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Things to Consider When Renting an Office Abroad

Renting is an agreement where a payment is made for the temporary use of a good, service or property owned by another. A gross lease is when the tenant pays a flat rental amount and the landlord pays for all property charges regularly incurred by the ownership.

Expanding your market is always going to be the logical next step for a successful business, but like anything worth having, it is not without its challenges. There are great rewards on the horizon but in order to achieve them you must move from the familiar to the unfamiliar and for the unwary that is when problems arise. There is no such thing as over-preparing for a move abroad. That is not to suggest that there is only one location where your business will thrive, but there are certainly locations where it will struggle and perhaps even fail.

Location

The choice is daunting, but your decision needs to be shaped by the nature of your business, the scale at which you intend to operate, your workforce requirements, your supply line requirements and the new markets that you seek to enter. Financial considerations, either the opportunity to save money on running costs or incentives offered by particular governments will also be a factor.

Office/ warehouse costs

According to data from Statista, in the final quarter of 2021, London was the most expensive European city for rental prices of prime office locations, with an average cost of 1492 euros per square metre. By contrast, Lisbon is the most affordable SCALE city in which to rent office space, with an average cost of just 300 euros per square metre. Clearly, and it will depend on the particular requirements of your business, there are opportunities for huge savings.

Other opportunities to save money

Office costs are a major outlay, but you also need to consider the other costs involved in the proposed location: energy costs, transport costs and local taxation will be key factors. Lower labour costs may well be a key incentive, but will you be able to recruit the expertise you require?

MIFID 2 and GDPR compliancy

These are the two massive pieces of European legislation with which your business will need to comply if you intend to operate in Europe. MIFID 2 is a legislative framework established to regulate financial markets in the E.U. and it covers every aspect and profession within the financial services industry. The General Data Protection Regulation covers all aspects of data protection and privacy. Your business will need to be fully compliant with both systems.

Government incentives

There is fierce competition among governments to attract business and it is certainly worth shopping around to see which incentives might best suit your business. Germany, for example, offers direct grants, which do not need to be repaid, to offset start-up costs, promote research and development or establish a workforce. It also offers public loans, to cover up to a 100% of eligible costs, up to a value of 25 million euros.

Cultural difference

Any successful business will have an understanding of the subtleties of cultural difference, perhaps employing a culture consultant to ensure that inadvertent offence is not caused. Styles of language, body language, dress codes, values, and attitudes are not universal and an understanding of the culture, within which your business is a guest, is crucial.

How To Find The Top Cloud Storage Platform

If you are searching for a simple, scalable, and accessible cloud storage platform for your personal or business files, you will have several considerations to make before choosing a service provider. These considerations include the price, features, and security of the storage platform.

The problem with most platforms that offer server backup and archive solutions is that they are expensive, unreliable, or both. If you are looking to safeguard your organisation systems using reliable data backup you need to find a cloud storage platform that offers reasonable low prices, a reliable and trusted storage service that is protected against data loss, and boasts twenty-four-hour staff at data centres whose job it is to keep your data safe.

In this article, we’ll go over some of the things you should consider when looking for the top cloud storage platform.

The Cloud

The cloud refers to web-connected servers and software that users can access and use over the internet. These servers offer data storage and computing power, and users do not have to host or manage their own hardware and software. Companies that provide cloud storage services enable users to store files and data on remote servers and then access all of this information via the Internet. If you use cloud storage services, you can access these systems and files anywhere that you have access to the internet.

Affordable Cloud Storage

If you are looking for an excellent cloud storage service to back up and archive your files, you will also be considering the cost of the various competing platforms online. You do not want to spend an inordinate amount of money on this task, instead, you want an affordable and trusted option, and Backblaze is the perfect solution. With Backblaze B2, you will pay only for what you use. There are no minimum costs, delete fees, payment tiers, or fine print. When you are searching for a reliable cloud storage solution, you might think that you need to opt for a pricey option to get the most out of the experience, but this is not the case. Affordable cloud storage solutions can also be the best fit for you, and the most efficient.

