News letter - June 2013
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This newsletter from Intuit Management Consultancy provides updates on business and economic developments in India, the Middle East, and Africa. It summarizes that Dubai is launching a new commercial fashion hub, the UAE and Qatar were upgraded to emerging market status by MSCI, and Hong Kong expanded its network of double taxation agreements by signing one with Malaysia. It also lists Intuit's services such as company formation, trusts, taxation, and banking services.
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Introduction to VAT in GCC
The GCC member countries have entered into a unified agreement which bind them to implement VAT and Excise regulations in their jurisdictions latest by January 2019. IMC has a dedicated “VAT in GCC” team set-up in Dubai, UAE. Write to us at bc@intuitconsultancy.com or visit https://intuitconsultancy.com/vat-in-middle-east/ for more. IMC would be pleased to advise readers on how to apply the principles set out in this publication to their specific circumstances.
Government notifies India-Fiji DTAA
The document summarizes an agreement between the governments of India and Fiji to avoid double taxation. It outlines key provisions of the agreement, including the exchange of tax information between the two countries and assistance in collecting taxes. The agreement was signed in January 2014 and took effect in May 2014. It provides a framework for India and Fiji to cooperate on tax matters and ensure taxes are only paid once by taxpayers in either country.
Doing Business in Mauritius
Mauritius is located in the Indian Ocean and has a highly open economy and business friendly environment. The government has worked to make business registration and operations easy and transparent according to best practices. Mauritius ranks highly for business climate and governance. There are three main types of business entities for foreign investors in Mauritius - GBC1, GBC2, and limited liability companies. GBC1 companies pay a maximum 3% income tax while GBC2 companies pay no tax but cannot conduct business locally. Requirements for business registration and operation vary between the three types but generally can be completed within 1-3 weeks.
Doing Business in Kenya
Kenya is located in East Africa and has a free enterprise economy with Nairobi as its capital city. It has several tax treaties and investment promotion agreements. Kenya Investment Authority (KenInvest) was established to promote investment by assisting new projects and providing aftercare services. An investor can choose to operate 100% owned or partner with local investors, with some exceptions. Companies are required to obtain licenses depending on their activities. Corporate tax is 30% and VAT is 16%, with personal tax at 10% up to 121,969 Kshs. Incorporating a limited liability company takes 8-10 weeks and requires a minimum share capital of 100,000 Kshs.
Doing Business in Ghana
Ghana is a unitary presidential constitutional republic located in West Africa. It has a democratic political system and growing economy that has attracted foreign investment. To incorporate a company in Ghana, an LLC must have at least two directors, one of which must reside in Ghana. Joint ventures require a minimum $10,000 investment from non-Ghanaians. All companies must have an auditor who is a member of the Institute of Chartered Accountants. The Ghana Investment Promotion Center registers all enterprises. A company is incorporated with the Registrar General's Department and applies for a license to operate from the Accra Metropolitan Assembly after. Corporate and income tax rates are 25-30% and 20% respectively, with dividend, capital
Doing Business in Ethiopia
Ethiopia is formally known as the Federal Democratic Republic of Ethiopia, located in northeast Africa at the crossroads of Africa, the Middle East, and Asia. The Ethiopian Investment Agency was established to promote private investment and foreign direct investment through legislative reforms to enhance the investment climate. Private limited companies in Ethiopia require a minimum capital of 15,000 ETB and at least two shareholders and one manager. Foreign companies can own 100% of an Ethiopian company. Various tax exemptions are provided depending on the investment activity, such as income tax exemptions for approved investments in manufacturing, agro-industry, and ICT.
Doing Business in Burundi
Burundi is a landlocked country in East Africa known as the "Heart of Africa". It has consistently reformed its business climate and has been praised as the top reformer in Africa. This has opened doors to investment and attracted new businesses. To encourage investment, Burundi offers tax incentives to both international and domestic companies. It is also a member of regional economic communities totaling over 450 million consumers. The Burundi government has created a one-stop shop to simplify business registration and licensing. Setting up a limited liability company in Burundi takes 5-6 weeks and requires a minimum of three shareholders and share capital of 5 million Burundi francs. Annual taxes and audits are required once incorporated.
Doing Business in Botswana
Botswana is a landlocked country in Southern Africa that has implemented policies to guarantee investor protection for over 40 years. It has a stable economy with strong fiscal policies and economic freedom. To register a company, entrepreneurs submit an application with the name reservation and statutory compliance declaration. Botswana LLCs must have between 1-25 shareholders and at least one director and shareholder. The representative office allows for promoting the parent company but no direct sales. Licensing can be obtained from industrial or trade departments. Corporate tax is only 15% for manufacturers and zero for some approved companies. Personal income tax has a highest rate of 25% and VAT registration is with the customs department.
