Confidus Solutions can offer you company formation services in any country in the world, including popular offshore locations. However, there are numerous possible jurisdictions, all offering different benefits, and so it is essential to choose the right country for setting up your company. Depending on your personal goals, corporate structure and other requirements, our professional lawyers will advise you on the best jurisdiction in which to start your business.
You should bear in mind that every country has its own legal conventions. For example, countries using a British-style common law system will have slightly different company formation procedures and legal business structures to countries that use a continental European legal system or Sharia law. When it comes to company formation, cultural and historical differences should also to be taken into consideration, as different regions have different cultural backgrounds and legal traditions. Choose a jurisdiction for your company based on geographical positioning.
Wealth management involves providing advice as well as executing investment transactions on behalf of the client. Typically, wealth managers provide also other financial services to their clients, such as management of client’s securities’ portfolio, financial and tax planning. From the client’s perspective, wealth management is a process of enhancing the financial situation while achieving client’s short as well as long-term financial goals. Private wealth management is typically developed to serve private individuals, who are usually high net worth individuals.
Essence of wealth management services Often, wealthy private individuals lack the knowledge and time to successfully manage their finances, therefore, they seek the consultation of wealth managers who are educated to manage the funds of private individuals and are experienced in solving different financial problems as well as enhancing the overall financial status of the client.
Usually, a wealth management advisor meets with a private individual, have a comprehensive discussion about client’s financial goals, his or her ability and willingness to risk as well as any other restriction and stipulation the client could have regarding the investment of his or her wealth. Later on, the wealth manager composes an investment strategy that allows the client to achieve his or her goals while being the most suitable for the client taking into account all the information discussed during the meeting. The wealth management advisor then continues to manage the private individual’s funds while utilizing various investment products.
While wealth managers typically cannot offer their clients the same concierge-like and specialised services as private bankers, they spend a great deal of time to understand the client’s needs and developing the most suitable investment strategy for the client. For example, wealth managers cannot open a bank account for the client, but they can assist them in determining which bank account would be the most suitable for the client’s needs.
Services provided by wealth managers include:
fund allocation to suitable investment ideas; retirement planning; coordination with accountants and attorneys; trust planning; insurance and risk requirements. Wealth management is usually one division of banking institutions or non-banking financial institutions specialising in providing services to high net worth clients.
Benefits of wealth management services While you may be extremely knowledgeable in your own area of expertise, you may not be an expert in investing and financial markets. This is completely acceptable and you do not have to spend your time and energy to acquire sufficient knowledge of financial markets to feel comfortable investing on your own. Very often there are simple tricks to know and mistakes to avoid, which are only known by professionals familiar with the financial markets.
Professional wealth managers will guide you through the confusing processes, as well as advise on the good and bad investment ideas and partners.
Another benefit of professional wealth managers is their multi-disciplinary set of skills that will be used in your favour. Wealth manager skills are not limited to being good at allocating assets; professional wealth managers will also be able to help you with tax optimization, legal requirements, retirement and savings goals as well as passing your wealth to the next generations.
The third benefit of acquiring wealth management services is to use the manager as a filter for your investments. If you are a high net worth individual, most likely you are receiving numerous requests and prayers to invest in different business ideas and projects. In these cases, you are able to redirect all such request to your wealth manager and not deal with them. If a genuinely good investment idea will show up, your wealth manager will spot it and present it to you.
If you live in France or simply have some business in France that requires a money transfer, you will need to open a bank account with one of the banks registered in France. France's banking system can certainly be compared to other leading European countries, therefore, whichever bank you choose, in addition to online banking, you can expect quality service and a wide network of branches and ATMs. The largest banks in France include BNP Paribas, Societe General, Credit Agricole, BPCE and Credit Mutuel, in addition to other multinational banks operating in France.
When people think of private banking, many think of well-respected private banks that cater to clients with at least EUR 1 million in financial assets. Meanwhile, French private banking welcomes people with financial assets from EUR 100,000. In fact, private individuals holding between EUR 100,000 and EUR 1 million represent around 50% of total investments in the French market. Nonetheless, retail banking holds 75% of the market and nearly one in two clients eligible for private banking services still seeks the advice of a retail advisor.
Private banking is either a sector of a banking institution along with retail banking, or a separate entity engaged only in private banking. In general, private banking offers a wide range of products and services. In addition to classic retail banking services, private banking clients receive more personalized services – a full range of fund administration services, advice on securities, tax-advantaged investments, private equity, management on behalf, advice and transactions of fixed assets (art, rural real estate, real estate, etc.) and the structuring of investments.
Requirements for opening a private bank account in France The process of opening a private bank account is fairly simple but can be daunting at times as many bankers and most of French society do not like speaking English. Although private banking is certainly more responsive to the interests and needs of their clients, you should be prepared to look for an English speaking private banker to feel comfortable entrusting him or her with your wealth.