Limitless Storage

Look for a cloud storage provider that offers multi-regional cloud storage. This means that you can store files and data wherever you want, across the United States and the European Union. Moreover, a great feature of cloud storage is that you can store unlimited files, at unlimited file sizes. This means there is no limit to how much you can store on the cloud. Some cloud storage services will automatically back up all your files including documents, photos, music, movies, and more.

No Physical Devices or Maintenance

What is so great about cloud storage is that it is via the internet, so it does not require any physical devices that can be bulky, cumbersome, and prone to breakdowns. This means you will not have to set aside office space for physical storage systems, like file cabinets or extra computers. The lack of physical devices and maintenance costs makes cloud storage a cost-effective, space-saving, and efficient file storage option.

Moreover, unlike physical filing systems, or computer memory storage, the cloud is protected against human and technical errors. The cloud runs on a redundant power system. This means it has more than one source of energy, so if one fails the cloud will be able to keep running smoothly. Redundant power offers you and your files more protection and provides reassurance that you will not lose your important documents or precious photos.

When you want to store your personal or business files in a safe, secure, and trusted cloud storage platform, you will need to consider the cost and any restrictions different cloud storage solutions impose before deciding which to choose. Look for a cost-effective and multi-regional cloud storage system through which you can backup and archive limitless files of limitless file sizes. Check providers’ websites to find testimonies from happy customers or lists of big companies that use and trust their cloud storage services.

Using the cloud rather than physical storage devices, like computers, minimises your risk of losing data due to human error or technological breakdown. What’s more, if you are not using a physical device, you will not have to pay maintenance and breakdown costs, nor find physical space in your office to store the storage system. For these reasons, a great cloud storage platform is the most efficient and logical storage option. Make a move today toward a more technologically sound, secure, and practical storage solution for your files with the cloud.

Asset Management Industry to Grow by 5%

Asset management is a systematic approach to the governance and realisation of value from the things that a group or entity is responsible for, over their whole life cycles. It may apply both to tangible assets and to intangible assets.

Currently controlling more than US$110tn, the power the asset and wealth management industry has in shaping the future is unparalleled. With global assets under management projected to grow by up to 5.6% per annum to US$147.4 trillion by 2025, it can shape a future which is better for investors, shareholders, the economy and the wider society.

This is according to PwC’s new global report ‘Asset and Wealth Management Revolution: The Power to Shape the Future’ published today drawing on data, analysis and expert insights as well as the econometric modelling of PwC’s Asset and Wealth Management Research Centre.

The report focuses on a number of key findings and areas for the industry to address, which are pivotal to helping the global economy.

Asset and wealth management firms can:

  • Fund the future: There is a widening funding gap which will need to be filled to support recovering economies.
  • Provide for the future: With aging populations, widening pension gaps and challenging demographics, the AWM industry has a key role to play in supporting investors in meeting their savings’ goals.
  • Embrace ESG as the future: With US$110 trillion in assets under management, and growing, this industry has the power to literally change the world from an ESG perspective.

Repair, reconfigure and report are the key areas the industry needs to address as it rethinks its strategy to be fit for the future.

According to the report, the industry can be a powerful engine of recovery and a force for good in a world facing uncertainty and upheaval. Funding the future, providing for the future and embracing environmental, social and governance matters are pivotal to this.

Asset and wealth management firms can achieve superior fund returns as alternative providers of capital.

At US$41 trillion, non-bank lending now exceeds bank lending in advanced economies and continuing low interest rates, coupled with higher capital adequacy ratios, will increase pressure on banks and their ability to lend. This has created an opportunity for private market funds to help finance businesses with strong growth potential but limited access to mainstream funding.

The AWM industry can address one of the key goals of the EU’s Capital Markets Union Action plan and improve the private capital markets.

Providing for the future

Pension fund assets are expected to grow to almost US$65tn by 2025.

Within retirement saving, specifically, pension funds now manage more than $50tn in pension assets, and we forecast that this will grow to almost $65tn by 2025. Providing for the future is the other side of the coin to funding the future — the more wealth we can create as a society, the more we can save and the more that will be available to invest.