Doing Business in Benin
Benin is a country located in West Africa with its capital in Porto-Novo and seat of government in Cotonou. The Government of Benin encourages foreign investment through initiatives like the Presidential Investment Council established in 2006. There are free trade zones in Cotonou benefiting landlocked neighbors. To incorporate a company in Benin, an incorporation package must be presented to the Chamber of Commerce and Industry's Corporate Formalities Center including choosing a unique company name. The limited liability company, SARL, is a common structure where foreigners can own 100% and requires a minimum of one manager and shareholder with a share capital of 1,000,000 XOF.
Doing Business in Angola
Angola is strategically located on the west coast of Africa and acts as a gateway to central and southern Africa via road and rail networks. Angola's government is committed to protecting private investors through its National Private Investment Agency, which oversees foreign direct investment. Angola has a growing economy fueled by its oil exports - it is the second largest oil exporter in Africa and has seen high growth rates over the past decade. Common forms of business representation include limited liability companies, representative offices, and branches, with branches being most common for foreign firms. The licensing process involves obtaining approvals from the Ministry of Trade and Ministry of Commerce. Companies are subject to taxes such as industrial tax of 35% on profits, withholding tax of
Doing Business in Algeria
Algeria is the second largest country in Africa and has a population of over 37 million people. It has a growing economy focused on hydrocarbons but is seeking to diversify into other industries to provide jobs for young people and reduce dependence on oil and gas exports. Foreign companies can operate in Algeria by establishing a limited liability company with at least two partners or opening a branch office, which allows them to be treated like a local entity. Tax rates in Algeria include a corporate profits tax of 30% and VAT of 7-17% depending on the product. Setting up a limited liability company requires a minimum share capital, two shareholders, a managing director, and filing annual returns and taxes.
Doing Business in Oman
Oman is the third largest country in the Arabian Peninsula and has achieved significant economic growth. While oil remains the primary source of income, the development of the non-oil sector is expected to make Oman's growth and development strategy more sustainable long-term. The government encourages foreign investment to further the country's overall development by supplementing domestic investment and facilitating technology transfers and global business connections. Oman is committed to a free market economy based on open competition in which the private sector and foreign investors are supported.
Doing Business in Nigeria
Nigeria is located in Western Africa between Benin and Cameroon. As Africa's most populous country with over 170 million people, Nigeria is also the 12th largest oil producer and 8th largest oil exporter. While oil dependent, the government is working to develop other sectors like roads, agriculture and power. Nigeria offers beneficial investment opportunities as the top stock exchange in Africa and allows 100% foreign ownership of companies. Registering a limited liability company in Nigeria takes 3-4 weeks and allows full foreign ownership and control with a minimum of two shareholders and directors of any nationality.
Doing Business in Saudi Arabia
Saudi Arabia is the largest Arab state in Western Asia by land area and the second largest in the Arab World. It is recognized as a powerhouse of the Middle East and is poised to become one of the top 10 most competitive nations. Foreign companies establishing industrial projects in Saudi Arabia are exempt from custom duties on imported equipment and machinery. Limited liability companies can be wholly owned by foreigners without a Saudi shareholder. The establishment of SAGIA coordinates and issues investment licenses within 30 days and the licensed company must sponsor foreign investors and employees. Taxes are 20% of total profits for companies and Zakat of 2.5% is paid annually on capital and resources excluding fixed assets.
Doing Business in Egypt
Egypt is a transcontinental country located in both Africa and Asia. It has an extremely large population, making it one of the most densely populated countries in the region. Certain industries like mining, tourism, real estate, and technology allow for wholly foreign ownership in Egypt.
To set up a business, foreigners can establish an Egyptian limited liability company (LLC) which allows for 100% foreign ownership. The LLC requires at least two shareholders of any nationality and one resident Egyptian manager. The process of incorporation takes 1-2 weeks.
Licenses may be required depending on the business activities. Importation and operations in Sinai require additional approvals. Foreign companies pay corporate taxes of 20-25% and non
Doing Business In Qatar
Qatar has the world's third largest natural gas reserves and seeks to attract foreign investment and capital to diversify its economy. It offers various tax incentives for foreign investors and allows foreigners to own up to 49% of local entities in most sectors. To set up a business, foreigners can establish a limited liability company which requires at least two shareholders, one director and a Qatar resident secretary. The incorporation process takes around three weeks and the entity must file annual returns and taxes.
