information including immigration, tax, accounting, legal, and more), Centuro Connect is a free revolutionary new global expansion platform that empowers companies with the knowledge and expertise to trade in any jurisdiction globally.Our easy to use, self-service portal will grant access to a database of Mexican business expansion blueprints, a global network of experts & actionable support. Sign up for your free account and start your global expansion journey today.

Feb 25, 2021
BlogUK-EU Trade Agreement: a remedy or a band-aid to a gun wound?
Start A Company, Hr +2
UK-EU Trade Agreement: A Remedy Or A Band-aid To A Gun Wound?

United Kingdom's exit from the EU, the world's largest trading market, landed a severe blow to UK businesses wishing to continue their operations within the single market. While the new Trade and Customs Agreement aims to soften that blow, it is becoming clear that its effects are severely limited. The biggest hallmark of the Agreement is that it has, on the part of the EU, achieved the unimaginable by omitting tariffs and quotas. While on its face a great success, this provision comes with an important caveat, namely the re-balancing mechanism which allows both parties to reintroduce tariffs in the form of countermeasures if they believe that the other party's subsidy policy is detrimental to them. This creates great uncertainty for businesses as they are left at the mercy of country leaders which often act on a whim. Additionally, the deal has not managed to ease the difficulties which will be brought in the areas of customs and rules of origins, which will prove to be highly difficult for businesses to navigate for the future. As the UK has ceased to oblige by the EU rules concerning the standards of imported products, UK businesses will face a mountain of paperwork to prove that their goods meet the high requirements set by the deal. In addition, businesses dealing with the export of animal products will face severe challenges and a restriction on the import of certain products due to the EU's stringent laws. Consequentially, businesses will undoubtedly experience delays and additional costs due to border checks and the incumbent paperwork. The new requirement of export licences will stall trade and dealing without a licence will result in criminal liability. Furthermore, UK businesses dealing within the financial services market are faced with the hurdle of regaining access to the EU market. The Agreement has been unsuccessful in dealing with this matter which resulted in a lot of uncertainty for the financial services businesses as they must await the individual decisions from the EU, as well as the prospect of having the licence revoked at any moment. Importantly, COVID-19 has significantly impacted the businesses possibility to prepare for the UK's formal exit from the EU. The pandemic has weighed heavily on the financial means of the businesses who are now faced with high costs of obtaining licences and filing paperwork. In light of the situation, London, as the largest financial and marketing hub of the EU, is being replaced by Amsterdam, with many businesses choosing to incorporate a branch in the Netherlands due to the low capital requirements and favourable tax legislation. Many of the world's largest names, including JPMorgan Chase, have opened branches in the EU.5 While the Agreement is a welcome aide to the future trade relationship between the EU and the UK, it can scarcely be said that it allows for what is deemed to be, in the purest form, free trade. Businesses are advised to, if they wish to benefit from the EU single market, consider establishing a presence within the EU.

Feb 22, 2021
BlogSMALL AND MEDIUM-SIZED ENTERPRISES SUPPORT IN SOUTH AFRICA
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SMALL AND MEDIUM-SIZED ENTERPRISES SUPPORT IN SOUTH AFRICA

The small and medium-sized enterprises sector is the lifeblood of successful economies and they should be supported in every manner possible. It is for this reason that amidst a heavy hand from the state, the tax and accounting practice Indevaldi has expanded its service offering to include a regulatory compliance unit. The new unit’s focus is on the entire statutory corpus, inclusive of constitutional principles, legislation, regulations, by-laws, policies, governance frameworks and guidelines, irrespective of jurisdiction, and it helps small to medium-sized businesses to properly understand their statutory environment, to effectively steer around pitfalls and negative consequences, whether financial or reputational and to maintain compliance once achieved. While the new unit is active from plant floor upwards to board level, its immediate focus in current South Africa is supporting clients towards compliance with the Protection of Personal Information Act, with the window period for compliance closing on 30 June 2021. It is trite that small and medium-sized enterprises (SME’s) serve as the engine room of vibrant economies. Typically, these SME’s stimulate job creation, employment, innovation, and economic growth. The most important outcome of all of these is an improvement in the well-being of the citizens of those countries encouraging and supporting SME’s with clever policy measures and with capable government institutions. A widely used indicator of the extent to which countries succeed in welcoming SME’s is found in the World Bank’s annual Doing Business index. This index compares business regulations of 190 countries and serves as a valuable guide to both policymakers and investors. Interestingly, while increased regulatory activity obviously increases the costs of doing business, since 2003/04 the 20 best-performing economies on this index have carried out a total of 464 regulatory changes, but they have also pushed through 20 significant reforms during this period which helps to explain their top rankings. This suggests that regulatory reform albeit it expensive could encourage and sustain businesses. Not surprisingly, the Doing Business index finds that greater ease of doing business is associated with higher levels of entrepreneurship. Therefore, developing economies should want to strike a balance between control, however, justified, and encouraging entrepreneurs. Indeed, the latest index reports that the cost of starting a business has fallen over time in developing economies, suggesting a moderation of the regulatory environment. Yet, South Africa’s position on this index has weakened from 82 to 84 for 2020. Consider the following rankings of peers: Mauritius 13; Thailand 21; Turkey 33; Rwanda 38; Kenya 56; Chili 58; Zambia 85; Botswana 87; Namibia 104; Egypt 114; Ghana 118; Nigeria 131.   How should the SME sector in South Africa and elsewhere then be supported in navigating a smothering regulatory environment? One answer obviously lies in education and training. Yet another lie in offering a regulatory compliance service focusing on the SME sector like Indevaldi Regulatory Compliance Services does since January 2021.   Through pursuing an ethos of integrity, a pathos of understanding and a logos of underlying structure and organization, Indevaldi offers to SME’s everywhere the ability to assess and convey in understandable terms those pieces of legislation and associated regulations relevant for their specific industries, and the capacity to guide them systematically towards optimized compliance and maximum commercial benefit.   While South Africa takes the back seat with aspects such as contracting with government, ease of hiring and firing, and the ease of redundancy, it also has now promulgated data protection regulations, known for slowing business necessary though it may be. Leaning on best practices from jurisdictions such as the European Union, South Africa’s Protection of Personal Information legislation is particularly comprehensive, setting stiff penalties for non-compliance. At Indevaldi, therefore, the focus is on assessment to determine compliance gaps for its clients, implementing the specific steps necessary to remedy shortcomings, composing and implementing policy, inducting staff to operate and adapt to the new standard operating procedures, and regularly returning to help maintain a status quo of compliance.  

