Nominee services are typically provided by an intermediary to conceal the beneficial owner's business. Nominee services relate to nominee shareholders and nominee directors. As a rule, the nominee service should also include a PO box service (office address for correspondence purposes). Nominee services are suitable for large corporate structures for tax planning purposes and often involve international elements. For example, the beneficial owner is located in a different country than the company itself.
Nominee shareholder services are normally performed on the basis of a declaration of trust whereby the nominee declares that they hold shares on behalf of someone else and have no authority to make decisions in the company, vote at a shareholders meeting or receive dividends, unless: the customer has expressly instructed it. The nominee has no rights to sell shares unless requested by the client. However, the Client and the Agent may agree on specific tasks for the Agent to perform. Such duties are often delegated to lawyers and attorneys who are professionals in the field and can protect the interests of the client.
Nominated director, also called 'shadow director', who normally only appears for official records, while the company is in effect ruled by the client by power of attorney. Based on the authorization, the customer can open a bank account and assume full management and control of the company.
Benefits of nominee services The benefits of using nominee services are evident in cases where a business owner wishes to maintain their privacy and reduce access to official records or does not want their name to be associated with the business in question. In addition, there may be situations where an individual has restrictions on performing the proposed activity or where the law requires local management, such as a local secretary in Hong Kong.
When quick action is required to register a company abroad in the event the client is unable to travel, it is often more convenient to temporarily appoint a local company director. When intending to open a business in a foreign jurisdiction such as the British Virgin Islands, Belize or Hong Kong, it can be physically difficult to appear in person.
Nominee services usually guarantee confidentiality and anonymity. However, disclosure is sometimes made to banks or investigative authorities during court proceedings.
The nominee services are often used for tax planning and wealth protection purposes. If the ultimate beneficiary of the full corporate structure resides in low-tax jurisdictions, it should enjoy the benefits of the low-tax regime for the dividends received from the profits generated.
Other benefits derive from the country of registration and are often related to financial statements and reports. In some tax haven jurisdictions there is no requirement to file the annual form, hence low auditing and accounting requirements which offer certain advantages if the individual is willing to increase privacy and confidentiality and hide their assets.
Nominees The term "nominee" may refer to a nominee director or a nominee shareholder. Confidus Solutions can offer you both services worldwide, depending on your company structure and your personal goals.
Nominated Director The nominated director is usually a local resident. However, it can also be a person from abroad, since there are no special requirements. Nominee Director should be an individual or a private person. In some countries a director is an institution, so the director could be a collegiate body.
Nominee shareholder For the purposes of nominee service in certain jurisdictions, the nominee shareholder is typically an individual private individual. Depending on the individual case, the person may be resident or non-resident.
Confidus Solutions nominees It is possible to combine nominee services and expand the corporate structure to two level nominees. Nominee Director and Nominee Shareholder should not necessarily be the same person or located in the same jurisdiction. There can be different solutions for tax planning purposes.
Functions of a trading company The functions of a trading company depend on the particular business sector it operates in, but generally include the following:
Purchasing goods from manufacturers Selling goods to companies and consumers Storing goods for sale Allocating goods in a retail chain Setting up storage facilities and points of sale Managing international trade operations Making logistical arrangements for the delivery of goods In general, the main function of a trading company is obtaining goods from manufacturers and delivering them to customers. In this regard, a trading company may undertake any tasks necessary to achieve that end. They may also be involved in negotiating and making use of land grants that allow a business to own, manage and develop a piece of real estate property, including land and buildings. Obviously, this is an additional possibility for a trading company as a legal entity, and not a major business function or task.
Types of trading companies There are two primary types of trading companies:
B2B (Business-to-Business) Trading Company B2C (Business-to-Consumer) Trading Company B2B (Business-to-Business) Trading Company The most extensive use of trading companies is as intermediary trading companies or B2B companies. These businesses usually 1) specialise in a certain range of products or services, which they purchase from suppliers or merchants; 2) broker the products or services (i.e. add value and commission to the transaction); and 3) coordinate the logistics of delivering these products/services to the purchasing company (i.e. arranging the delivery and providing their own or affiliated transportation services).
B2C (Business-to-Consumer) Trading Company B2C refers to selling products or services to the end client, and so the final destination of the trading company’s goods is usually a shop.
Multinational companies and governments around the world are increasingly looking to Africa as a new business destination. Africa's economy has grown at a rate of around 5.3% per year over the last decade and six of the world's ten fastest growing economies are located here. These countries have a fast-growing middle class that contributes to rapid urbanization that is increasing faster than their cities' infrastructure can keep up. It is a common misconception that many economies in Africa are heavily dependent on energy production. In reality, the oil and gas sector accounted for only 11% of Nigeria's GDP in 2014, while the construction sector accounted for 20%.
