With ever-increasing KYC and AML obligations and new VISA and VAT regulations for distance selling, our clients are looking for ways to set up an online business in a jurisdiction that is both a) bank-acceptable and processing compliance requirements, and b ) tax efficient and easy to manage. The wish list could also include confidentiality protection, fast corporate bank account services and many other benefits that are actually quite difficult to combine in a simple structure – but let's try it!
KYC/AML transparency for acquirers
Ultimately, acquirers must comply with their KYC/AML obligations, which essentially means disclosing their entire corporate structure to their UBOs and individual controlling directors, etc. In today's world, it is difficult to use legal structures to disguise ownership, and even the most opaque corporate structure is just a letter from regulators away from full transparency.
It's always best to keep things as simple as possible, both to make it easier to set up banking arrangements and to pass acquirer due diligence checks, which is a bit more difficult.
Here's something to note: There is a new set of Visa rules regarding merchant locations that will come into effect on October 15th. In short, Visa is attempting to crack down on non-European merchants accessing its European network of card acquirers by establishing a European entity. The new rules provide that it is not enough for the merchant to have a European company; the “dealer location” must also be in Europe. What does that mean?
In general, it is where the business operates: where the offices are, where decisions are made, etc. It also refers to where the customers are located. If the merchant is not physically located in Europe, a significant part of its processing traffic can be expected to originate from Europe.
There are a number of other requirements and conditions, but the basic idea is that merchants wishing to use acquiring services in Europe should have a genuine European operation and/or European customers.
EU merchant companies
As the majority of acquirers are located in the EU and cater to EU-based clients, their number-one requirement will be that your company is registered in the EU. Other than Gibraltar, there are no EU jurisdictions free (or almost free) from corporate income tax and VAT. You could consider using a company in Malta, Cyprus, Latvia or another EU state as the EU merchant company, but bear in mind that it will be impossible to avoid VAT implications if you sell to EU customers. On the other hand, from the acquirer’s perspective there is little difference between Gibraltar, Cyprus, the UK or Malta.
Setting up a merchant account
Your EU company will be referred to as the 'merchant'. The merchant account will be opened directly in that company's name, while the funds will be received into an associated corporate account. The process is as follows: when the acquirer issues a Merchant Identification Number (MID) for the client, they will also provide technical set-up details. Later, the merchant is set up in the payment gateway and its account credentials are configured. You will then be given API integration instructions, and the acquirer's technical team will probably assist you with this. You may be offered the option of setting up a test environment first, migrating to the live environment once the test integration is working smoothly.
The total population of Sudan is 41,511,526 people. People in Sudan speak the Arabic, and English languages. The linguistic diversity of Sudan is rather diverse according to a fractionalization scale which for Sudan is 0.719. The median age is approximately 19.1 years. Life expectancy in Sudan is 63. The female fertility rate in Sudan is 5.2. Around 6% of the population of Sudan are obese. The ethnic diversity is rather diverse according to a fractionalization scale which for Sudan is 0.7147. To find out specifics of language, religion, age, gender distribution, and advancement of people in Sudan see the sections below, as well as visit the section concerning the education in the country.
Population In Sudan, the population density is 16.8 people per square kilometer (44 per square mile). Because of this statistic, this country is considered to be sparsely populated. The total population of Sudan is 41,511,526 people. Sudan has approximately 446,707 foreign immigrants. Immigrants in Sudan represent 0.2 percent of the total number of immigrants in the world. Immigrants in Sudan represent 1.2 percent of the total number of immigrants in the world. The ethnic diversity of Sudan is rather diverse according to a fractionalization scale based on ethnicity. Ethnic fractionalization (EF) deals with the number, sizes, socioeconomic distribution, and geographical location of distinct cultural groups, usually in a state or some otherwise delineated territory. Specific cultural features might refer to language, skin color, religion, ethnicity, customs and traditions, history, or other distinctive criteria, alone or in combination. Frequently, these features are used for social exclusion and the monopolization of power. The index of ethnic fractionalization in Sudan is 0.7147. This means that there is a relatively high number of unique ethnic groups in Sudan. EF is usually measured as 1 minus the Herfindahl concentration index of ethnolinguistic group shares, which reproduces the probability that two randomly drawn individuals from the population belong to different groups. The theoretical maximum of EF of 1 means that each person belongs to a different group. Read below for statistics of Sudan on median age and gender distribution at various ages.
Age The median age is approximately 19.1 years. The median age for men is 18.9, while the median age for women is 19.4.