Feb 16, 2021
BlogHow to Obtain a Mexican Work Visa via a Job Offer or New Business
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How To Obtain A Mexican Work Visa Via A Job Offer Or New Business

In order to legally work in Mexico, you must obtain a work visa in one of two ways: through a job offer from a Mexican employer, or by opening a business there. You then have your own company hire you as an employee. Work permits in Mexico are processed through the Instituto Nacional de Migración (INM).Mexican Work Visa from a Job OfferLet’s say you receive a job offer you want to accept. Firstly, your potential employer should apply for your work visa at the INM. This can be done through the INM office directly or by using an immigration specialist. The employer submits various company documents proving its legal existence, that taxes are paid, and the identity of the representative.Then, once these documents have been approved, you book an interview at a Mexican consulate outside Mexico. At this interview, you get a Mexican Visa sticker in your passport. You have 180 days to return to Mexico from that date.Upon returning to Mexico, do not enter as a tourist. Ensure the INM agent sees your sticker and updates your Forma Migratoria Multiple (FFM) accordingly. They will then allow you 30 days to report to the INM.This part of the process is called the canje (exchange) and is handled by the immigration office in Mexico. Eventually, you exchange your 30-day visa for temporary residency with permission to work.Mexican Work Visa as a Business Owner If you own a business in Mexico, you also require permission to work. First, your company needs to register for Constancia de Empleador at the INM, allowing it to hire foreigners.The requirements are:Constitutive Act – original and copyPublic registry recordFee paymentsUp-to-date tax documentAnnual tax paymentOriginal I.D. of the legal representativeProof of residence – current and original electricity or water billPhotos of premises – 3 inside and 3 outsideGoogle maps location indicatorLetterheads on opaline paper with colour logo, RFC (Federal register of contributors number), address, telephone number, website, and emailIMSS (social security) list of Mexican and foreign employees, specifying positions and nationalityIMSS (social security) receiptGo Global by Centuro GlobalFor those looking to expand their business into Mexico, Go Global is a free revolutionary new global expansion platform that empowers companies with the knowledge and expertise to trade in any jurisdiction globally.Our easy to use, self-service portal will grant access to a database of Mexican expansion blueprints, a global network of experts & actionable support. Sign up for your free account and start your global expansion journey today.

Feb 16, 2021
BlogGlobal Talent Scheme and Independent Program
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Global Talent Scheme And Independent Program

Global Talent Scheme The Global Talent Scheme (GTS) allows Australian companies including start-ups, a pathway to sponsor highly skilled and specialised workers not covered by the standard 482 programs. This program also caters for new and emerging STEM positions where the occupations will not already be approved for visa purposes. There are two visa streams in this program, these are: Employer-Sponsored Program Established Business Stream (GTES) Start-Up Stream Established employers who have an agreement in place with the Immigration Department can sponsor up to 20 applicants per year over 5 years. The business must be an accredited and current Standard Business Sponsor. There is a minimum annual earnings requirement which is set at the Fair Work High Income Threshold  which for FY 20/21 is $153,600. Start-up businesses can sponsor up to 5 applicants per year. This stream allows employers to sponsor start-ups operating in a technology or STEM (science, technology, engineering and mathematics) related field. Start-ups must be endorsed by the independent GTS start-up advisory panel. In order to gain endorsement, the business will need to have received an investment of at least $50,000 from an investment fund registered as an Early Stage Venture Capital Limited Partnership or received an Accelerating Commercialisation Grant. There is a minimum annual earnings requirement of no less than $80,000 which can be made up of partial equity and cash. Occupation Lists The GTS Agreement must specify the occupations that are to be filled over the 5 years. Unlike the standard sponsorship program, the occupations do not have to be listed in the approved list of occupations used in the 482 and 186 (Employer Nominated Scheme) programs and sponsors can apply to have their occupations approved by Immigration.  Age Requirement Applicants applying for permanent residence under visa subclass 186 will generally be eligible to apply up to the age of 55 years. An increase in the age limit can be negotiated Labour Market Testing The sponsor is required to test the local labour market which requires the business to advertise the position as per labour market testing requirements. Global Talent Independent Program The program offers a streamlined variety priority visa pathway for highly skilled individuals to work and live permanently in Australia and is designed to strengthen Australia’s ability to compete for the world’s best and brightest skilled migrants and grow Australian businesses of the future. The eligibility requirements for the program include that the candidate: is highly skilled and internationally recognized in one of seven target sectors (listed below); and  has the ability to earn the Fair Work High Income Threshold (currently $153,600). In assessing whether a candidate is likely to have the ability to meet this salary threshold, the Department will consider current salary or future job offers; as well as candidates who have recently graduated or are soon to graduate with PhDs or Masters qualifications in the target sectors. The following target sectors have been selected to foster growth in future-focused industries:  AgTech FinTech MedTech Cyber Security Space and Advanced Manufacturing Energy and Mining Technology Quantum Information, Advanced Digital, Data Science and ICT How to apply? Individuals who meet the requirements will be provided with a unique Global Talent Identifier, which provides priority processing for a Distinguished Talent Visa application. You must register with the immigrations Department to be provided with a unique identifier number. Candidates accepted into the program will receive streamlined, priority processing to meet the Distinguished Talent Visa regulatory criteria. All visa applicants need including health and character requirements before a visa can be granted.  

