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#1 Re: Apple Talk » UK Partner Visa: Bringing Couples Together in Britain » Sep 07 4:47 AM
The European Union (EU) is an economic and political union of 28 member states that are located primarily in Europe. The EU operates through a system of supranational independent institutions and intergovernmental negotiated decisions by the member states. Institutions of the EU include the European Commission, the Council of the European Union, the European Council, the European Court of Justice, the European Central Bank, the Court of Auditors, and the European Parliament. The European Parliament is elected every five years by EU citizens. The EU's de facto capital is Brussels.
#2 Re: MFi Controllers » What are some improvements to a business? » Aug 16 8:00 AM
The most common legal entity(business) set up in Latvia, Lithuania and Estonia is a limited liability company, also known as a LLC. This type of enterprise provides its owner with business opportunities, limiting the exposure of owner’s private capital to risks and not affecting his personal obligations. There are no restrictions to set up a company - enterprise can be set up by resident, non resident or legal entity. In Latvia a LLC is called SIA, in Estonia – OÜ and in Lithuania – UAB.
The process of incorporation is not as complex as that of a joint stock company, but still requires time and experience with establishment of such companies. Registration as a Value Added Tax (VAT) payer is not mandatory following the formation and incorporation of a company, but becomes necessary if the annual turnover exceeds the limit stipulated by the law. A limited liability company requires the minimum equity capital which is almost common in Latvia, Lithuania and Estonia; however, there are different ways to invest the capital.
#3 Off-Topic Chat » Residence permit in Latvia based on financial investment in a Latvian » Aug 06 4:57 AM
- BalticLegal
- Replies: 0
Acquisition of a residence permit based on investment a Latvian bank is often a superior option for those who are looking to obtain a residence permit while ensuring a stable investment with a guaranteed return, rather than exposing themselves to the possible variable gains sometimes seen when investing in real estate. Statistics show that this type of investment is generally a less common way to obtain a residence permit when compared to purchasing real estate, however, there are several peculiarities of the scheme available in Latvia that makes this option the best solution for some investors.
Financial investment in a Latvian bank
In order to apply for a residence permit in Latvia based on financial investment in a bank you need to place with a bank at least EUR 280,000 in the form of subordinated capital and pay a state fee of EUR 25 000 to the government. The subordinated capital is funds that the bank is borrowing from a customer for a term of at least 5 years (Like a Corporate Bond – but where the corporation is a bank). If you choose this option, then you should know that the term of your residence permit will be the same as the term of the subordinated capital (The length of the Bond). The banks usually take all the risks. Also, it's worth noting that the bank pays you interest, like with any other bond, so it can be a good, low risk way to ensure a return on your investment and increase your capital over time at the same time as obtaining your residence permit. The interest rate will be agreed in advance, and therefore this option effectively guarantees the amount of return on your investment, while perhaps not providing the same level of liquidity you see with a real estate purchase - where you have the option to sell at any time.
During the last year only 208 investors submitted a request for a residence permit based on investment made in Latvian banks. Since 2010 the total amount of investment is estimated to be around 75.7 million euros.
Choosing between the available options can be difficult and requires a close examination of your needs and circumstances. We can help you choose the most suitable solution to satisfy your needs by providing a consultation and making all necessary calculations. We can also provide full legal support for any other part of the process of getting set up so that your investment and residency is a pleasant and stress free experience
#4 Off-Topic Chat » United Kingdom company registration » Jul 07 4:10 AM
- BalticLegal
- Replies: 0
United Kingdom of Great Britain and Northern Ireland (UK) is a constitutional monarchy located off the north-western coast of continental Europe. The country includes the island of Great Britain, the north-eastern part of the island of Ireland and many smaller islands of the British Isles. Large portion of the United Kingdom's GDP comes from the service sector. United Kingdom also has a large automotive business, millions of tourists every year and well developed air traffic.
Company formation
When you start a business in the UK you must choose a structure for your business. Most businesses in the UK are: sole traders, limited companies, partnerships. When setting up business in the UK you may need to apply for a licence, depending on what your business is.
Please check the expected company name and address with us to learn if such is available.
Details about company Director and Secretary
Share Capital and Shareholder Details
You must register for VAT with HM Revenue and Customs (HMRC) if your business turnover is more than £79,000.
Maintaining a company
Returns must be filed annually, failure to do so is considered a criminal offence and may result in a fine depending on the company type and duration of delay.