The procedure and requirements usually vary from bank to bank, but in general the required documents are as follows:
Completed and signed application form (generally in French, but some banks offer English translations); Copy of a valid passport; Copy of a marriage certificate (if applicable); Copy of a current electricity bill (usually no more than 3 months old); proof of income; The reservation contract or title deed of the property in France. All private banks have a certain minimum amount of assets under management in order to become a customer. As discussed above, you will find offers from private banks to open a private account from 100,000 euros in assets. In France there are numerous banks offering private banking services. Three of these are discussed below.
BNP Paribas With more than 100 billion EUR in assets under management and 2,400 employees located in 23 countries, BNP Paribas Private Banking is among the leading private banking organizations worldwide. In France, BNP Paribas is managing around 45 billion EUR and serving 75,000 customers. BNP Paribas brand is the highest valued in France – in 2015, its brand was worth 14.7 billion EUR. It is also a leading bank in Eurozone, ranked 2nd in Europe and 8th globally in 2017.
Banque privée Edmond de Rothschild Banque privée Edmond De Rothschild was ranked as the best private bank in France in 2016. With headquarters in Geneva, Switzerland it is dedicated to the wealth management of private as well as institutional clients. It was founded in 1923 as Banque privée but was bought by the Rothschild family and is currently a part of the Edmond de Rothschild Group.
Société Générale Société Générale is a multinational banking institution headquartered in Paris offering a wide range of services including international retail banking, corporate and investment banking, asset management, private banking as well as securities services. Société Générale is the third largest bank in France by total assets and sixth largest in Europe.
Société Générale Private Banking has developed a Centre of Expertise for Wealth Planning and Fiduciary (Trust) Services for global wealth planning. Each year, the centre delivers over 1000 wealth studies in addition to in-house expertise in domestic and international wealth planning.
Practical advices As mentioned above, when coming to France you have to keep in mind that French people do not like to speak English. Surely, when opening a bank account you want to be understood and be able to communicate freely also if you do not speak French. Therefore, it is highly suggested to make sure that your private manager speaks English or ensure you have a translator before opening an account with a certain bank.
Generally, banks are open from 09:00 to 17:00 in workdays, but some branches tend to have irregular opening hours (for example, half a day) and lunchtime closing is a rather normal appearance. Before opening a private bank account, make sure that the bank has opening hours convenient to you.
Lithuania has a corporate tax rate of 15%, which is one of the lowest in the European Union. Companies that operate under VAT have to pay tax on purchases at 21%. Certain services, like those related to some domestic passenger transport, books (excluding e-books), newspapers and periodicals, hotel accommodation, district heating, and others, benefit from a 9% VAT rate.
In terms of political and civil liberties, Ecuador ranks 2nd. Citizens in Ecuador experience partial freedom. While the majority of citizens in Ecuador are able to exercise their free will to some degree, some political engagement may be limited and certain population groups may be barred from certain freedoms or expressions of opinion. The companies of Ecuador are 5 in terms of economic freedom. Citizens in Ecuador are not considered free in their economic decisions. The government prohibits citizens from all economic activities, and some illegal business activities are punishable by imprisonment or even death. Investors should avoid countries that are not economically free as the risks do not justify any potential gain. In terms of journalistic freedom, the media of Ecuador are in a 3. In Ecuador, journalists face a very serious situation. Censorship rules all publications and the government controls most of the media. Journalists who express opinions against the government can be punished with fines, imprisonment or death.
The United Kingdom of Great Britain and Northern Ireland or simply the United Kingdom is the largest state in the British Isles and comprises the island of Great Britain, Northern Ireland which is located in the north-eastern part of the island of Ireland and the Republic of Ireland borders many other smaller islands. This country has a long and rich history combined with a liberal, modern and forward-thinking mentality. Due to numerous waves of immigration, Great Britain is culturally extremely diverse. Not only is the UK one of the world's leading financial centers, it has numerous other strong industries that together make up the fifth largest economy in the world and the second largest economy in Europe after Germany.
The UK is currently going through major changes and one can only wait and see what the UK economy will look like once it leaves the European Union. Now we can look at the popular applications from UK companies and why the UK is one of the top destinations for foreign entrepreneurs.
One entry point for the rest of Europe The UK is an important gateway to the rest of Europe. The UK is a major trading partner within the European Union and also has ties to other member states of the Commonwealth of Nations. Access to larger markets is a crucial factor for any business and many foreign entrepreneurs see the UK as the most advantageous location to do business in order to reach as many other markets as possible.
Currently, the UK enjoys being part of the EU single market, which means that UK registered companies can, among other things, trade freely with any member country of the EU single market without tariffs, quotas or trade taxes. This is not only financially beneficial for the UK businesses, it saves time and most importantly - they get a huge customer base. After exiting the European Union, the UK will most likely exit the single market, however trade deals are being negotiated to continue to benefit from the potential customer base in the EU.