Feb 09, 2021
BlogEgypt your Ideal destination for Investment
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Egypt Your Ideal Destination For Investment

Egypt, situated in a strategic geopolitical location which gives it an ideal advantage of access to the markets through various trade agreements i.e. Pan Arab Free Trade Agreement/ Greater Arab Free Trade Agreement (GAFTA), Common Market for Eastern and Southern Africa (COMESA), Egypt-MERCOSUR Free Trade Agreement etc. Being a party to such trade agreements gives Egypt access to 1.5 billion consumers of which 100 million consumers are in Egypt.  Further, the international reports indicate that Egypt continues to progress i.e. according to the World Bank Report, Egypt ranked 114th out of 190 countries instead of 120 in 2019. In facilitating start-ups, Egypt ranked 90 in 2020 instead of 109 in 2019; In Protecting Minority Investors, Egypt jumped 15 positions from 72 to 57 due to legislative reforms. The reports, also, expect the Egyptian economy to grow at 6% in 2021 instead of 5.8% in2020.  To have a Legal presence in Egypt, one of the following entities may be established: Limited Liability Company “LLC”; Joint Stock Company “JSC”; Sole Individual Limited Company; Branch; Representative Office;  We will concentrate on the most common two preferred types by investors:Limited Liability Company’s Characteristics: It should consist of, at least, two partners. Capital shall be divided into allocations. The partners may be individuals or legal entities. It will be managed by a Manager or group of Managers. There is no minimum capital requirement. In the past, the capital should be fully deposited before establishment however, this condition has been lifted to ease the establishment process. Except for certain activities i.e. importation  It may be fully owned by foreigners except for importation purposes. In past importations, the purpose was limited to only Egyptians however, the condition has been lifted to encourage investment in Egypt. Currently, foreigners may establish a company with the purpose of which is importation provided that the percentage of foreigners’ participation should not be more than 49%. There is no Egyptian Manager.  The liability of the partner vis-à-vis third parties will be limited to his/her allocation. Investors preferred this type to examine the market, first, before expanding.  Joint Stock Company “JSC” Characteristics:  It should consist of, at least, three shareholders; Capital shall be divided into shares; The shareholders may be individuals or legal entities;  It will be managed by a board of directors to be elected by the shareholders; The minimum capital is EGP 250.000 and for certain purposes, the capital should be raised to EGP 500.000. The capital will not fully be deposited upon the establishment. 10% will be added before establishment to be raised to 25% within three months of the establishment to be fully deposited within five years.  May be fully owned by foreigners except for importation purposes.  The liability of the partner vis-à-vis third parties will be limited to his/her shares. Tax Treatment: Both entities are subject to an annual tax of 22.5 % on the net profits. 

Feb 08, 2021
BlogAmazon’s Jeff Bezos to step down as CEO this summer
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Amazon’s Jeff Bezos To Step Down As CEO This Summer

Amazon founder Jeff Bezos has announced that he will be stepping down as CEO of the Seattle-based eCommerce giant this summer. As part of a group of leading business and entrepreneurial figures in the UK, Our CEO, Zain Ali shares his opinion on this transition in an article for Business Leader Magazine. “From starting as an online bookstore to becoming the world’s most valuable company, Jeff Bezos’ reign as founder and CEO of Amazon has been an overwhelming success. Whilst there are a number of question marks surrounding ethics relating to anti-trust and worker conditions, which should not be ignored, the most remarkable features of Amazon have to be its innovation. Under Bezos’ management, Amazon has always been one step ahead, pioneering online retail when people did not know what the internet was, building up mass revenues from behind the scenes with cloud computing, and now dominating the AI smart device market with Alexa. The way Amazon has also tackled international expansion and adapted to local markets such as offering in-store credits for the unbanked to deposit cash in developing regions has always been striking. Bezos’ grit for problem-solving and focusing on the end consumer is a big contributor to the company’s success.The fact that Bezos is stepping down to focus on new ventures may actually mean there is even more innovation to come from Amazon, with time potentially freed up for more creative thinking. Having slogged for almost three decades, and achieved sales exceeding $386 billion in 2020, now is as good a time as any to take a step back, enjoy the success and focus on other passions. It will be interesting to see how Bezos manages to transition from out of a role of absolute control and power after so many years and how his successor will fare.”Read the full article here.

ZAIN ALI Feb 05, 2021
BlogThe Biggest News You Likely Missed
Start A Company, Hr +2
The Biggest News You Likely Missed

Covid infection rates and vaccine trials have dominated news headlines. Yet, our intense focus on the pandemic has overshadowed the progress being made in other areas. One important news item that may have an enormous impact on the world is the Regional Comprehensive Economic Partnership Agreement (RCEP).RCEP is a free trade agreement between the Association of Southeast Asian Nations (ASEAN) members and six other regional countries: Australia, China, India, Japan, New Zealand, and the Republic of Korea.Notably, RCEP is the first multilateral trade agreement in which China has participated. India had initially been in the negotiations but subsequently pulled back, although the members have indicated that India still has the potential to join in the future.The agreement was signed in November of 2020 and is the largest trade deal globally, outsizing the EU and the US-Mexico-Canada Agreement. RCEP signatories also represent one-third of the world population and almost 30% of global GDP, percentages that would increase significantly should India come on board.And while many of the member countries have existing bi-lateral trade agreements, under RCEP each country is treated equally across the trading block, breaking down barriers and complications. That in and of itself should make negotiations easier and help to lower costs.Additionally, by reducing complicated tariffs between members, RCEP has the potential to increase intra-Asian trade and investment. The favourable treatment of “Common Rules of Origin” written into the pact should also encourage foreign investors to enter the region. Overall, RCEP will make doing business within Asia easier and more beneficial to all parties involved.The true impact of RCEP will become clearer over time, although it is expected that the “big three” East Asian countries of China, Japan, and the ROK will benefit most in the short term, with a combined potential export gain of over USD 400 billion.Members will also wait to see if the new Biden administration can move quickly to assert more influence on the world stage. If the US does decide to join the pact at a later point, it would represent an effective counterbalance to China, however at the same time serve to dilute the overall regional impact of the agreement. For the time being, all eyes are on the ratification process expected to conclude later this year, with approval needed by six ASEAN countries and three non-ASEAN members.More information can be found here: https://rcepsec.org/  