Your Corporation Tax rate depends on how much profit your company makes and may change on 1 April each year.
Corporate tax rate
In United Kingdom corporate main tax rate is changed from year to year in 1st April.
Rate From 1 April 2014
Profits £300,000 or less (small profits rate) 20%
Profits above £300,000 (main rate) 21%
Company types
We recommend and offer formation of the following types of companies:
Limited Liability Company
Limited Partnership
Scottish Limited Partnership(SLP)
For more information on benefits of each type please contact us.
Tax system
The corporate tax in the UK is 20-23%, but due to the UK taxation system there are commercial opportunities available to reduce tax payable for those engaged in international business. For more information on taxes in the United Kingdom please contact us.
Overseas territories
The United Kingdom has fourteen overseas territories with their own Common Law based on English Common Law, operating under jurisdiction and sovereignty of the United Kingdom. It makes some of them particularly attractive for establishing an offshore company.
#5 Off-Topic Chat » Latvia aims to protect Shareholders of LLC companies » Apr 11 12:55 PM
- BalticLegal
- Replies: 0
The shareholder interests are protected in Latvia by introducing the mandatory notarial form of the documents regarding transfer of shares in the company.
The changes in the Latvian Commercial Law adopted on 01.07.2013 introduce a significant reform in the shares transferability in Latvia. The amendments refer to the changes in the legal structure of the company in Latvia as well as the changes in the management board (changing the director of the company, appointing/dismissal of the board members) and making amendments in the Articles of association (the statutes).
Transfer of shares
Until 30.06.2013 the shares were freely transferable and it was not mandatory to conclude and sign an agreement regarding the share acquisition. It was sufficient if the previous shareholder signed the new shareholder registry approving that the share transfer has been completed.
The recent changes in the Commercial Law as of 1st July 2013 determine the form of the agreement to be concluded between the previous shareholder and new owner of shares as well as the procedure of forming the list of shareholders in the company (shareholder`s registry). The Commercial Law in Latvia stipulates that the agreement between the prior and new shareholder must be in writing (share purchase agreement, share transfer agreement, share donation agreement, barter or other type of agreement). On this stage, the notary is not involved.
If the shares are transferred on the basis of a donation, barter or other type of the agreement except a purchase, it is required to receive a consent of the shareholder`s meeting unless the Articles of association provides otherwise. Thus, the all transactions with shares except purchase are subject of shareholders consent. Such regulation aims to protect the current shareholders if one of the shareholders intends to avoid the lawful pre-emptive rights.
If the shares are transferred under the share purchase agreement (SPA) more detailed regulation applies. In order to protect the current shareholders the seller shall inform the all others shareholders and the management board of the company regarding the proposed share transaction. In this case, the other shareholders may proceed to exercise their pre-emptive rights. Therefore, the seller or the buyer shall present the share purchase agreement with the essential terms and conditions, and the shareholder shall decide within one month whether to proceed or allow selling the shares to the proposed buyer. The statement and the purchase agreement shall be sent to the shareholder`s declared address according to the information indicated in the shareholder`s registry.
According to the Latvian Commercial Law, the shareholders are recorded with the shareholder`s registry (list of shareholders) which is usually signed and sealed into two copies, one copy for the management board and the other to submit with the Commercial Registry. According to the recent changes, it is required to sign the shareholder`s registry by the chairman of the management board (director) and the seller and the buyer. All signatures must be certified before the notary.
Increase of share capital
The increase of share capital may affect the legal structure in the company. According to the Latvian Commercial Law the resolution regarding the increase of the share capital shall adopt in the shareholder`s meeting. Pursuant to the new regulation, such decision should be signed by the shareholders at the presence of the notary.
Secondly the increase of share capital refers to the amendments in the Articles of Association (the Statutes). Although the decision on increasing the share capital shall adopt the shareholders at the shareholder`s meeting (shareholder`s resolution), the Articles of association shall sign the company board (all members of the board). Pursuant to the changes as of 1st July the signatures on the Articles of Association should be verified at the notary. Thus, the shareholders protection has been maintained on the highest level.
Other changes
The notary is involved only regarding the fundamental changes in the company such as transfer of shares, increase of the equity capital, changes in the company board and directors. Other changes such as change of legal address do not require a notarial approval and they are left under discretion of the management board, since they do not affect the rights of shareholders.