And as people live longer, the asset and wealth management industry can contribute to the resolution of escalating pension gaps and retirement poverty. Saving cash on deposit is no longer tenable in a world of ultra low interest rates and fixed income yields, forcing savers to look for higher yielding, attractive options.

Assets under management in infrastructure funds are expected to double by 2025.

Further opportunities for asset and wealth management firms to provide for the future include making up for the growing shortfall in available infrastructure investment, especially from governments. Within developed markets, there are considerable openings to refurbish roads, airports, hospitals and other such opportunities while accelerating developments in areas such as 5G and renewable energy. As a result, we expect assets under management in infrastructure funds to double by 2025.

ESG-aligned funds cumulatively have already outperformed their traditional counterparts.

Increasingly, investors are putting the environmental and social profile of AWM firms on a level playing field with financial return. A growing number of investors expect asset and wealth management firms to make environmental, social and governance issues integral to their investment strategies. This shift is already having a revolutionary impact on product design, fund allocation and performance objectives.

PwC’s analysis shows that ESG-aligned funds cumulatively outperformed their traditional counterparts by 9% from 2010 to 2019.

Research also shows that diverse companies, in which more than 30% of leaders are women, are, on average, 15% more profitable than those that aren’t diverse, and businesses that score highly on sustainability tend to outperform those that don’t.

Why Register a Company in Cyprus?

A company registration number is a unique combination of numbers and, in some cases, letters. The company registration number is used to identify your company and verify the fact that it is a registered entity.

Business nowadays operates in an interconnected world, without any boundaries or limitations to protect brands and companies from the merciless competition.

In our era, due to technological breakthroughs, competition is thriving and multi-attacking companies and brands from various channels of communication; therefore entrepreneurs find themselves in the difficult position of searching and finding the most favourable path to follow, for the achievement of economies of scales.

Currently, many entrepreneurs are in the process of searching various ways on how they can maximise their productivity and enhance their profitability by minimising their operational costs. One of the main scenarios they examine, due to its endless possibilities, is the reincorporation or re domiciliation of their business activities in favourable markets. Even though this practice is very common, entrepreneurs should cautiously consider their options, since this path can be very costly, multifaceted and time consuming.

Consequently, when entrepreneurs decide to pursue this course of action not only do they have to prepare their business plan but they also have to include the nature of activities and purposes of their company and simultaneously proceed with the political, economical, social and technological environment analysis of the target market.

Additionally, they should examine important economical parameters of the targeted country such as the taxation regime scheme, processing time of company formation or domiciliation and the terms and conditions of the exchange regulations, as well as, the transaction flexier company registration number is a unique combination of numbers and, in some cases, letters. The company registration number is used to identify your company and verify the fact that it is an entity registered, assets, personal information protection and requirements for opening corporate bank accounts etc.

In summary, entrepreneurs should thoroughly assess the business law frame work under which their company will operate.

Even though various countries are renowned for their favourable tax regime scheme, Cyprus is considered to be one of the most reputable and strongest jurisdictions for many types of company formation, incorporation, trusts and investment offering one of the lowest corporate tax rates in Europe.

Cyprus is a country island situated in the Eastern Mediterranean area, at the heart of three continents; Europe, Africa and Asia thus rendering it a favourable choice.

It is a full member of the European Community and completely aligned with the EU regulations. Its currency is Euro and the official language is Greek while English is spoken by almost everyone and Russian by a significant percentage of the population.

In addition, Cyprus has one of the lowest crime rates in the world. It has an excellent transportation structure and infrastructure that support the entire spectrum of business activities which take place on the island. It has a trustworthy and advanced private banking and medical system. Cypriot people are well mannered and are famous for their hospitality.

The Legal System of Cyprus is based on Common Law. Its economy operates based upon an open, market driven principle, with favourable tax regimes for the incorporation of companies and investments. Moreover, Cyprus is characterised by a high per capita income and renowned as a European Union centre for foreign investments, offshore businesses and activities.