Jan 28, 2021
Blog
Start A Company, Hr +2
INCORPORATING IN MEXICO

General overview.Mexican General Law of Business Organizations (“Ley General de Sociedades Mercantiles” or “LGSM”) provides for six types of business entities, however, the most prevalent in Mexico are: (i) the “Sociedad Anónima” (“S.A.”) or stock corporation; and (ii) the “Sociedad de Responsabilidad Limitada” (“S. de R.L.”) or limited liability corporation. Both types of entities provide for limited liability of the shareholders (S.A.) or partners (S. de R.L.), which liability may not be assessed beyond the amount of their respective shareholdings or interest holdings. The S.A. is the most common entity used in Mexico for all types of business purposes, but certain foreign entities (particularly those residents in the United States) have adopted the S. de R.L. in order to opt for tax treatment abroad as a partnership. Considering that the commercial differences between the S.A. and the S. de R.L. are minor and that in Mexico both entities have the same tax treatment, our following comments are related to an S.A.Shareholders - In accordance with the LGSM, to incorporate an S.A. a minimum of two (2) shareholders are required. Such shareholders may be either individuals or corporate entities.Capital and Shares - There is no minimum capital for incorporating an S.A. The capital is represented by nominative shares which have equal economic and corporate rights. However, preferred shares with limited voting rights may also be issued if so established in the corporate by-laws. The company may issue different series of shares with specific rights per series (typically done in cases of joint ventures). At the time of incorporation or at any time thereafter, the company may adopt the modality of “variable capital”, in which case it becomes a “Sociedad Anónima de Capital Variable” or “S.A. de C.V.”. Under the variable capital modality, the company may increase or decrease the variable part of the corporate capital in an easier and less expensive process. Shares of an S.A. may be transferred freely; however, the corporate by-laws may provide that any proposed sale or transfer of shares must be authorized by the Board of Directors. Likewise, the by-laws can provide for preferential rights, drag along and tag along rights, among others.Shareholders’ Meetings - In accordance with the LGSM, the maximum authority of an S.A. is the General Shareholders’ Meeting. General Shareholders’ Meetings may be (i) Ordinary (dealing with basic, on-going corporate issues) and/or (ii) Extraordinary (usually dealing with special issues which may imply fundamental changes to the company). A General Annual Ordinary Shareholders’ Meeting must be held within four months following the close of the company’s fiscal year (December 31). Special series of shares may hold Special Shareholders’ Meetings. Shareholders may personally attend the Meetings, or they may be represented by special attorneys-in-fact pursuant to simple proxy letters; however, members of the Board of Directors and Inspectors may not represent shareholders at such Meetings. Minutes of the meetings must be recorded in the Shareholders’ Meetings Minutes Book and signed at least by the President and Secretary of the Meeting.Management - Management of an S.A. may be conferred to a Sole Administrator or to a Board of Directors (two members or more), who are appointed (and/or ratified) by the General Shareholders’ Meeting. The Sole Administrator or the members of the Board may be or not shareholders of the Company, they may be Mexicans or foreigners and they do not need to reside in Mexican territory.Surveillance - The Company must appoint one or more Inspectors (“Comisarios”). Such Inspector is usually a certified public accountant in Mexico who oversees the actions of the Sole Administrator/Board of Directors and files an annual report with the General Shareholders’ Meeting regarding management’s compliance with all applicable Mexican legislation and the corporate by-laws, as well as regarding the veracity and accuracy of the annual financial statements.Incorporation process. Incorporation Permit - The incorporation procedure requires a permit from the Mexican Ministry of Economy (“Secretaría de Economía”), which essentially reserves a corporate name (not already in use or easily confused with others) for a particular type of business entity.Drafting of Charter of incorporation and By-Laws - In accordance with Mexican law, the charter of incorporation and the corporate by-laws are usually drafted and contained in one single document known as the “acta constitutiva”. Such document provides for all the basic structural aspects of the Company (i.e., name, domicile, duration, purpose, capital and shares, management, calls to shareholders’ and board of directors’ meetings, attendance and voting quorums, shareholders’ rights and obligations, dissolution, and liquidation).Formalization before Notary Public - The charter of incorporation and by-laws (“acta constitutiva”) must be formalized before a Mexican Notary Public. At the time of formalization, the initial shareholders appear either in person or represented by attorneys-in-fact appointed pursuant to special, limited powers of attorney and, essentially, hold the first Shareholders’ Meeting to subscribe and pay the corporate capital, appoint members of the Board and grant powers of attorney in favour of officers/representatives of the Company. In the event the shareholders are represented at the time of incorporation by attorneys in fact (usually members of this Law Firm), the respective powers of attorney that we will prepare and send to you shall be filed in by a representative of each shareholder, certified before local Notary Public and, depending on the jurisdiction, apostilled or legalized before the corresponding local authority (Secretary of State or Consulate).Public Registry of Commerce - Once the charter of incorporation/by-laws have been executed and protocolized before a Mexican Notary Public, the Notary shall record the first original of such public deed before the Public Registry of Commerce of the corporate domicile.National Registry of Foreign Investment - Given that the corporation’s corporate capital will be owned by foreign investors, it must be registered within the next forty (40) business days following the date of incorporation before the National Registry of Foreign Investment. Further information has to be provided to this agency on a quarterly and yearly basis.Tax Regime - At the time of incorporation, powers of attorney must be granted in favour of the person that will act as the legal representative of the Company before Mexican Tax Authorities. The legal representative may be or not Mexican national but must be a taxpayer with current tax identifications. Likewise, the Company must have a tax domicile, which is an existing address within Mexican territory. The Company must file monthly and annual tax returns; therefore, an external accounting firm must be appointed to carry out these obligations.Centuro Connect by Centuro GlobalFor those looking to expand their business into Mexico, Centuro Connect is a revolutionary new global expansion platform that empowers companies with the knowledge and expertise to trade in any jurisdiction globally.The easy-to-use, self-service portal will grant access to a database of Mexican expansion blueprints, a global network of experts & actionable support. Sign up today and start your global expansion journey.

