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Generally, business owners set up an offshore company in a different jurisdiction to enjoy the tax benefits and higher level of privacy offered.

Other popular reasons for setting up an offshore company include penetration into a new market, strong economic growth of the country, a skilled labour force and a conducive business environment. While the specific steps to setup offshore company will differ based on the jurisdiction you are registering your business in, the general steps to set up an offshore company are largely similar:

1. Check the requirements for offshore company setup

Typically, most offshore companies will be in the form of a limited liability company (LLC), but some countries may specifically differentiate between onshore and offshore companies. Depending on the jurisdiction in which you incorporate your offshore company, the requirements can be very different. Generally, you would want to check whether the offshore company setup requires a local resident director or a company secretary. Most countries that do not need a resident director for offshore company setup will usually require a local registered agent. In addition, there may be a minimum capital requirement and number of shareholders needed to set up an offshore company in the country, so do make sure that your company is able to meet the requirements before you proceed to register your offshore company.

Besides checking the requirements for your offshore company, it is also important to check the list of business activities allowed in the country. Some countries do not allow offshore companies to conduct business activities within the country. These offshore companies are only restricted to conducting cross-border commercial activities and are not allowed to sell goods and services to local residents. There may also be a list of prohibited activities for offshore or foreign-owned companies. It is important that you check what business activities are prohibited in the country for offshore companies so that you do not run into trouble during the incorporation process.

2. Decide on a company name

The next step is to decide on your company name. Most countries do not allow names that contain any offensive or sensitive words. Names that may suggest that your company is linked to a government agency are also usually strictly prohibited. After you have decided on  your company name, you should proceed to search for the availability of your company name through the company register. It is also highly recommended that you search through the list of trademarks in the country to make sure that your company name does not bear any similarity to existing trademarks. Once the availability of your company name has been verified, you can proceed to reserve your company name with the relevant authority.

3. Prepare incorporation documents

Now that your company name has been registered, you can start to prepare the documents required for incorporation. Most countries will require the offshore company to have a set of rules and regulations, also known as the Memorandum and Articles of Association. The Memorandum will contain vital information about your company such as the company name, the date of incorporation, the scope of business and the capital contribution of each shareholder while the Articles of Association will set out the rules that govern your company. Other documents required typically include a business plan, qualifications of directors, notarized copies of the passports of directors and beneficial owners and the address of your registered office.

4. Register your company

Once you have prepared the relevant documents, you can proceed to register your company with the relevant government agency. Upon successful incorporation of your company, you will receive the Certificate of Incorporation and certified copies of the company’s Memorandum and Articles of Association.

5. Apply for a business license

Some countries may require you to apply for a business license to conduct business activities within the country. However, this does not apply to all countries so do check whether you need to apply for a business license to trade with local residents. Most countries will also require you to apply for a license if your company falls in a specific industry such as the construction, food and beverage or pharmaceutical industry, so do make sure that you apply for the relevant license if applicable.

6. Complete tax registration

Since most countries have a corporate income tax and a value-added tax (VAT), you will have to register for tax with the country’s tax authority. In the case for VAT, most countries will only require you to submit a tax return for VAT if your annual revenue exceeds a certain threshold.

7. Open corporate bank account

After you have registered your company for tax, you should open a corporate bank account to segregate your business finances. It is important to consider the reputability of the bank, the minimum deposit amount and the services provided by the bank before you decide on the bank to open your corporate bank account with.

8. Register with relevant social service agencies

Most countries have a social security fund that employees or employers must contribute to. It is also mandatory for companies to register for an insurance scheme for their employees for most countries, so do make sure that you register for the relevant social services after you have set up your company.

9. Create a company seal

Some countries may require companies to have a company seal to endorse legal documents. The company seal will usually contain the company name and registration number. If the country you are incorporating in requires companies to have a company seal, you will have to register your company seal with the relevant authority.

Conclusion

After you have successfully set up your offshore company, you can commence operation! It is important that you have someone in your team who is knowledgeable about local policies and able to ensure that your company complies with the country’s law. Do also make sure that you keep accounting records for all transactions that take place so that it is easier for you to file a tax return and an annual report if necessary.

 

 

 

 

Read more:
How to setup offshore company in 2021?

Any company working in the manufacturing industry is likely to know that AI has been making significant improvements with a range of applications.

From using it to determine when machines need servicing, to enforcing quality control on products; there are a wide variety of uses for artificial intelligence across the board.

Using AI in manufacturing industry settings is undoubtedly beneficial, but what exactly does this mean for the future? And how does that apply to your business? Let’s delve a little deeper into the facts.

AI in the manufacturing industry – The past

To gain a better understanding of how things could potentially be moving forward with artificial intelligence in manufacturing, let’s first consider where it all began.

Looking into the history, you’ll find that it wasn’t too long ago that humans began implementing artificial intelligence in business. Innovation in AI grew significantly during the 1960s and the first industrial robot, Unimate, worked on a general assembly line during this decade. Even then, humans had been developing AI as early as 300 years ago.

While the industry and usage of AI has certainly changed and evolved since then, seeing where it began is quite interesting and worth noting when looking to the future.

AI in the manufacturing industry – Where are we now?

Of course, our usage of artificial intelligence in modern-day manufacturing is an important consideration too, if only to understand how it has evolved over the last 60 years and the situation we find ourselves in now.

The manufacturing industry itself has certainly been revolutionised by the progression of AI and how companies can use it. From helping to predict potential issues in a product, to price forecasting, efficiency in managing inventory and much more, the benefits are seemingly endless.