Also, it is important to note that the Government authorities of Cyprus are promoting heavily the incorporation and foreign investments, as well as, allowing the purchase/ownership of property under favourable conditions.

Consequently, Cyprus Government authorities engage in non – stop negotiations for forming double taxation treaties with non European countries, in order for the Cypriot active companies to enjoy an important competitive advantage. Currently, Cyprus is an affiliate to more than 50 double taxation treaties based on the OECD including the European Union, China, India, Kuwait, Russia, Singapore, Thailand, United States, Azerbaijan, Lebanon, United Arab Emirates, Georgia and other important hub countries.

Furthermore, other important advantages of Cyprus are the low corporation tax rate, the very short time frame for company registration, as well as, the low annual maintenance fees of corporations. Cyprus offers one of the lowest corporation tax rates in the EU, which is 12.5%. The time frame for the registration of a new company is very short, approximately 7-9 days.

Hence, Cyprus allows the use of nominee Directors, Secretary and Shareholders therefore there is no obligation of exposure of the Ultimate Beneficial Owner in the public Company Registrar Record. Anonymity rights are fully safeguarded and there is no need for the owner to be present during the process of the incorporation or opening of a corporate bank account. Bank accounts can open between 2 – 5 working days with full online electronic banking and digital pass as well as a debit card.

Cyprus is considered to be the most well-known EU country for offshore company formation and Trusts. The Cyprus International Trusts are exempted from income tax, capital gains tax, special contribution or any other taxes. Additionally, there is no estate duty or inheritance tax in Cyprus, there is flexibility for relocation, there is no exchange control regulation and trusts can operate internationally with no disposal tax of securities. Thus, there are no withholding taxes on dividend payments, interest or royalties to non residents.

In addition, the profits from the sale of shares in the stock exchange are tax free, whereas, the losses of a company can be carried forward opposed to future profits for an indefinite period. Besides those very important advantages, Cyprus is also offering the Group relief option, whereby the loss of one company can be covered by the profits of another since both of them are under the Cyprus residential tax scheme.

Moreover, Cyprus Permanent Residence and Citizenship Schemes are considered to be one of the strongest in the world since they provide several significant benefits to the investors, as well as, an advantageous flexibility towards the investors that are reside in non EU member states, which includes, their family members under18 years old as well.

To sum up, Cyprus tax law is characterised by its simplicity, straight forward approach and effectiveness. Subsequently, entrepreneurs should consider Cyprus as a favourable market for incorporation or re -domiciliation of their business activities, since their companies will enjoy instantly, among other important advantages, low corporate taxation rates and annual maintenance corporation costs.

In addition, entrepreneurs will have the option of forming an offshore company or a trust so as to protect their assets, companies’ strategies and personal information by enjoying a very beneficial taxation regime with no exchange control regulation that would limit international operation.

Justifiably, Cyprus is considered to be an EU Tax Heaven island country. Cyprus companies enjoy safety, stability and flexibility, as well as, overall low tax rates while having the opportunity to trade not only in the EU but in other countries by enjoying the advantages of over 50 double taxation treaties.

Cyprus is globally an ideal investment and incorporation gateway, offering to the investors a market right of entry to more than 500 million EU citizens, the Middle East and China.

Politicians Try Mending Relationship With Business

Politicians in the United Kingdom have moved to rebuild their relationship with the business community by hiring Sky executive Andrew Griffiths, as part of Number 10 team.

A source close to Griffiths said Johnson’s appointment of the Sky veteran – who most recently served as the broadcasting giant’s chief operating officer – was “a clear sign of intent” that the former mayor of London wants to build fresh links with the City and businesses across the United Kingdom.

However, the relationship may already be thawing with most business groups giving a cautious welcome to the incoming resident of Number 10 yesterday.

The British Chamber of Commerce was also quick to send its regards, but again warned about the consequences of crashing out of the bloc.

The message to Boris Johnson from business communities around the United Kingdom couldn’t be simpler: the time for campaigning is over — and we need you to get down to business.