Feb 27, 2021
Blog
Start A Company, Hr +2
The Portuguese Non-habitual Resident (NHR) Tax Regime

“The NHR regime essentially grants qualifying individuals the possibility of becoming tax residents of a white-listed jurisdiction whilst legally avoiding or minimising income tax on certain categories of income and capital gains for a period of 10 years.”The non-habitual resident (“NHR”) tax regime came into force in Portugal in 2009 and is proving very successful at attracting individuals of independent means, pensioners and certain skilled professionals to establish residency in Portugal for tax purposes, while not being subject to minimum or maximum stay requirements.In addition to the non-existence in Portugal of wealth tax, or of inheritance/gift tax for close relatives, the NHR regime essentially grants qualifying individuals the possibility of becoming tax residents of a white-listed jurisdiction whilst legally avoiding or reduce the income tax on certain categories of non-Portugal sourced income and capital gains for a period of 10 years.A major feature of the NHR regime lies in its interaction with the double taxation agreements (DTAs) signed by Portugal, or with the OECD model tax convention in the absence of one. In effect, most DTAs (of which Portugal signed 79, grant the possibility to tax most categories of income to the country of source of such income, although in practice, so as to attract foreign investment, many countries will not make use of that possibility to tax non-residents. Since most such categories will not be taxed in Portugal in the hands of an NHR because they may be taxed abroad, in practice most foreign-source income types will be zero taxed in such hands.Taking the UK/Portugal DTA as an example, if you are a resident of Portugal but receive dividends from the UK, then the UK has the power to tax them under article 10, although it does not if the recipient is not a UK resident. On the other hand, Portugal will not tax such dividends in the hands of an NHR either, because the UK may tax them under the DTA. This way, the non-habitual resident of Portugal may receive dividends from UK sources completely free of tax.Under the NHR regime, the following categories of foreign-source income and capital gains (except if sourced from a blacklisted tax haven that does not have a double taxation agreement with Portugal, will be exempt from income tax in Portugal if they may be taxed in the source country, even though they will not often be taxed in the hands of non-residents in the latter country either:Dividends, interest and real estate incomeCapital gains from the disposal of real estateRoyalties and associated income (but please note that under some conventions the source country is prevented from taxing this income, in which case it will be taxed in Portugal); b• Profits derived from eligible occupations; Capital gains from the alienation of movable property (other than shares deriving more than 50% of their value from real estate, or ships/aircraft operated in international traffic) will be tax-exempt if the relevant double taxation agreement states that they may be taxed in the source country, but this is not the case with the OECD model or with the generality of the conventions, and therefore some tax advice may be required.It should be noted that several countries often deemed “offshore tax havens” do have double taxation agreements with Portugal and, strictly in accordance with the relevant legal provisions, are therefore white-listed for the purposes of the NHR regime. However, in practice, this is not always the case and blacklisted tax havens should preferably be avoided as income source countries by someone who wishes to avoid any confrontation with the tax authorities. In any case, all EU member states are white-listed, even though several such states may in many ways be used as “offshore tax havens”, especially by non-residents thereof.Pensions will be liable to a 10% flat tax rate in Portugal provided they are not deemed sourced from Portugal.Foreign-source income from employment (including fees of directors and entertainers or sportsmen) will not be taxed in Portugal if it is taxed (at whatever rate) in the source country in accordance with a double tax treaty.Portuguese-source income depends on whether it is derived from eligible occupationsEmployment income (including fees of directors and entertainers/sportsmen), business or self-employment profits and royalties (including payments for know-how), if derived from eligible occupations will be subject to a 20% flat rate;Other Portuguese-source income will be taxed at the normal rates applicable to regular resident taxpayers;A surcharge of 2.5% is imposed on the slice of total taxable income between €80,640 and €250,000; and a surcharge of 5% on the slice of income that exceeds €250,000.So as to maximise the advantages of the NHR regime, one has to take into account not only Portuguese tax law but also the tax law of the source country of the income, as well as the double taxation agreements (or the OECD model convention) applicable to the foreign-source income and gains one is to receive as an NHR.Main benefits1. Residency of a white-listed, EU-member, country.2. No minimum stay requirements in Portugal (but care must be taken to avoid deemed tax residence in another country).3. Possibility of enjoying a tax-exemption on the following types of non-Portuguese source income for 10 years:- Dividends;- Interest;- Real estate income;- Capital gains from the disposal of real estate, of shares deriving more than 50% of their value from real estate, and of ships/aircraft operated in international traffic;- Royalties and other income from know-how (with some exceptions);- Business and self-employment profits derived from eligible occupations (but do check the relevant double taxation agreement in this respect).- Possibility of paying tax at a flat rate of 20% during at least 10 years on Portuguese-source employment income, fees, profits and royalties if derived from eligible occupations.- Possibility of paying tax at a flat rate of 10% during at least 10 years on pensions and similar remuneration obtained abroad.- Ability to pass on wealth to a spouse, life partner, and direct descendants or ascendants, without payment of inheritance or gift taxes.Centuro ConnectFor those looking to expand their business into Portugal, Centuro Connect is a free revolutionary new global expansion platform that empowers companies with the knowledge and expertise to trade in any jurisdiction globally.Our easy to use, self-service portal will grant access to a database of Portuguese expansion blueprints, a global network of experts & actionable support. Sign up for your free account and start your global expansion journey today.

Feb 26, 2021
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Start A Company, Hr +2
How To Get Mexican Citizenship

The process of obtaining Mexican citizenship or becoming naturalized is quite straightforward. You might consider this if you are a long-term resident, or you have family in the country. As usual, you must meet their requirements and present the correct documentation to the authorities (SRE – External Relations Secretariat). As a naturalized Mexican you will enjoy similar rights and privileges of your fellow citizens. These include voting and the right to own property near the borders. In this article, we outline what you need to do.Requirements for Mexican Citizenship ApplicationOriginal and one copy of the following, unless indicated otherwise:Completed application form DNN-3Resident card (two copies) – valid for 6+ months from the application date, and proving Mexican residency for two or five years previous to the application dateCURP – Clave Única de Registro de Población (Unique Population Registry Code) Legalized/apostilled foreign birth certificate – translated into Spanish by a court-certified translator (read more about apostillization here)Passport or alternative valid ID – two copies of all pages of the passportResident card. This document must demonstrate consecutive residency in the country for five/two years immediately prior to the date of application. This document must be valid for at least six months after filing the application. A letter under oath declaring the number of exits from and entries to Mexico for the two years preceding the application (two copies)Clean Criminal Record Certificate (Certificado de No Antecedentes Penales) issued by the national and local authority for your place of residency Proof of your knowledge of the Spanish language, the history of the country and your cultural integration in MexicoTwo passport-size photos: white background, no glasses, bare head Proof of payment of application feesApplicants must take a test to demonstrate their knowledge of the items in 9. Consult the government website for a study guide: https://sre.gob.mx/tramites-y-servicios/nacionalidad-y-naturalizacion (Over 60s and children are exempt from this requirement.)Why Become a Naturalized Mexican?To enjoy the same rights as other Mexican citizens, specifically:the right to buy property in restricted areas without the need for a trust (fideicomiso). the right to vote in Mexico. change residence and job without having to inform the immigration authority.to avoid renewing temporary residency. priority at airport immigration –  avoid the tourist lines.Things to Be Aware OfTo apply, you must be able to demonstrate legal residency in Mexico for at least five consecutive years prior to the application date. This requirement is only two years if you have a Mexican spouse or child. Similarly, it is two years if you are a Spanish or Latin American national. Furthermore, you cannot have been outside Mexico for more than a total of 180 days in the two years prior to your application. Finally, having applied for Mexican citizenship, you will no longer have the right to consular protection from your home country while you are in Mexico.Centuro ConnectFor those looking for more information regarding Mexican citizenship (or other information including immigration, tax, accounting, legal, and more), Centuro Connect is a free revolutionary new global expansion platform that empowers companies with the knowledge and expertise to trade in any jurisdiction globally.Our easy to use, self-service portal will grant access to a database of Mexican business expansion blueprints, a global network of experts & actionable support. Sign up for your free account and start your global expansion journey today.

