People in Nauru speak the English, and Nauruan languages. The linguistic diversity of Nauru is rather diverse according to a fractionalization scale which for Nauru is 0.6161. The followers of Christianity are the religious majority in the country. 100% of Nauru's population live in cities. This percentage comprises the urban population of Nauru. The rate of urbanization in Nauru is considered to be 0.3.
National anthem The national anthem of Nauru is called 'Nauru Bwiema', which in English means 'Song of Nauru'. It was adopted in 1968. The lyrics have been written by Margaret Hendrie and the music has been composed by Laurence Henry Hicks.
Fast food Around 71% of the population of Nauru are obese.
Alcohol consumption Each year, the people of Nauru consume 2.5 litre of alcohol per capita, and this volume consists of 85.4% beer, 14.6% wine, 0% distilled spirits, 0% other alcohol.
National dish One of the most popular national dishes of Nauru is fried eggs and rice.
A limited liability partnership is a type of partnership in which each partner’s liability is limited to the total value of their contributions. In other words, the liability of each partner does not place their personal assets at risk, only the assets they have contributed to the partnership. This can vary to some degree, depending on the jurisdiction and the provisions of the partnership contract. For example, some jurisdictions stipulate that each limited liability partnership must have a general partner, whose liability is unlimited.
Another distinguishing characteristic of limited liability partnerships is that all partners have the right to directly participate in the management of the business. This is different from the position of corporate shareholders, who elect a board to manage the company on their behalf, and of silent partners in a limited partnership, who have no management rights.
Limited liability partnership owners Generally, all partners in a limited liability partnership are considered equal owners with equal rights and liability limits. This can be altered to a certain degree by the laws of a particular jurisdiction and by the relevant partnership agreements.
As mentioned earlier, some jurisdictions may demand that one partner becomes 'general', i.e. accepts unlimited liability. Other variations may affect some forms of unlimited liability, e.g. in some US states individual partners may be personally liable for an LLP's international torts (violations of civil law).
Although they may seem minor at first sight, these variations can significantly change the advised course of action when it comes to incorporating a limited liability partnership. This is why we strongly recommend that you contact Confidus Solutions' team of international experts, who will provide a detailed analysis of the company registration requirements in each particular jurisdiction.
Functions of a limited liability partnership The main function of a limited liability partnership is to boost the partners’ chances of increasing their individual profits and security in comparison to what they would gain if they operated individually. Entering a partnership agreement may also allow the partners to compensate for the weaknesses and utilise the strengths of each individual: one of the partners may bring significant financial assets, another may be able to offer well-developed manufacturing facilities, while another may have a wide network of clients, etc.
Other than that, limited liability partnerships have no special functions and are mainly distinguished from other legal business structures by the way the roles are distributed between partners. A limited liability partnership can engage in any type of business activity, including trade, services, manufacturing, etc.
In Finland, the form of government is a unitary parliamentary constitutional republic. In Finland, legislative power rests with an eduskunta. Prime Minister is Sauli Niinistö. A country's governmental structure determines the way laws are written, passed and interpreted. The type of government determines the way elections are held as well as the country's system of policing its citizens. The term of office of the head of state in Finland lasts until January 1, 2024. The length of a head of state's term of office has a direct impact on the power and influence of the leadership position. A longer term gives the head of state more authority. The term of office of the head of state in Finland lasts until January 1st, 2024. The length of a head of state's tenure has a direct bearing on the power and influence of the leadership position. A longer term gives the head of state more authority. The Global Peace Index (GPI) for Finland is 1.277. Due to the strong presence of the law enforcement authorities and the high level of social responsibility, Finland is very safe in international comparison. The Strength of the Legal Rights Index for Finland is 7. Overall, it is considered to be fairly adequate – bankruptcy and collateral laws can protect the rights of borrowers and lenders at least to some extent; Credit information is largely sufficient and generally available.
Government In Finland, Sauli Niinistö is the head of government. The system of government in Finland is a unitary parliamentary constitutional republic. In Finland, legislative power rests with an eduskunta; This is a unicameral legislature and therefore a unicameral Eduskunta. According to the World Bank Group, Finland's government effectiveness index is 2.02. This shows that the Finnish government is very effective. Highly effective social, public and public services are available to citizens and the general mood in Finland is high. State measures are efficient and quick, which means that dangerous situations are extremely unlikely.