A large portion of the industry already uses AI, with the majority of senior executives in the field believing that it plays a crucial role in their organization’s overall efficiency. When you consider how it has evolved in just the past few years, it’s clear to see why so many businesses are keen to get involved, so it’s worth taking the future potential of AI into account, too. As it continues to change and improve, there’s no doubt that it will become even more of a necessity.

AI in the manufacturing industry – The future

While it’s impossible to predict how artificial intelligence will evolve and how it will impact manufacturing businesses of the future, we can certainly try to look ahead.

There are several things that we can do if we want to learn more about the future of AI and its capabilities in the industry. For example, looking at the Manufacturing MadeSmarter Challenge, we can see that there are already goals to improve productivity in businesses across the UK to deal with common issues that could be solved with AI software.

As technology is developed to combat new challenges, artificial intelligence will continue to improve the manufacturing sector, and many more niches besides, and that’s certainly an attractive notion.

Seeing how much it has impacted manufacturing processes and companies as a whole, especially in more recent years with the significant growth in AI technology, it’s interesting to speculate where things will be in even just a few years.

Make the most of AI now

Regardless of what the future brings, it‘s well worth thinking about how the technology available today could be implemented within your own business.

If you’re not using any artificial technology at all (or at least use it for small purposes), consider the different ways that it could benefit your daily processes. With more than half of businesses in the industry making use of AI in a wide variety of ways, there are likely to be a few things that artificial intelligence could do for you.

From cost-effectiveness, to efficiency; it has the potential to enhance several aspects of a business in this sector – and if you want to take advantage of the future advancements, it might be worthwhile making a start now.

Read more:
The Future of Artificial Intelligence In Manufacturing

With destination weddings growing more popular, we have put together some details on the essentials that you need to get married abroad. 

Firstly, we are looking at the formalities of what paperwork is needed. Different countries have alternative requirements, so it’s worth doing some research on specific destinations. But the common conditions are as follows: 

• Valid 10-year passport with at least six months remaining on it
• Full birth certificates
• Deed poll proof of any name change
• Decree absolute, if married
• Marriage and death certificates of a deceased spouse, if widowed
• Adoption certificate, if adopted 

All the above need to be original documents and not copied. In addition, you can use the handy GOV tool to find out what is required in different locations: Here

Popular Destinations

According to TUI, The most popular destinations for tieing the knot abroad are Italy, Iceland, Cyprus, Lanzarote, and LA. On average, the cost of weddings in the UK has been released at 30k. However, an abroad wedding costs around £7,500.00 on average.

Therefore getting married abroad works out a lot cheaper! However, some more popular areas, such as Venice and Florence, have the tourist price tag alongside! Alternative hidden towns can keep the cost down and have stunning outlooks.

Planning Your Abroad Wedding

There’s a lot to consider for any wedding. However, some details need more planning, such as “How do I pack my wedding dress in a suitcase?” If you are tying the knot in a hot destination, it may be better to go for a lightweight dress. It’s worth speaking to your dress designer for any hints and tips. But also the airline – as options, such as travelling with the dress in a hanging cover, may be available.

In addition, it’s also worth noting visiting your destination location at least a couple of times before the wedding is highly recommended. Getting familiar with the local area and test running food, hair and makeup.

The Wedding Rings

Some clients prefer to not take bulky ring boxes with them, so our slimline pocket boxes are perfect for transporting wedding rings abroad. Just request them upon ordering, and we will ensure your rings arrive with our handy pocket boxes. View our full wedding ring range.

Help! My Wedding Ring is too tight 

Clients have contacted us in the past after getting married in a hot country to say the ring is too tight. However, this is to be expected as our fingers expand with heat; therefore the rings may feel uncomfortable. As we don’t experience the same temperatures in the UK as often seen abroad, it may be a case that the ring is a perfect fit. Moreover, this is why we recommend getting your wedding rings arranged as early as possible, as any sizing adjustments can be arranged in advance of travelling abroad.

• Replica Engagement Rings – ‘Fake’ Travel Engagement Rings
• Getting Married on the Isle of Wight – UK Wedding Hot-Spots
• Amethyst & Diamond Flower Ring – Photo of the Day
• Should Your Wedding Ring Be the Same Finger Size as Your Engagement Ring?
• 10 Top Tips for Buying a Diamond Engagement Ring

The post A Guide To Getting Married Abroad appeared first on Serendipity Diamonds Blog.

We’ve known for a while that we’ll be seeing new footage from The Batman for the first time since Matt Reeves dropped a surprise trailer last year at the upcoming DC FanDome event, but it sounds as though we’ll be getting much more than that, according to star Robert Pattinson.

There are less than six months to go until the Dark Knight’s latest reboot comes to theaters in March 2022, and having suffered a tortured production due to the effects of the pandemic that generated all sorts of unconfirmed and uncorroborated rumors spouting tales of behind the scenes discontent, the promotional campaign is set to click into first gear.

Unless the property in question has already been established as a shared universe where everything is connected, the inter-franchise crossover can often have an air of desperation surrounding it. On many occasions, it feels like the studio throwing everything and the kitchen sink into the mix, hoping that combining at least two iconic characters in the same movie will yield increased box office returns to keep the brand alive just that little bit longer.

2003’s Freddy vs. Jason was a great example of this, after it marked the first big screen appearance of the titular icons for a decade in a modern-day setting, discounting the futuristic Jason X. It wound up earning $116 million at the box office on a $30 million budget, which at the time was the most money either A Nightmare on Elm Street or Friday the 13th had ever seen, proving that these mashups are almost always profitable.