Companies need to know, in concrete terms, what your government will do to avoid a messy, disorderly Brexit on 31 October – which would bring pain to communities across the United Kingdom and disruption to our trade around the world.

Business lobby group the CBI echoed other calls for a pro-business Brexit deal, but also on support for infrastructure projects to boost businesses across the country.

Johnson has previously voiced opposition two of the country’s most ambitious infrastructure projects: Heathrow airport expansion and the HS2 rail project.

The pound dropped to $1.247, after the membership ballot result naming Johnson as leader was announced.

As Michael Brown, senior analyst at Caxton FX explains, this was largely due to the fact that the likelihood of Johnson victory had already been priced in.

In the run-up to the announcement a number of businesses had been nervous about the prospect of a Johnson premiership, due to the former London mayor’s insistence that he would take the United Kingdom out of the European Union with or without a deal by the 31 October.

European Union and Mercosur Reach Trade Agreement

The European Union is the first major partner to strike a trade pact with Mercosur, a bloc comprising Argentina, Brazil, Paraguay and Uruguay. The agreement concluded today will cover a population of 780 million and cement the close political and economic relations between the European Union and Mercosur countries.

It represents a clear commitment from both regions to rules based international trade and will give European companies an important head start into a market with an enormous economic potential. It will anchor important economic reforms and modernisation undergoing in Mercosur countries.

The agreement upholds the highest standards of food safety and consumer protection, as well as the precautionary principle for food safety and environmental rules and contains specific commitments on labour rights and environmental protection, including the implementation of the Paris climate agreement and related enforcement rules.

Mercosur countries will also put in place legal guarantees protecting from imitation 357 high-quality European food and drink products recognised as Geographical Indications, such as Tiroler Speck, Fromage de Herve, Münchener Bier, Comté, Prosciutto di Parma, Polska Wódka, Queijo S. Jorge, Tokaji or Jabugo.

The agreement will open up new business opportunities in Mercosur for European Union companies selling under government contracts, and to service suppliers in the information technology, telecommunications and transport sectors, among others.

It will simplify border checks, cut red tape and limit the use of export taxes by Mercosur countries. Smaller companies on both sides will also benefit thanks to a new online platform providing easy access to all relevant information.

While delivering significant economic benefits, the agreement also promotes high standards. The European Union and Mercosur commit to effectively implement the Paris Climate Agreement. A dedicated sustainable development chapter will cover issues such as sustainable management and conservation of forests, respect for labour rights and promotion of responsible business conduct.

It also offers civil society organisations an active role to overview the implementation of the agreement, including any human rights, social or environmental concerns. The agreement will also provide for a new forum to work closely together on a more sustainable approach to agriculture and, as part of the political dialogue under the Association Agreement, address the rights of indigenous communities.

The agreement also safeguards the European Union and Mercosur’s right to regulate in the public interest and preserves the right to organise public services in the way they consider appropriate.

European Union food safety standards will remain unchanged and all imports will have to comply with the European Union’s rigorous standards, as is the case today. The agreed food safety, and animal and plant health provisions will reinforce cooperation with the authorities of the partner countries and speed up the flow of information about any potential risks through a more direct and efficient information and notification system. In this way, the agreement will increase our efficiency in ensuring the safety of the products traded between the European Union and Mercosur countries.

The trade agreement reached today is part of a comprehensive new Association Agreement under negotiation between the European Union and Mercosur countries. It is composed of a political and cooperation pillar – on which negotiators already reached a general agreement in June 2018 in Montevideo – and the trade pillar.

Beyond trade, the agreement will enhance political dialogue and increase cooperation in areas such as migration, digital economy, research and education, human rights, including the rights of indigenous people, corporate and social responsibility, environment protection, ocean governance, as well as fight against terrorism, money laundering and cybercrime. It will also offer increased possibilities for cooperation at multilateral level.

The Association Agreement will complete the network of Association Agreements in the Americas and consolidate the relations with the important partners in the region, supporting European Union positions on many global issues.