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  • Bitcoin and cryptocurrenciesDatum19.04.2024 17:18
    Thema von MarkBennett im Forum Dies ist ein Forum in...

    A cryptocurrency is a digital asset designed as a medium of exchange. It uses cryptography to secure transactions as well as to control the creation of additional currency units. Cryptocurrencies are digital currencies, a subset of alternative currencies. The most popular cryptocurrency is bitcoin, and since it was invented the various new cryptocurrencies that have been created are frequently called altcoins, as shorthand for bitcoin alternative.

    Bitcoin was designed as a peer-to-peer system to be used for online payments, without the need for a trusted central authority. Since its invention in 2008, bitcoin has grown into a currency, a technology, an investment vehicle and a community of users. It is in fact believed to be the first cryptocurrency, although, as mentioned earlier, similar systems did exist before. Since the bitcoin system works without a single administrator (like PayPal) or a central repository, the US Treasury has categorised bitcoin as a decentralised virtual currency. In fact, the first decentralised digital currency would be a more correct designation than the first cryptocurrency.

    Since all transactions are digital and take place directly between users, without an intermediary, there needs to be a way to ensure that users do not spend more bitcoins than they own. Therefore, all transactions are verified by network nodes and recorded in a publicly distributed ledger known as the blockchain.

    While everyone has at least heard of bitcoin and other cryptocurrencies, few have comprehensive knowledge of how they work. In the rest of this article, we will introduce you to the main advantages and disadvantages to consider before making use of the possibilities that bitcoin offers.

  • Preparing annual financial statementDatum04.02.2024 20:09
    Thema von MarkBennett im Forum Dies ist ein Forum in...

    Drafting annual financial statements can be both an easy and a complicated task. It all depends on the size of your business and the number of monthly transactions. There are financial statements, which do require footnote disclosures. On the other hand, there are financial statements, which are presented without any footnotes.

    There may be different purposes for the statements. For example, normally your bank will be satisfied to see some basic financial figures in order to make sure your company is able to settle debts. Financial statement or report is usually prepared by transferring account trial balances to a set of templates, appropriate for accounting laws of specific country.

    Specific requirements for annual financial statements in different jurisdictions
    Today the majority of year-end financial statements are made in full accordance with generally accepted accounting principles (GAAP). However, you should always consider the specific requirements for the chosen jurisdiction. For example:

    The fiscal year. In vast majority of countries (especially EU member states), the financial year ends on December 31st. Other jurisdictions may have different approaches, since the financial year may end in different periods, depending on the registration date of the company, e.g., (in Singapore, the United Kingdom, Hong-Kong and others);
    Timeframes to file the annual reports. Depending on the jurisdiction, the timeframe for submission of the annual report may vary from just few months up to a year: 3 months in Bulgaria and in Singapore; 4 months in Latvia, up to 12 months on Cyprus, or up to 8 months in the UK;
    Requirements for audit. Note that in some countries every company must submit audited report (Cyprus, Singapore, Hong-Kong, Ireland). While in other countries companies may prepare an audited report voluntarily or, if they reach certain criteria (read further about Audit).
    We highly recommend checking up local national legislation prior to drafting or submitting annual report, as in different jurisdictions requirements may slightly vary. You can also ask our bookkeepers for detailed information - click here to know more.

  • Bank account opening in CanadaDatum05.07.2023 10:08
    Thema von MarkBennett im Forum Dies ist ein Forum in...

    With the right paperwork and initial outlay, it is possible for a foreign citizen to open a bank account in Canada. This opportunity for international accounts and investments offers several advantages based on economic regulations and tax structures. Interest rates, tax laws, and fees vary depending on the specific country in which you are investing; careful research and strategic financial moves could result in significant portfolio growth.

    When considering opening a bank account in Canada, one must enlist the help of international experts to guide them through the process.

    Legal structures in Canada
    Every international jurisdiction abides by a different set of legal structures for taxation and banking. Confidus Solutions helps you to understand the nuances of each country's legal structures. To do business in Canada, it will be critical for you to have a firm grasp on the financial and legal implications.

    Initial investments
    The vast majority of bank accounts in Canada will require an initial financial outlay to secure account opening. This value differs from bank to bank and also depends on variable rates of currency exchange. An international finance expert will help to navigate these conversions as well as the assorted fees and minimums involved in sustaining a bank account. Be sure to understand interest and growth rates associated with any potential international bank account so that you are able to maximize your earnings while minimizing risk.