Feb 25, 2021
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Start A Company, Hr +2
UK-EU Trade Agreement: A Remedy Or A Band-aid To A Gun Wound?

United Kingdom's exit from the EU, the world's largest trading market, landed a severe blow to UK businesses wishing to continue their operations within the single market. While the new Trade and Customs Agreement aims to soften that blow, it is becoming clear that its effects are severely limited. The biggest hallmark of the Agreement is that it has, on the part of the EU, achieved the unimaginable by omitting tariffs and quotas. While on its face a great success, this provision comes with an important caveat, namely the re-balancing mechanism which allows both parties to reintroduce tariffs in the form of countermeasures if they believe that the other party's subsidy policy is detrimental to them. This creates great uncertainty for businesses as they are left at the mercy of country leaders which often act on a whim. Additionally, the deal has not managed to ease the difficulties which will be brought in the areas of customs and rules of origins, which will prove to be highly difficult for businesses to navigate for the future. As the UK has ceased to oblige by the EU rules concerning the standards of imported products, UK businesses will face a mountain of paperwork to prove that their goods meet the high requirements set by the deal. In addition, businesses dealing with the export of animal products will face severe challenges and a restriction on the import of certain products due to the EU's stringent laws. Consequentially, businesses will undoubtedly experience delays and additional costs due to border checks and the incumbent paperwork. The new requirement of export licences will stall trade and dealing without a licence will result in criminal liability. Furthermore, UK businesses dealing within the financial services market are faced with the hurdle of regaining access to the EU market. The Agreement has been unsuccessful in dealing with this matter which resulted in a lot of uncertainty for the financial services businesses as they must await the individual decisions from the EU, as well as the prospect of having the licence revoked at any moment. Importantly, COVID-19 has significantly impacted the businesses possibility to prepare for the UK's formal exit from the EU. The pandemic has weighed heavily on the financial means of the businesses who are now faced with high costs of obtaining licences and filing paperwork. In light of the situation, London, as the largest financial and marketing hub of the EU, is being replaced by Amsterdam, with many businesses choosing to incorporate a branch in the Netherlands due to the low capital requirements and favourable tax legislation. Many of the world's largest names, including JPMorgan Chase, have opened branches in the EU.5 While the Agreement is a welcome aide to the future trade relationship between the EU and the UK, it can scarcely be said that it allows for what is deemed to be, in the purest form, free trade. Businesses are advised to, if they wish to benefit from the EU single market, consider establishing a presence within the EU.

Feb 22, 2021
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Start A Company, Hr +2
SMALL AND MEDIUM-SIZED ENTERPRISES SUPPORT IN SOUTH AFRICA

The small and medium-sized enterprises sector is the lifeblood of successful economies and they should be supported in every manner possible. It is for this reason that amidst a heavy hand from the state, the tax and accounting practice Indevaldi has expanded its service offering to include a regulatory compliance unit. The new unit’s focus is on the entire statutory corpus, inclusive of constitutional principles, legislation, regulations, by-laws, policies, governance frameworks and guidelines, irrespective of jurisdiction, and it helps small to medium-sized businesses to properly understand their statutory environment, to effectively steer around pitfalls and negative consequences, whether financial or reputational and to maintain compliance once achieved. While the new unit is active from plant floor upwards to board level, its immediate focus in current South Africa is supporting clients towards compliance with the Protection of Personal Information Act, with the window period for compliance closing on 30 June 2021. It is trite that small and medium-sized enterprises (SME’s) serve as the engine room of vibrant economies. Typically, these SME’s stimulate job creation, employment, innovation, and economic growth. The most important outcome of all of these is an improvement in the well-being of the citizens of those countries encouraging and supporting SME’s with clever policy measures and with capable government institutions. A widely used indicator of the extent to which countries succeed in welcoming SME’s is found in the World Bank’s annual Doing Business index. This index compares business regulations of 190 countries and serves as a valuable guide to both policymakers and investors. Interestingly, while increased regulatory activity obviously increases the costs of doing business, since 2003/04 the 20 best-performing economies on this index have carried out a total of 464 regulatory changes, but they have also pushed through 20 significant reforms during this period which helps to explain their top rankings. This suggests that regulatory reform albeit it expensive could encourage and sustain businesses. Not surprisingly, the Doing Business index finds that greater ease of doing business is associated with higher levels of entrepreneurship. Therefore, developing economies should want to strike a balance between control, however, justified, and encouraging entrepreneurs. Indeed, the latest index reports that the cost of starting a business has fallen over time in developing economies, suggesting a moderation of the regulatory environment. Yet, South Africa’s position on this index has weakened from 82 to 84 for 2020. Consider the following rankings of peers: Mauritius 13; Thailand 21; Turkey 33; Rwanda 38; Kenya 56; Chili 58; Zambia 85; Botswana 87; Namibia 104; Egypt 114; Ghana 118; Nigeria 131.   How should the SME sector in South Africa and elsewhere then be supported in navigating a smothering regulatory environment? One answer obviously lies in education and training. Yet another lie in offering a regulatory compliance service focusing on the SME sector like Indevaldi Regulatory Compliance Services does since January 2021.   Through pursuing an ethos of integrity, a pathos of understanding and a logos of underlying structure and organization, Indevaldi offers to SME’s everywhere the ability to assess and convey in understandable terms those pieces of legislation and associated regulations relevant for their specific industries, and the capacity to guide them systematically towards optimized compliance and maximum commercial benefit.   While South Africa takes the back seat with aspects such as contracting with government, ease of hiring and firing, and the ease of redundancy, it also has now promulgated data protection regulations, known for slowing business necessary though it may be. Leaning on best practices from jurisdictions such as the European Union, South Africa’s Protection of Personal Information legislation is particularly comprehensive, setting stiff penalties for non-compliance. At Indevaldi, therefore, the focus is on assessment to determine compliance gaps for its clients, implementing the specific steps necessary to remedy shortcomings, composing and implementing policy, inducting staff to operate and adapt to the new standard operating procedures, and regularly returning to help maintain a status quo of compliance.  