Doing Business In Bahrain
The Kingdom of Bahrain is an archipelago of 36 islands in the Persian Gulf, east of Saudi Arabia. Bahrain's legal system is based on Islamic law and English common law. The government of Bahrain aims to attract foreign investment and sees it as a top priority. Bahrain rates 34th worldwide in attracting foreign direct investment, averaging $3.6 billion over the past 3 years. Foreign companies can wholly own LLCs in Bahrain with no restrictions on shareholder or director nationality. Bahrain also has several free zones allowing 100% foreign ownership with no customs duties or government rebates. Foreign companies must obtain a license from the Ministry of Industry and Commerce to operate a business in Bahrain.
Doing Business in Kuwait
Kuwait is an Arab country located in Western Asia on the northeastern edge of the Arabian Peninsula. It has the third highest per capita income in the Middle East due to oil production, which is targeting 3.65 million barrels per day by 2020. Foreign entities can enter the Kuwaiti market by establishing a company, signing a joint venture, appointing a commercial agent or representative, or applying for a license under foreign investment law. Foreign individuals and companies can incorporate as a limited liability company where Kuwaitis must hold at least 51% shares or as a closed joint stock company where foreigners can hold up to 49% with approval. Foreign contractors must obtain certificates to export machinery from Kuwait. Corporate bodies engaged in commercial activities
Intuit News Alert
Intuit Management Consultancy introduces new Private Client and Family Advisory Services to help clients achieve their financial objectives through international trusts, private foundations, investment funds, and wealth structuring. The firm announces the hiring of Johnson K.Rajan to head the new division given his 13 years of experience in trusts, fiduciary, and fund administration.
Intuit Newsletter - June 2014
This newsletter from Intuit Management Consultancy provides an overview of their services such as company formation, offshore incorporations, trusts and foundations, and international tax planning. It also summarizes recent economic reports on the growth of the UAE economy and India's projected growth of 5.5% in the next fiscal year. Updates on new regulations from the DIFC and OECD on dispute settlement and tax transparency are also mentioned.
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News letter - June 2013
- 1. June 2013 Issue 9 Intuit Management Consultancy » India » Middle East » Africa Newsletter Our Services » Company Formation & Management » Offshore Incorporations » Trusts & Foundations » Estate Planning » Corporate Finance » Accounting Services & Tax Compliance » Bank Account Services » Trade and Treasury Services » Fund Services » Fund Formation & Administration » International Tax Planning » Virtual Offices » HR Consulting Services » Yacht Registration Services » Aircraft Registration Services » Trademark Registration » Immigration Services Connect with us Dubai Launches Free Zone for Design, Fashion Dubai Design District, the creation of a commercial fashion hub adjacent to Business Bay, will be dedicated to the Emirate's fashion, design and luxury sectors. Read More U.A.E. and Qatar upgraded to MSCI's Emerging Market Index MSCI has upgraded the U.A.E. and Qatar to "emerging market" status after six years of efforts by exchange officials in both countries to win the confidence of global investors. Read More Hong Kong Expands its CDTA Network Hong Kong signed its 24th comprehensive agreement for the avoidance of Double Taxation (CDTA) in Kuala Lumpur on 25th April 2012. Read More British Overseas Territories sign 'European FATCA' The Cayman Islands, Anguilla, Bermuda, the British Virgin Islands, Montserrat and the Turks and Caicos Islands, all British Overseas Territories with significant financial centres, have agreed to the pilot automatic exchange of information with Euro’s G5, UK, France, Germany, Italy and Spain. Read More RAK Offshore Company Formation RAK Offshore is a part of RAK Investment Authority, Government of Ras Al Khaimah, U.A.E. RAK Offshore aims to be a regional business hub with unique competitive advantages. Read More Intuit Research Team Intuit Management Consultancy India Tel: +91 9840708181 Fax: +91 44 42034149 Dubai Tel: +971 4 3518381 Fax: +971 4 3518385 Email: newsletter@intuitconsultancy.com www.intuitconsultancy.com If you wish to unsubscribe please email sclaimer: The content of this news alert should not be constructed as legal opinion. This newsletter provides general information at the time of preparation. This is intended as a news update and Intuit ther assumes nor responsible for any loss. This is not a spam mail. You have received this, because you have either requested for it or may be in our Network Partner group.