Tax and accounting regulations
Summary of Requirements for a Limited Liability Company (Spolka z.o.o):
|Type of Company||Limited Liability Company|
|Timescale to incorporate||Approx|
|Double Tax Treaty Access:||Yes. Double
Tax agreements exist with over 70 countries.
|Disclosure of Beneficial Owner:||Yes – information is available in the Register Court|
|Minimum No. Required||1,Corporate Directors are not permitted|
|Local Director Required||No|
|Publicly accessible information||Yes, directors details are available on a public register|
|Location of Meetings||Local|
|Minimum No. Required||1, Corporate Shareholders are permitted however must be at least 1 natural person as shareholder.|
|Publicly accessible information||Yes|
|Location of Meetings||Anywhere|
|Local Secretary Required||N/A|
|Registered Office Required||Yes|
|Standard Currency||Polish Zloty (PLN) – 1PLN = 0.25 Euro|
|Standard Authorised Share Capital||PLN 50,000, price per share PLN 500|
|Minimum Paid Up Capital||PLN 5000 (Approx. 1,250.00 Euro) – required in order to establish a company|
|Accounting & Compliance|
|Requirements to prepare Accounts||Yes|
|Requirement to File Accounts||No. Can be kept at the Registered Office|
|Requirement for Audit||Audit is required if at least two of the following are met:
|Local Auditor Required||Yes|
|Requirement to file Annual Return||Yes|
|Bank Account Opening||A visit is required.|
|Corporate Income Tax Rate:||19%|
|Capital Gains Tax Rate:||Capital gains are taxed as ordinary income at a standard corporate tax rate of 19%|
Dividends paid to a non-resident company are subjected to a 19% withholding tax unless the rate is reduced under a tax treaty or the dividends qualify for exemption under the EU parent-subsidiary directive.
Interest paid to a nonresident is subject to a 20% withholding tax unless the rate is reduced under a tax treaty or the EU interest and royalties directive.
The withholding tax on Royalties paid to non-residents is subject to a 20% withholding tax.
Cyprus Regulatory Update: Shell Company Definition & Exceptions
The Central Bank of Cyprus has released new guidance for all credit institutions on the island, refining the definition for shell companies and subsidiary entities; coming into effect from November 2018, which are detailed as follows:
Singapore Variable Capital Company VCC: New Features & Benefits
The introduction of the VCC is a significant positive for the Singapore funds industry. Its aim is to retain Singapore as an attractive business destination and to keep investors wishing to domicile locally.
Consolidated Accounts for Hong Kong Companies: Subsidiary Requirements
As per Hong Kong company’s ordinance subdivision 3 section 379 subsection 1, a Company Director will have to prepare year-end financial accounts that comply with sections 380 and 383.
Challenges of Our Time: Cryptocurrencies & Their Regulation
The very concept of cryptocurrencies derives from technologies and the creation of alternatives to existing payment systems, which for the most part is caused by the negative consequences of financial crises and the injustice within the sphere of financial and legal regulation. Many people are convinced that the cryptocurrency is likely to become an alternative to the established global financial system and open new opportunities to those segments of the population and citizens of those countries that are deprived of the opportunity to work with the banking financial system.
The Tax System in Poland: Benefits & Overview
The tax system in Poland is one of the most loyal for both large and small businesses in the country. There are two levels in the system that relate not only to residents of Poland, but also to foreigners. The Polish tax system consists of administrative taxes (duties are paid directly to state bodies) and local taxes (the process is similar to the previous type). Therefore, Poland is one of the European countries with a stable economic position, whose attractive system attracts citizens from neighbouring countries to conduct business within the country. It is the Polish taxation system that is advantageous for businessmen willing to enter the international market.
The reasons of abolition of the Company Secretary in UK Private Companies
The role of Corporate Secretary can be a position in a private sector company or within the public sector organisation. In large, publicly-listed corporations, a Company Secretary is typically named a Corporate Secretary or just a Secretary. The Company Secretary is responsible for the efficient administration of a company, particularly with regards to ensuring compliance with statutory and regulatory requirements and also for ensuring that decisions of the board of directors are implemented.
The Dematerialisation of Shares in the UK: Current Update & Assessment
Business is an area that is continuously developing. An integral part of both business and economics are companies. It is possible to say that companies dictate the conditions of the market to a certain extent. Any public or private company has its own shares; a share is a security that provides a portion of ownership of the company and gives the holder the right to a part of the profits.
Current Information on the Payment of Cyprus Taxes for Pensions & Rental Income
Cyprus employees who are considered to have tax resident status, pay tax on their global income. Employees not considered to be tax resident are only charged for specific types of income that are originating from Cyprus-based sources.