Turkey is strategically located between Europe, the Middle East and Central Asia and offers significant opportunities for foreign investors.
There are several types of company in Turkey; Joint Stock Companies, Limited Liability Companies, Collective Companies, Partnerships Limited by Shares and Cooperative Associations. The difference between these companies concerns the allocation of liability and the legal form of the entity. The most commonly used company for international business companies is the Limited Liability Company.
Key benefits of Turkey:
- Turkey is ranked as the 15th most attractive destination for foreign direct investment (FDI) in the world (UNCTAD World Investment Prospects Survey, 2008-2010)
- Customs union with the EU
- Large high quality, cost-effective labour force.
- Flexible exchange rate and liberal import regulations
- Turkey has a large number of double taxation agreements and tax incentives
- Turkey has a large consumer base with substantial purchasing power
Establishing a company branch or subsidiary in Turkey
Foreign Companies can open branches in Turkey and the removal of pre-setup approval by the Turkish Authorities has made it easier to open a Turkish Branch of a Foreign Company. The establishment of a branch office in Turkey is subject to the approval from the Ministry of Commerce and Industry.
Legally a branch office is considered the same as a Limited or Joint Stock Company in Turkey. The only difference is that Branch Offices are bound to the mother company and there are more procedures required to establish the branch office.
Cyprus Variable Capital Companies: AIFs
There are two types of Variable Capital Companies in Cyprus; UCITS and AIFS. Read on to find out more about Alternative Investment Funds.
Cyprus Variable Capital Companies: Open-Type UCITS
There are two types of VCCs in Cyprus; UCITS which we will discuss in the following article, and AIFS.
Protection of Nominee Directors from IRD claims for Cyprus client companies
Legislation re Cyprus Tax Residency:
Cyprus Company Law: Responsibility of Directors for the non-payment of taxes
A Company Director, in a company incorporated under the laws of the Republic of Cyprus, may be found liable by the Inland Revenue or Customs & Excise with regarding tax related issues. As per the legislation, the Inland Revenue or Customs & Excise may personally prosecute the Company Directors who are involved in any taxation offence(s) or related financial matters.
Inward re-domiciliation: changes to the Singapore Companies Act allowing foreign firms to re-domicile to Singapore
In order to ensure that the regulatory regime of Singapore continues to be robust, relevant and in line with international norms, on the 30th of March 2017, the Companies (Amendment) Act 2017 of Singapore was gazetted. Among the number of amendments to the Companies Act, the provisions for the inward re-domiliation regime are arguably the most important in further boosting Singapore’s character as a business hub.
Inward re-domiciliation: Key changes to the Singapore Companies Act make company relocation to Singapore easier than ever
Last March, the Singapore Government amended the Singapore Companies Act 2017 which introduced an inward re-domicile (or relocation) regime in an effort to boost Singapore’s attractiveness as a business hub.
Cryptocurrencies: technical and legal overview
In this article, we will try to succinctly describe the technical and legal characteristics of Cryptocurrencies. The understanding of Cryptocurrencies is crucial for today’s modern payment services and investment opportunities around the world. We have seen the increasing importance that this topic has acquired in the last few months and the rise of the price of the most popular type of Cryptocurrency, the Bitcoin, from $0.06 cents of a dollar in 2010 to $5,518.85 by the 25th of October, 2017.
The Belize IBC Amendment Act 2017: 3 notable changes for businesses
Belize has amended its International Business Companies Act. These changes were to maintain its financial services industry in the increasingly regulated international market & meet the OECD white list requirements.