When considering doing business in Africa, it is not a matter of choosing just one country or all 54; A regional approach makes more sense. Sub-Saharan Africa, for example, refers to sub-Saharan countries such as Angola, Kenya, South Africa and Nigeria. Many companies already doing business in Africa are separating their businesses in North Africa and Sub-Saharan Africa due to the stark economic, linguistic and cultural differences between the two regions. Here are our top 5 African countries for doing business:
Mauritius Mauritius is known for offering an extremely favorable business environment for investment and business growth. The process of incorporating a company and starting new business activities in Mauritius is believed to be straightforward and relatively easy. Mauritius' economy is mainly based on textiles, tourism, sugar and financial services, although recently other sectors such as renewable energy and information technology are expanding rapidly. The World Bank ranked Mauritius 49th in its Doing Business 2017 ranking, largely due to its pro-business approach to dealing with building permits, enforcing contracts and protecting minority investors. Another ranking of African countries places Mauritius first based on factors such as law and security, economy, human development and human rights.
Rwanda Despite nearly a decade of Rwanda's civil war, the country's leaders and citizens alike have worked to achieve a healthy business climate and a strong overall economy. According to the World Bank, Rwanda is the second easiest place to do business in Africa and ranks 56th in the Doing Business ranking. This is because the procedures for registering a property, obtaining credit and trading across borders have been greatly simplified. Tourism is currently the fastest growing sector in Rwanda. According to our research, businesses can be incorporated and operating in as little as three days.
Botswana Since gaining independence, Botswana has had one of the fastest per capita economic growth rates in the world. As the government works to diversify the country's profitable industries, the mining of diamonds and other precious metals is currently the main contributor to the country's economy. Recently, Botswana has managed to reduce the time it takes for various processes including import and export and business formation procedures. In addition, technological upgrades have reduced the average court length for commercial disputes to 625 days (from 987 days in 2008). Thanks to these improvements, Botswana ranks 71st in the World Bank's Doing Business 2017 ranking.
South Africa South Africa's key industries are automobile manufacturing, tourism, mining and information and communication technologies. South Africa has managed to simplify its import and export procedures, resulting in less time and fewer documents required. In addition, the South African authorities have simplified tax legislation, reducing the number of hours required to prepare tax reports. The World Bank ranked South Africa 74th for ease of doing business in 2017.
Kenya Another country to keep an eye on is Kenya, which is currently making huge investments in sectors such as telecom, transport and energy. With a tech-savvy workforce and high-speed internet, Kenya stands out as one of the top countries in Africa for tech startups, while its diversified economy, strong ownership rights, excellent tourism sector and improving infrastructure make it a great location for general start a new company. If you have further questions about company formation or banking in Africa. Please contact us now.
Colombia is located mainly in the northwest of South America with some areas in Central America. Colombia borders with Panama, Venezuela, Brazil, Ecuador and Peru, and the maritime border with Costa Rica, Honduras, Nicaragua, Jamaica, Haiti and the Dominican Republic. Colombia is the third most populous state in Latin America and is almost five times the size of the UK.
Colombia has a relatively developed and diverse economy, as well as economic and political stability. Entrepreneurs have many opportunities in various sectors, especially in niche areas. Major industries include textiles, clothing and footwear, food and beverages, petroleum, chemicals, cement and automobiles, coal, gold and emeralds, and home appliances. The main exports are coal, crude oil, coffee and non-ferrous metals.
Colombia is home to numerous local and multinational corporations. Below is a list of the top five companies in Colombia.
Ecopetrol Ecopetrol, formerly known as Empresa Colombiana de Petroleos SA, is the largest company in Colombia, whose main activity is oil and gas production and other operations. As a result of efficient work and continuous growth, the company managed to enter the Fortune Global 500 list as among the largest companies in the world in terms of revenue. In 2012, Ecopetrol was the 346th largest company in the world according to the Fortune Global 500. It was also among the 25 largest oil companies in the world and among the 4 major oil corporations in Latin America. Since then, the company has lost some of its revenue year after year, and with its revenue of almost $16 billion in fiscal 2016, it did not make the Fortune Global 500 list of the world's largest companies, but is currently ranked 559th in the ranking. Forbes. Top Global 2000.
Colombia's largest company was founded in 1921 and is currently headquartered in Bogotá, the capital of Colombia. Geological exploration is one of the main activities of the company. The company has achieved numerous significant successes in the exploration segment, especially in offshore hydrocarbon exploration. Some of them are Rydberg with Shell and Nexen, Lion with Repsol, and part of the team that discovered Orca-1, which is the first such discovery in the deep waters of the Colombian Caribbean. Other activities include manufacturing, innovation, science and technology, transportation, procurement, and marketing.
Aval Group In recent years, Grupo Aval has managed to grow in revenue and surpass Bancolombia as the second largest company in Colombia. Grupo Aval is a holding company headquartered in Bogotá, Colombia, operating primarily in Colombia and Central America. The company is engaged in a wide variety of activities, such as banking, telecommunications and real estate. The holding is controlled by Luis Carlos Sarmiento, who directly and indirectly owns more than 90% of the company's shares.