Feb 16, 2021
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Start A Company, Hr +2
How To Obtain A Mexican Work Visa Via A Job Offer Or New Business

In order to legally work in Mexico, you must obtain a work visa in one of two ways: through a job offer from a Mexican employer, or by opening a business there. You then have your own company hire you as an employee. Work permits in Mexico are processed through the Instituto Nacional de Migración (INM).Mexican Work Visa from a Job OfferLet’s say you receive a job offer you want to accept. Firstly, your potential employer should apply for your work visa at the INM. This can be done through the INM office directly or by using an immigration specialist. The employer submits various company documents proving its legal existence, that taxes are paid, and the identity of the representative.Then, once these documents have been approved, you book an interview at a Mexican consulate outside Mexico. At this interview, you get a Mexican Visa sticker in your passport. You have 180 days to return to Mexico from that date.Upon returning to Mexico, do not enter as a tourist. Ensure the INM agent sees your sticker and updates your Forma Migratoria Multiple (FFM) accordingly. They will then allow you 30 days to report to the INM.This part of the process is called the canje (exchange) and is handled by the immigration office in Mexico. Eventually, you exchange your 30-day visa for temporary residency with permission to work.Mexican Work Visa as a Business Owner If you own a business in Mexico, you also require permission to work. First, your company needs to register for Constancia de Empleador at the INM, allowing it to hire foreigners.The requirements are:Constitutive Act – original and copyPublic registry recordFee paymentsUp-to-date tax documentAnnual tax paymentOriginal I.D. of the legal representativeProof of residence – current and original electricity or water billPhotos of premises – 3 inside and 3 outsideGoogle maps location indicatorLetterheads on opaline paper with colour logo, RFC (Federal register of contributors number), address, telephone number, website, and emailIMSS (social security) list of Mexican and foreign employees, specifying positions and nationalityIMSS (social security) receiptGo Global by Centuro GlobalFor those looking to expand their business into Mexico, Go Global is a free revolutionary new global expansion platform that empowers companies with the knowledge and expertise to trade in any jurisdiction globally.Our easy to use, self-service portal will grant access to a database of Mexican expansion blueprints, a global network of experts & actionable support. Sign up for your free account and start your global expansion journey today.

Feb 16, 2021
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Start A Company, Hr +2
Global Talent Scheme And Independent Program

Global Talent Scheme The Global Talent Scheme (GTS) allows Australian companies including start-ups, a pathway to sponsor highly skilled and specialised workers not covered by the standard 482 programs. This program also caters for new and emerging STEM positions where the occupations will not already be approved for visa purposes. There are two visa streams in this program, these are: Employer-Sponsored Program Established Business Stream (GTES) Start-Up Stream Established employers who have an agreement in place with the Immigration Department can sponsor up to 20 applicants per year over 5 years. The business must be an accredited and current Standard Business Sponsor. There is a minimum annual earnings requirement which is set at the Fair Work High Income Threshold  which for FY 20/21 is $153,600. Start-up businesses can sponsor up to 5 applicants per year. This stream allows employers to sponsor start-ups operating in a technology or STEM (science, technology, engineering and mathematics) related field. Start-ups must be endorsed by the independent GTS start-up advisory panel. In order to gain endorsement, the business will need to have received an investment of at least $50,000 from an investment fund registered as an Early Stage Venture Capital Limited Partnership or received an Accelerating Commercialisation Grant. There is a minimum annual earnings requirement of no less than $80,000 which can be made up of partial equity and cash. Occupation Lists The GTS Agreement must specify the occupations that are to be filled over the 5 years. Unlike the standard sponsorship program, the occupations do not have to be listed in the approved list of occupations used in the 482 and 186 (Employer Nominated Scheme) programs and sponsors can apply to have their occupations approved by Immigration.  Age Requirement Applicants applying for permanent residence under visa subclass 186 will generally be eligible to apply up to the age of 55 years. An increase in the age limit can be negotiated Labour Market Testing The sponsor is required to test the local labour market which requires the business to advertise the position as per labour market testing requirements. Global Talent Independent Program The program offers a streamlined variety priority visa pathway for highly skilled individuals to work and live permanently in Australia and is designed to strengthen Australia’s ability to compete for the world’s best and brightest skilled migrants and grow Australian businesses of the future. The eligibility requirements for the program include that the candidate: is highly skilled and internationally recognized in one of seven target sectors (listed below); and  has the ability to earn the Fair Work High Income Threshold (currently $153,600). In assessing whether a candidate is likely to have the ability to meet this salary threshold, the Department will consider current salary or future job offers; as well as candidates who have recently graduated or are soon to graduate with PhDs or Masters qualifications in the target sectors. The following target sectors have been selected to foster growth in future-focused industries:  AgTech FinTech MedTech Cyber Security Space and Advanced Manufacturing Energy and Mining Technology Quantum Information, Advanced Digital, Data Science and ICT How to apply? Individuals who meet the requirements will be provided with a unique Global Talent Identifier, which provides priority processing for a Distinguished Talent Visa application. You must register with the immigrations Department to be provided with a unique identifier number. Candidates accepted into the program will receive streamlined, priority processing to meet the Distinguished Talent Visa regulatory criteria. All visa applicants need including health and character requirements before a visa can be granted.  