    Tax structures in Canada
    For best results and to avoid bureaucratic and legal pitfalls, enlist the support of an expert in international finance and economics. This initial investment in proper processes and research will help to avoid a litany of long-term costs and fees associated with unforeseen errors and legal miscues. Language expertise, financial knowhow, and bureaucratic experience will ensure that your account opening is handled smoothly and without unintended consequences.

  • Bank account opening in GuatemalaDatum07.04.2023 13:40
    Thema von MarkBennett im Forum Dies ist ein Forum in...

    With the right documentation and initial expenses, it is possible for a foreign citizen to open a bank account in Guatemala. This international account and investment opportunity offers several advantages based on economic regulations and tax structures. Interest rates, tax laws and fees vary depending on the country in which you invest; Careful research and strategic financial actions could result in significant portfolio growth.

    If one is considering opening a bank account in Guatemala, one must enlist the help of international experts to guide them through the process.

    Legal structures in Guatemala
    Each international jurisdiction adheres to different legal structures for taxation and banking. Confidus Solutions helps you understand the nuances of each country's legal structure. In order to do business in Guatemala, it is crucial that you have a thorough understanding of the financial and legal ramifications.

    Initial investments
    The vast majority of bank accounts in Guatemala require an initial financial outlay to secure the account opening. This value differs from bank to bank and also depends on variable exchange rates. An international financial expert will help navigate these conversions, as well as the various fees and minimums associated with maintaining a bank account. Make sure you understand the interest and growth rates associated with each prospective international bank account so you can maximize your returns while minimizing risk.

    Tax structures in Guatemala
    To get the best results and avoid bureaucratic and legal pitfalls, enlist the support of an expert in international finance and economics. This initial investment in proper processes and research will help avoid a litany of long-term costs and fees related to unforeseen errors and legal errors. Language skills, financial know-how and bureaucratic experience ensure that your account opening is processed smoothly and without unintended consequences.

  • Liberties and freedom in GeorgiaDatum28.03.2023 11:25
    Thema von MarkBennett im Forum Dies ist ein Forum in...

    In terms of political and civil liberties, Georgia is 2nd. Citizens in Georgia experience partial freedom. While the majority of citizens in Georgia are able to exercise their free will to some extent, some political engagement may be limited and certain sections of the population may be barred from certain freedoms or expressions of opinion. Businesses in Georgia are 2 in terms of economic freedom. Citizens in Georgia are considered to be largely free when it comes to their economic decisions. While the government exercises some control over trade, citizens can still control their own finances and property. Corruption may exist, but it does not greatly impede economic growth or freedom. In terms of journalistic freedom, the media of Georgia is in a 3. In Georgia, journalists are generally allowed to express a variety of opinions and there are a number of news sources. However, the government can criticize or disapprove of certain subjects or publications. This is considered satisfactory.

  • Top manufacturing jurisdictions Datum23.12.2022 17:43
    Thema von MarkBennett im Forum Dies ist ein Forum in...

    Manufacturing is the largest economic sector in the world, which is also one of the most important, directly and indirectly accounting for a large part of all economic activity and all jobs worldwide. It processes items and is dedicated to either creating new goods or adding value by producing finished goods for sale to customers or intermediate goods to be used in the production process. After the industrial revolution that began in Britain a few centuries ago, labour-intensive textile production was successfully replaced by mechanization and the use of fuel. Today, manufacturing creates jobs, technological development and an increase in international investment.

    For this reason, some jurisdictions are leveraging manufacturing output and value-added exports to increase their operations, business performance and revenue, and to address the challenges and opportunities that manufacturers face every day in conducting their businesses.

    According to Deloitte's 2016 Global Manufacturing Competitiveness Index, China, the United States, Germany, Japan and South Korea are ranked as the top five most competitive manufacturing countries in the world. These countries generate about 60% of global manufacturing GDP.

    Canada and its provinces compete on a global scale for investments that result in low production costs, low wages for factory workers, and the adoption of globally popular product mandates. As a result, there are some significant trends in Chinese manufacturing that can easily be highlighted. These trends include creating a globally competitive, expansive manufacturing business model, helping to create a competitive business environment for manufacturing in China and increasing sales in domestic and overseas markets. This fact can encourage start-ups to grow, invest and compete with other successful manufacturing companies.

    United States
    The United States is successful in attracting investment in many of the world's most active industries, such as aerospace, auto assembly, pharmaceuticals, to name a few. The USA has signed an agreement with Germany to implement a dual vocational training program for the advanced manufacturing sector. US business policies focus primarily on technology transfer, sustainability, monetary control, and science and innovation, giving manufacturing companies (automotive in Detroit and high-tech in Silicon Valley) a competitive advantage.