#6 Re: Off-Topic Chat » Cheap car rental in Albania » Apr 11 12:46 PM
Albania, a formerly closed, centrally-planned state, is making the difficult transition to a more modern open-market economy. Macroeconomic growth averaged around 6% between 2004-08, but declined to about 3% in 2009-11, and 0.5% in 2012. Inflation is low and stable. The government has taken measures to curb violent crime, and recently adopted a fiscal reform package aimed at reducing the large gray economy and attracting foreign investment. Remittances, a significant catalyst for economic growth declined from 12-15% of GDP before the 2008 financial crisis to 8% of GDP in 2010, mostly from Albanians residing in Greece and Italy. The agricultural sector, which accounts for almost half of employment but only about one-fifth of GDP, is limited primarily to small family operations and subsistence farming because of lack of modern equipment, unclear property rights, and the prevalence of small, inefficient plots of land. Energy shortages because of a reliance on hydropower - 98% of the electrical power produced in Albania - and antiquated and inadequate infrastructure contribute to Albania's poor business environment and lack of success in attracting new foreign investment needed to expand the country's export base. FDI is among the lowest in the region, but the government has embarked on an ambitious program to improve the business climate through fiscal and legislative reforms. The completion of a new thermal power plant near Vlore has helped diversify generation capacity, and plans to upgrade transmission lines between Albania and Montenegro and Kosovo would help relieve the energy shortages. Also, with help from EU funds, the government is taking steps to improve the poor national road and rail network, a long-standing barrier to sustained economic growth. The country will continue to face challenges from increasing public debt, having slightly exceeded its former statutory limit of 60% of GDP in 2012. Strong trade, remittance, and banking sector ties with Greece and Italy make Albania vulnerable to spillover effects of the global financial crisis.
#7 Off-Topic Chat » Accounting in Lithuania » Feb 11 4:15 AM
- BalticLegal
- Replies: 0
A company in Lithuania has to provide reports to Tax Inspectorate, Social Security Fund, Department of Statistics, Center of Registers, Customs Department and migration offices. It may be difficult for a foreigner to manage accounting and bookkeeping – he needs to know Lithuanian language, legislation of Lithuania and to understand accounting and bookkeeping requirements. Non-compliance with the annual report requirements or failure to pay taxes will result in troubles with authorities. Each Lithuanian company must have a bookkeeper who will help to prepare the needed reports and submit them to state authorities as well as provide advice on what taxes one must pay.
Accounting reforms in Lithuania
Lithuania has been one of the front runners in kick-starting transition to the International Public Sector Accounting Standards (IPSAS), with consolidated financial reports on state and municipal levels. Transition to this system has been a challenge and required preparation.
Not only the reforms encompassed a change of accounting principles but also aimed to increase the effectiveness of accounting function itself. Policy makers at central and municipal levels began working on reforms five years before. Preparatory phase included pilot programs by several public sector organizations, as well as development of regulations, detailed accounting manuals and instructions for transition. Extensive training for public sector accountants and completion of standardized IT solutions took place. Implementation of a centralized IT solution for national financial statements for more than 4 000 public organizations was a different deal.
Public reception
These changes ere not a painless transformation process. They demanded changes in the qualifications of all public sector accountants and initially were treated with a high level of resistance. Strong political support and firm leadership from the Ministry of Finance were crucial in ensuring their successful implementation. There was still a one year delay from the original launch date. That was due to a lack of preparation by public sector organizations.
Current state and results
The system is firmly in place and there has already been two cycles of financial statements based on the IPSAS. To safeguard reforms, the Ministry of Finance is now focusing on amending standards and other regulations. This is deploying support to a call centre set up to deal with IPSAS enquiries and delivering on site training to improve the quality of financial data.
Future prospects
Implementing reforms has been one step in transformation of public financial system. To maximize potential advantages of this system country needs to have a consistent vision on public finance reform as a whole. Lithuania, having implemented the IPSAS, has strengthened qualification of public sector accountants and IT systems used for its government accounting. Process is ongoing and the country still faces many challenges; the successful implementation of IPSAS has given a crucial head start toward achieving public finance excellence.
Annual report
The annual report typically includes the following:
Management report
Balance sheet
Income statement
Cash flow statement
Statement of changes in equity
Notes to the annual accounts
The actual content of these statement may vary depending on the type of report. Thus, for example, joined reports may emphasize results achieved by a group as a whole not by each undertaking itself.
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