Feb 09, 2021
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Start A Company, Hr +2
Egypt Your Ideal Destination For Investment

Egypt, situated in a strategic geopolitical location which gives it an ideal advantage of access to the markets through various trade agreements i.e. Pan Arab Free Trade Agreement/ Greater Arab Free Trade Agreement (GAFTA), Common Market for Eastern and Southern Africa (COMESA), Egypt-MERCOSUR Free Trade Agreement etc. Being a party to such trade agreements gives Egypt access to 1.5 billion consumers of which 100 million consumers are in Egypt.  Further, the international reports indicate that Egypt continues to progress i.e. according to the World Bank Report, Egypt ranked 114th out of 190 countries instead of 120 in 2019. In facilitating start-ups, Egypt ranked 90 in 2020 instead of 109 in 2019; In Protecting Minority Investors, Egypt jumped 15 positions from 72 to 57 due to legislative reforms. The reports, also, expect the Egyptian economy to grow at 6% in 2021 instead of 5.8% in2020.  To have a Legal presence in Egypt, one of the following entities may be established: Limited Liability Company “LLC”; Joint Stock Company “JSC”; Sole Individual Limited Company; Branch; Representative Office;  We will concentrate on the most common two preferred types by investors:Limited Liability Company’s Characteristics: It should consist of, at least, two partners. Capital shall be divided into allocations. The partners may be individuals or legal entities. It will be managed by a Manager or group of Managers. There is no minimum capital requirement. In the past, the capital should be fully deposited before establishment however, this condition has been lifted to ease the establishment process. Except for certain activities i.e. importation  It may be fully owned by foreigners except for importation purposes. In past importations, the purpose was limited to only Egyptians however, the condition has been lifted to encourage investment in Egypt. Currently, foreigners may establish a company with the purpose of which is importation provided that the percentage of foreigners’ participation should not be more than 49%. There is no Egyptian Manager.  The liability of the partner vis-à-vis third parties will be limited to his/her allocation. Investors preferred this type to examine the market, first, before expanding.  Joint Stock Company “JSC” Characteristics:  It should consist of, at least, three shareholders; Capital shall be divided into shares; The shareholders may be individuals or legal entities;  It will be managed by a board of directors to be elected by the shareholders; The minimum capital is EGP 250.000 and for certain purposes, the capital should be raised to EGP 500.000. The capital will not fully be deposited upon the establishment. 10% will be added before establishment to be raised to 25% within three months of the establishment to be fully deposited within five years.  May be fully owned by foreigners except for importation purposes.  The liability of the partner vis-à-vis third parties will be limited to his/her shares. Tax Treatment: Both entities are subject to an annual tax of 22.5 % on the net profits. 

Feb 08, 2021
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Start A Company, Hr +2
Amazon’s Jeff Bezos To Step Down As CEO This Summer

Amazon founder Jeff Bezos has announced that he will be stepping down as CEO of the Seattle-based eCommerce giant this summer. As part of a group of leading business and entrepreneurial figures in the UK, Our CEO, Zain Ali shares his opinion on this transition in an article for Business Leader Magazine. “From starting as an online bookstore to becoming the world’s most valuable company, Jeff Bezos’ reign as founder and CEO of Amazon has been an overwhelming success. Whilst there are a number of question marks surrounding ethics relating to anti-trust and worker conditions, which should not be ignored, the most remarkable features of Amazon have to be its innovation. Under Bezos’ management, Amazon has always been one step ahead, pioneering online retail when people did not know what the internet was, building up mass revenues from behind the scenes with cloud computing, and now dominating the AI smart device market with Alexa. The way Amazon has also tackled international expansion and adapted to local markets such as offering in-store credits for the unbanked to deposit cash in developing regions has always been striking. Bezos’ grit for problem-solving and focusing on the end consumer is a big contributor to the company’s success.The fact that Bezos is stepping down to focus on new ventures may actually mean there is even more innovation to come from Amazon, with time potentially freed up for more creative thinking. Having slogged for almost three decades, and achieved sales exceeding $386 billion in 2020, now is as good a time as any to take a step back, enjoy the success and focus on other passions. It will be interesting to see how Bezos manages to transition from out of a role of absolute control and power after so many years and how his successor will fare.”Read the full article here.

ZAIN ALIFeb 05, 2021
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The Biggest News You Likely Missed

Covid infection rates and vaccine trials have dominated news headlines. Yet, our intense focus on the pandemic has overshadowed the progress being made in other areas. One important news item that may have an enormous impact on the world is the Regional Comprehensive Economic Partnership Agreement (RCEP).RCEP is a free trade agreement between the Association of Southeast Asian Nations (ASEAN) members and six other regional countries: Australia, China, India, Japan, New Zealand, and the Republic of Korea.Notably, RCEP is the first multilateral trade agreement in which China has participated. India had initially been in the negotiations but subsequently pulled back, although the members have indicated that India still has the potential to join in the future.The agreement was signed in November of 2020 and is the largest trade deal globally, outsizing the EU and the US-Mexico-Canada Agreement. RCEP signatories also represent one-third of the world population and almost 30% of global GDP, percentages that would increase significantly should India come on board.And while many of the member countries have existing bi-lateral trade agreements, under RCEP each country is treated equally across the trading block, breaking down barriers and complications. That in and of itself should make negotiations easier and help to lower costs.Additionally, by reducing complicated tariffs between members, RCEP has the potential to increase intra-Asian trade and investment. The favourable treatment of “Common Rules of Origin” written into the pact should also encourage foreign investors to enter the region. Overall, RCEP will make doing business within Asia easier and more beneficial to all parties involved.The true impact of RCEP will become clearer over time, although it is expected that the “big three” East Asian countries of China, Japan, and the ROK will benefit most in the short term, with a combined potential export gain of over USD 400 billion.Members will also wait to see if the new Biden administration can move quickly to assert more influence on the world stage. If the US does decide to join the pact at a later point, it would represent an effective counterbalance to China, however at the same time serve to dilute the overall regional impact of the agreement. For the time being, all eyes are on the ratification process expected to conclude later this year, with approval needed by six ASEAN countries and three non-ASEAN members.More information can be found here: https://rcepsec.org/  

Jan 28, 2021