Bearing in mind that within the European Union there are no withholding taxes on IP royalty payments between one member state and another, we can suggest a number of countries where royalty income taxes are particularly advantageous.
CYPRUS The intellectual property royalty tax system in Cyprus changed as a consequence of the recommendations of the Organisation for Economic Co-operation and Development (OECD)'s Action 5 report, as well as the conclusions of the Ecofin Council, published on 8 December 2015. The legislation was amended to limit the companies that can benefit from exemptions for research and development (R&D), but the tax rate in Cyprus is still one of the most favourable in the EU for foreign companies wishing to license the use of IP to a Cyprus-resident company (intermediary), where that right is then sub-licensed to the end user. Overall, the effective tax on income from IP royalties should be less than 2.5%.
IRELAND In 2015, Ireland introduced an effective corporation tax rate of 6.25% on income derived from IP, based on an allowance for the research and development costs sustained by the company. By linking the two components in this way, Irish law encourages companies to conduct R&D directly, inside the EU — leading to the creation of IP — whereas it discourages them from buying licences without making a direct commitment to R&D.
BELGIUM Belgium has established a tax regime that works in favour of those with income deriving from acquired copyrights. This fiscal regime can have many different applications, and can be used to protect artworks as well as providing a useful tax concession for IT developers. Revenues deriving from royalties on IP rights are taxed at 15%. These revenues are not taken into account when social security contributions are calculated. Moreover, for imports these taxes are reduced by 50% due to the application of standard entry costs. The first 15,000 euros earned by a copyright holder in a year is therefore taxed at 7.5%, and the following 15,000 at 11.25%. This tax system applies to those with a total annual income of up to 56,450 euros.
THE NETHERLANDS Since 2010, IP revenues in the Netherlands have been taxed at just 5%. There is no income threshold, except with respect to patents. Patent holders can in fact have access to this tax system if their share of the expected income is between 30% and 70%, taking into account the total combined revenue from patents and other sources. These rates also apply to foreign companies that own intangible assets or companies that have obtained a research and development accreditation from the Dutch Ministry of Economic Affairs, if they are the holders of software IP or trade secrets. The only other limitation of this favourable tax regime is that it does not apply to marketing- and brand-related assets.
LUXEMBOURG Generally, corporation tax in Luxembourg is 29.22%, but on revenues from IP licensing it can be as low as 5.8%. This is due to a corporate income tax exemption of 80%. Interestingly, this exemption also applies to companies that have registered a patent to be used in connection with their own activities, which then calculate a fictional net income, as if they had received the income from licensing it.
ITALY
Italy is a bigger market compared to the other countries discussed, and it can be a very attractive place for a company to invest in research and development, because since 2015 companies have been able to deduct income deriving from intellectual property from their taxable income base. The fiscal deduction was set at 30% in 2015, 40% in 2016 and 50% starting from 2017. Companies will therefore enjoy a substantial tax discount as a result of the reduction in their taxable income.
Sharia law, or simply Islamic law, is part of Islamic traditions and derives from such religious perspectives of Islam as Hadith and the Qur'an. This law defines every aspect of the life of a person who has chosen to follow the Islamic religion, and finance and banking are no exception. In general, banks and other financial institutions operating under Islamic law are considered Sharia compliant. While all Islamic banks are operated according to Sharia law, more and more Western banks are also making sure to become Sharia-compliant and thus open up new customer groups and partners.
Differences between traditional and Islamic banking The most important difference between the traditional banking model and Sharia-compliant banking is that the Qur'an does not allow interest or fees to be charged during a monetary transaction. This stems mainly from the fact that, unlike traditional banking, Islamic law sees money as a measure of value rather than an asset, and therefore no one should profit from money. Collecting interest is now labeled usury - a practice of making immoral and unethical money loans that are unfair to the borrower and enrich the lender.
Islamic banks are typically governed by a Sharia Advisory Board, made up of Islamic clerics and scholars, whose primary role is to ensure that all activities conducted by the bank are conducted in strict accordance with Sharia law. Those who prefer Sharia-compliant banking believe that the Islamic banking system is superior to Western capitalist banking, largely due to the fact that it is built around a "strict code of ethics" based on the Qur'an that prohibits exploitative practices. According to proponents of Islamic banking, this enables banking to play an integral role in a moral society governed by the Qur'an. In contrast, they see capitalism as purely profit-oriented, which incites exploitation of others and greed, which in turn leads to Western social problems such as wealth inequality and class division.