    Germany retains a relatively high share of manufacturing exports. The country provides long-term support in government-sponsored science labs and national programs created to foster manufacturing innovation in areas such as solar and wind power and renewable energy (renewable energy sources accounted for 28% of the country's electricity generation in 2014). In addition to an energy revolution in the manufacturing industry, the country is striving to phase out nuclear energy.

    Japan has a technology-intensive manufacturing sector that dominates the global manufacturing landscape in most advanced economies. The country maintains manufacturing competitiveness as there is a close link between manufacturing competitiveness and innovation. Japan has strong potential to become one of the most advanced manufacturing jurisdictions in the world. The Robot Revolution Realization Council was established in the country in 2014 as part of the Japan Revitalization Plan, introducing infrastructure and energy resources for next-generation vehicles. Japanese companies account for 50% of the global factory robot market.

    South Korea
    As the world leader in the manufacture of liquid crystal displays (LCD), smartphones and memory chips, automobiles, and the world's largest shipbuilder, South Korea is actively pursuing growth in free trade agreements with more than 50 countries. The country invests heavily in education and produces a large number of researchers every year. It is also known that supporting manufacturing innovation in South Korea with venture capital investments to boost high-tech startups is identified as a strategic priority.

  • Swiss banking sector overviewDatum04.11.2022 13:47
    Thema von MarkBennett im Forum Dies ist ein Forum in...

    Switzerland is world famous for its banks and thriving economy, with a GDP higher than most Western European countries. The price of the Swiss franc (CHF) was also quite stable compared to other currencies. In 2009, the financial sector in Switzerland contributed around 11.6% to the total gross domestic product and employed almost 195,000 people (136,000 of them in the banking sector specifically), which corresponds to almost 6% of the total Swiss labor force. In addition, Swiss banks employ around 103,000 people abroad.

    Today, approximately thirty-three percent of all the world's funds are held outside the home country (also known as offshore investments), held by Swiss banks and financial institutions. In 2001, Swiss banks managed a total of 2.6 trillion US dollars in net assets.

    Data protection declaration of the Swiss banks
    The Banking Act of 1934 made it a criminal offense for a Swiss bank to disclose information about an account holder. The Swiss bank secrecy guarantees the secrecy of the bank customers. The anonymity guaranteed by Swiss law is in its essence similar to a level of confidentiality protection between doctors and patients or lawyers and their clients.

    The Swiss authorities recognize the right to secrecy as a core principle to be upheld by any democratic state. While confidentiality is guaranteed, all bank accounts are linked to an identified individual, also known as the ultimate beneficiary. It should also be noted that even the principle of banking secrecy is not absolute per se: a prosecutor or a judge has the power to issue an executive order granting the right to grant court-enforced access to bank details required for conduct an investigation are required.

    However, everything changed on May 27, 2015, when Swiss authorities signed an agreement with EU officials. The latter agreement brought the banking practices of Swiss banks and financial institutions into line with common European requirements and standards, ending the data protection directive that EU-based clients of Swiss banks had been enjoying lately. According to the provision of the agreement, both parties involved, Switzerland and the member states of the European Union, will automatically exchange information on each other's bank accounts from 2018 onwards.

    wealth management industry in Switzerland
    Wealth management is a rapidly developing business in Switzerland. To ensure that the Swiss financial center actually prospers and benefits from this development, several local banking and financial associations have developed the Asset Management Platform Switzerland. This platform fulfills the tasks previously performed by the Asset Management Initiative, which was launched back in 2012. The ultimate goal of the platform is to make Switzerland an attractive destination for wealth management purposes on a global scale.

    Asset management in Switzerland is to be developed into one of the leading forces in the Swiss financial center. The wealth management industry is recognized worldwide for a high level of trust and quality. The aforementioned platform is to be used to further develop wealth management in Switzerland as a strategic industry. This is intended to diversify the Swiss financial center by reintroducing existing business guidelines and compensating for declining sectors. Wealth management will also develop into a fully-fledged pillar of the financial center and the Swiss economy for private customer business and customer-oriented investment banking.

    Swiss banks
    At the beginning of 2008, there were 327 registered and licensed banks and securities dealers in Switzerland. The companies on this list are diverse and include the two big banks as well as numerous smaller banks. Click here to view our Swiss bank catalogue.

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