Develop new products In 2011, the UK government launched a campaign to encourage a business-led recovery from the recession. The campaign, called StartUp Britain, was designed to inspire and support entrepreneurs. Since then, annual birth rates have increased each year as entrepreneurs value the technical support provided for new product development and other support needed by entrepreneurs. This is just one example of numerous campaigns, think tanks and incubators across the country. In addition, the UK is rich in resources and extremely bright professionals willing to change the world with their business ideas.
Find new customers, suppliers and partners According to the World Bank, Britain is home to more than 65 million people and is one of the few countries in Europe where the population is expected to grow in the future. Entrepreneurs are rightly taking advantage of this large base of wealthy clients.
But the UK is attractive to foreign and local entrepreneurs not only because of the advantages offered by the large local customer base and potential markets, but also because the UK is a perfect location to meet new suppliers and partners for your business. Just like you, numerous other entrepreneurs decide to relocate to the UK every day for the above reasons. Due to the popularity of the English language, foreign entrepreneurs can communicate with each other, as well as with local entrepreneurs, without a language barrier. Numerous trade and business related conferences, shows and workshops are frequently held in the UK, helping to bring together like-minded people with business ideas.
The EU Blue Card is sometimes compared to the US Green Card. The blue color is said to be the color of the European Union flag, for this reason the map should be blue. Its purpose is to give non-EU/EEA citizens a work and residence permit. It offers people the right to fit into the socio-economic landscape and embark on a path that leads to permanent residence in Europe. Put simply, people can live and work in Europe without restrictions if they have a Blue Card.
Purpose of introducing an EU Blue Card It was introduced by the European Commission in 2007, proposed and implemented in 2009 and issued by 25 countries that are member states of the EU. According to Eurostat data, in 2016 most work permits issued were registered in Germany (more than 17,000), France (more than 700) and Poland (more than 600).
The second purpose of the EU Blue Card is to make Europe a more attractive destination for professionals from outside the European Union. A special EU Blue Card program has been created for all EU member states with the exception of Great Britain, Ireland and Denmark, which invites highly qualified people to the EU states. This scheme aims to make Europe the world's most popular migration destination.
This can be guaranteed through equal salaries and working conditions for foreigners, freedom of movement within the Schengen area, socio-economic rights, favorable conditions for family reunification, permanent residence prospects and freedom of association. Obtaining the EU Blue Card has several main advantages. These include very high chances of a permanent residence permit, which entitles you to any kind of employment under easier conditions, equal rights and equal opportunities to work in Europe's largest economy and a huge business market, and easy travel opportunities.
Prerequisites for applying for a Blue Card Although the same basic criteria can apply to all 25 member states of the EU, there are smaller additional criteria that are determined by each member state for itself. In principle, the Blue Card can be applied for if three main requirements are met. These are: non-EU nationality, educational or professional foreigners (highly qualified or skilled workers, researchers, students and trainees) and with an employment contract or binding job offer (seasonal workers, internal transfers). A person can be considered a highly skilled worker if they have an employment contract of at least one year and if they can meet the conditions listed below. If a person is able to meet these mandatory requirements, they will be given an online profile in the EU Blue Card network, which has a dual function – to consult foreigners with employers to offer them an employment contract and to allow foreigners to change their employment contract to submit applications.
In recent years there has been a shortage of workers, which is noticeable in areas such as medicine, technology, computer science (IT), natural sciences and mathematics. This means that foreigners who work in the areas mentioned usually have a better chance of receiving the EU Blue Card.
In addition, a person who is self-employed or an entrepreneur can receive the Blue Card if they have sufficient financial resources, have a business that has a positive impact on the economy of the host country and can generate an economic interest that is active in the host EU -Member State is low.
When applying, it is important to consider the time frame it will take to gather all the required documents. It usually takes 4-6 months to prepare all the required documents. Some countries arrange appointments with the relevant embassies or consulates in foreigners' home countries, others offer online applications that can be filled out by foreigners themselves or their employer or a law firm. It is expected that after applying, the person will have to wait up to 3 months for the processing to be completed.
The quality of infrastructure in Hungary is rated at 3.18. It indicates a satisfactory quality - roads, railways, ports and other facilities are capable of handling significant traffic at any time, and are also suitable for various types of transport vehicles and ships.
In Hungary, 100% of the population has access to electricity. There are 3,145,000 internet hosts in Hungary. Hungary has 41 airports nationwide.
The logistic performance index of Hungary is 3.46. It indicates satisfactory performance - in general, traffic is handled well, some shortcomings in certain areas are possible, but overall the logistics system is reliable and ready to handle predictable traffic volumes.
Tracking options for shipments are rated at 3.82. This indicates good performance – the tracking systems provide detailed and up-to-date information about most shipment parameters, often crossing national barriers (both political and linguistic) and can be qualified as international tracking systems.
The number of road motor vehicles per 1000 inhabitants in Hungary is 12.
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22.03.2024 15:17