Importance of Sharia Compliant Banks According to Islamic Bank USA, Shariah-compliant banks must offer products and services that:
interest free, Trade related – for real financial need in its purest form, Ethical – Funds cannot be allocated to pork, liquor, pornography, gambling or anything else that Islamic law deems unlawful. Usually, Sharia-compliant banks charge a surcharge on the risk amount instead of interest on the products offered. Sharia law also prohibits debt trading, meaning compliant banks do not issue traditional bonds. Instead of interest attributed to bonds, yields are calculated using a mathematical formula that is used to relate the cash flow generated by the asset to the cost of the asset. In addition, Sharia-compliant banks must donate 2% of their profits to Muslim charities.
Islamic Banking in the Western World The Islamic banking system has evolved significantly over the past decade and has become a notable part of the international financial system. While still in a relatively embryonic stage in the western world, the Islamic financial system has become the fastest growing segment of the international financial system.
Sharia compliant banks position themselves as a moral alternative to Western banks and currently 75% of all Muslims in England prefer Sharia compliant banking products. But the Islamic banking model extends beyond the Muslim community — it's trying to become the preferred banking option for non-Muslims as well. In London, about 20% of all requests for Islamic banking products and services come from non-Muslims.
Brazil is not only the largest country in both Latin America and South America, it is also the fifth largest country by area and sixth largest by population in the world. Brazil is also the ninth largest economy in the world in terms of nominal GDP (as of 2016). By 2010, Brazil was considered one of the fastest growing major economies in the world and gained new international influence and recognition due to its economic reforms. Its diversified economy includes industry, agriculture and various services.
Brazilian economy Industry, including steel and petrochemicals, automobiles, computers, and aircraft and consumer durables, accounted for 30.8% of GDP and is heavily concentrated in Rio de Janeiro, São Paulo, Porto Alegre, Campinas and Belo Horizonte. Tourism is a growing sector in Brazil and a key industry for several regions. The most popular tourism product is natural areas for ecotourism combined with leisure and recreation. Brazil is also one of the largest producers of coffee, oranges, sugar cane, as well as soybeans and papaya.
Surely such a country attracts foreign entrepreneurs to expand their businesses in the local market or they might even choose to start a business in Brazil as a base to reach all of Latin America. If you too have decided to start your business in Brazil, there are a few things to discuss and consider so that your business is successful from day one.
Doing business in Brazil The business environment in Brazil has its own set of rules and peculiarities linked to the culture and history of Brazil. In case you don't have a good knowledge of Brazilian customs or a local agent to guide you through them, you can consider incorporating your company in São Paulo as it is the most internationally oriented city in Brazil and the business there usually in more ' western than in other cities. The further north you go in Brazil, the more conservative the business mentality becomes.
In general, a large part of the Brazilian economy is made up of family businesses, which are more patriarchal and formally organized than Western companies. A decent family background is an important factor when evaluating a potential business partner. Brazilian companies are organized vertically and all business matters are discussed and decided by superiors. Good manners and dress code are a must, you should show an intellectual interest in Brazilian music, literature and history. If you want to be taken seriously in Brazil, don't try to skimp on a cheap hotel - opt for a first-class hotel and receive your business partners in style.
Business meetings Before doing business in Brazil, it is very important to establish good personal relationships. Brazilians do not go straight to business, they first want to get to know you better personally. Therefore it helps if you are introduced by a mutual acquaintance or someone respected by your business partner. The same as your Brazilian counterparts will want to get to know you better, you are also expected to show genuine interest in them. Due to the personal relationship in business, it will take some time to rebuild the cooperation if a local sales representative or other personnel is replaced.
Often, business meetings start later than planned and take longer than expected – you should keep this in mind if several meetings are planned for one day. You should arrange a business meeting around two weeks in advance and confirm it two days before the meeting. It is highly inappropriate to visit a company without an appointment.
Other tips when incorporating a company in Brazil:
If you want to succeed in Brazil, you will have to learn Portuguese; Never offer bribes to get around the bureaucracy – foreign entrepreneurs in Brazil are being watched closely; Consider hiring a local agent to deal with all the bureaucratic hurdles; It takes a relatively long time to achieve something in Brazil – be patient and adjust your plans and budgets accordingly; Look straight in your business partner's eyes, otherwise it might be interpreted that you are hiding something.
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07.02.2024 12:27