Grupo Aval is the owner of BAC-Credomatic operating in Guatemala, El Salvador, Mexico, Panama, Costa Rica, Honduras, Nicaragua and Florida in the USA. In addition, the holding owns enough shares of other companies to control their activities. Most of them are Colombian financial institutions: Banco de Bogota SA, Banco de Occidente SA, Banco Popular SA, Banco AV Villas SA, etc.
The Aval Group ranks 693rd in the Forbes Global 2000 ranking with an income of 8.5 billion US dollars and figures in many other Forbes rankings: 88th in the ranking of the most respected companies, 377th in assets, 899th by profit and 1289th place by market value.
Bankulombia With an operating income of almost US$7 billion in 2016, Bancolombia is the second largest commercial banking financial institution in Colombia and one of the largest in Latin America. The bank was founded in 1945 and is currently headquartered in Medellin, Colombia. Bancolombia is a full-service bank that provides a wide range of financial products and services to a diversified corporate and individual client base not only in Colombia, but also in jurisdictions such as Panama, Puerto Rico, El Salvador, Peru, Brazil, Cayman Islands. islands, USA, Australia, Spain, Sri Lanka and Malaysia. Bancolombia operates in nine segments: Colombian banking and El Salvador banking, trust, investments, leasing, pensions and insurance, brokerage, offshore operations and all others.
In cooperation with its subsidiaries and partners, Bancolombia provides a wide range of products and services such as financing, savings and investment, mortgage banking, financial and operating leases, factoring, treasury, foreign exchange, complex
Banco Davivienda Banco Davivienda is a Colombia-based bank founded in 1972 and with headquarters in Bogota, Colombia. It is currently a part of Grupo Bolivar, the third biggest financial institution in Colombia by profits and assets. Banco Davivienda offers financial services to corporate and individual customers as well as the rural sector. Banco Davivienda currently is number 1374 in the Forbes Global 2000 top with 3.3 billion USD.
Grupo Bolivar Grupo Bolivar is a holding company with over 70 years of experience and operating in various sectors, such as financial, insurance and construction. Interestingly, although Grupo Bolivar had a slightly bigger amount of revenues than Banco Davivienda, Forbes has placed it below its daughter company – it takes 1546th place in Forbes Global 2000 top.
Some business people find that virtual offices are an easy and inexpensive way to go global. Others think it offers an opportunity to maintain the most important thing required for successful e-commerce and marketing today - a business presence that can be established in any market.
According to Wikipedia and Investopedia, the virtual office offers address and communication services for a fee without the provision of dedicated office space, as it is a business location that only exists in cyberspace and allows employees and business owners to work from anywhere using technological means to work – personal computer, laptop, notebook or tablet.
Benefits of using a virtual office A full application of a virtual office term can include live professional communication. This means that all business appointments can be conducted online via telephone and video conference. Business documents can be shared, signed and sent electronically. There are some significant benefits of doing business in cyberspace.
Most important might be the fact that if the company has several or more employees, each of them can do their work from the place that is most convenient for him or her, having the right to his or her own lifestyle, sleeping and resting is maintained habits and other requirements that can be customized. This means the company is not limited to hiring by expanding employee employment opportunities and corporate hiring opportunities.
This way of transacting and arranging business is creating new professional fields as professional as remote receptionists who can use high tech computer phone integration software to communicate with customers, virtual assistants who don't have to meet their customers in person and assist them instead virtual and other members of the virtual team.
Virtual teams can offer services such as answering machines and call centers operating from a central location to receive and transmit large numbers of inquiries over the phone, voicemail, which is basically a low-cost technology service that stores voice messages electronically , Voicemail messages can also be converted to e-mail letters to ensure high virtual mobility, virtual office space, ensuring a chance to have a high-profile, respected address in a city of the employee's own choice, telephone answering service, the bridges the gap between the employee and his or her customers.
In general, the creation of virtual offices aims to increase and increase efficiency while combining home and work together. It saves money, increases mobility and allows for cost-effective expansion without long-term commitments, keeping office costs to a minimum.
Disadvantages of using a virtual office The other side of a virtual office is that it lacks centralization, which creates difficulties when daily work meetings and appointments are reduced. Employees have to be very proactive here in order to maintain the existing structure. The lack of interaction can also increase when there is no planned everyday communication. These are the interactions that come with a traditional work environment, like lunch breaks and conversations with coworkers about work, life, and relationships. When working remotely, communication in general can also be difficult.
The lack of a face-to-face meeting increases the likelihood of misunderstandings and misinterpretations, since in this case words sent via email or written may lack the non-verbal cues and tone of voice that could make it easier to understand what the person said and how he said it or she feels.
There is also a lack of opportunities to plan and schedule meetings, for example to meet a client at short notice, as it is not possible to arrange meetings in a specific location called an office space or office building.