Gender The sex ratio, or the number of males for each female (estimated at birth), is 1.05. It can be further divided into the following categories: sex ratio under 15 - 1.04; sex ratio from 15 to 64 - 1.01; sex ratio over 64 - 1.07; total sex ratio - 1.03. Total sex ratio is different from sex ratio estimated at birth. This is due to the fact that some newborns are considered in the sex ratio estimated at birth but pass away within the first weeks of their life and are not included in the total sex ratio.
Religion The majority religion of Sudan is Islam, the followers of which comprise 90.7% of all religious believers in the country. Islam (Arabic: الإسلام) is a monotheistic and Abrahamic religion articulated by the Quran, a religious text considered by its adherents to be the verbatim word of God (Allāh), and, for the vast majority of adherents, by the teachings and normative example (called the sunnah, Arabic سنة, composed of accounts called hadith, Arabic حديث) of Muhammad, considered by most of them to be the last prophet of God. An adherent of Islam is called a Muslim. Besides Islam, there are several other religions present within the country. Other religions in Sudan are Hinduism, Buddhism, folk religions, Judaism. The religious diversity of Sudan is diverse according to a fractionalization scale based on the number of religions in Sudan. The index of religious fractionalization in Sudan is 0.4307. This score means that within the country there is one major religion and several other minor beliefs.
Joint stock company, commonly abbreviated as JSC, is a public legal entity, which means that its shares can be publicly traded. Similarly as limited liability company, also JSC shareholders liability is limited by the contributed capital.
Authorised capital The minimum amount of capital for JSC is 35,000 EUR and this sum has to be paid in fully by the registration of the company. In case of specific legal entities, such as insurance companies, banks and other non-banking financial institutions, the minimum share capital amount can be much larger.
Shareholders of the company Similarly as for a limited liability company, the owners of company shares may be either legal entities or individuals. But contrary to a limited liability company, JSC shares can be bought and sold publicly. The maximum number of shares is unlimited and more shares can be issued during the life of the company. There are several types of shares and usually the shareholders’ rights to vote and receive dividends depend on the category of shares. Typically shareholders are entitled to express their opinion about the direction of the business and other subjects, such as the distribution of profit and appointment of the council. All shareholders’ decisions are made during a shareholders’ meeting.
A council elects as well as revokes members of the board of directors. Board of directors is the executive body of the company. Unless stated otherwise, all members of the board of directors represent the company jointly and decisions are made by voting. Only a private person can be a member of the board of directors.
Documents needed for JSC incorporation in Latvia In order to register a company in Latvia, below documents need to be submitted in the Register of Enterprises of the Republic of Latvia:
Company incorporation application form; Agreement (or a decision in case of a sole shareholder) to establish a company; Articles of association of the company; Bank’s reference confirming the share capital payment; Founder registry schedule of the company; Confirmation by the council of the company; Confirmations by the board members of the company; Resolution about the company’s legal address signed by a board member; Resolution about the allowance to register the company in the particular address (signed by the real estate’s owner); Proof of payment of the state taxes for a company formation; Proof of payment for a publication in the official newspaper “Latvijas Vestnesis” JSC incorporation process in Latvia Incorporation of a JSC in Latvia is a complex legal procedure, which requires involvement of experienced corporate lawyers or incorporation agents. JSC incorporation generally consists of the following steps:
Collection of all necessary information and documents for the incorporation of a company; Preparation of the foundation documents for the incorporation of a company; Signing of the foundation documents (at the notary); Opening of a temporary bank account where the share capital is paid; Payment of state fees for the company formation and the publication in the official newspaper; Submission of the foundation documents to the Register of Enterprises of the Republic of Latvia; When the company is registered, you shall receive following documents:
Certificate of registration; Articles of association; Decision of the state notary of the Register of Enterprises of the Republic of Latvia Reporting to tax office JSC is obliged to report its financial statements once a year and a report on the company’s employee salaries must be submitted each month. In case the company’s turnover exceeds 50,000 EUR, it is obliged to register as a VAT payer. This also needs to be done if the company plans to export goods or services abroad. If a company is registered as a VAT payer, it has to submit VAT reports on a monthly basis.
Membership in International Unions Whether it is an alliance, incorporated union, federal union or supranational body here is the list of unions the country is a member of. Estonia is a member of several unions. They are European Union, International Monetary Fund, North Atlantic Treaty Organization, Organisation for Economic Co-operation and Development, Schengen Area, United Nations, World Bank, World Trade Organization.
European Union Estonia is a member of European Union. On 1 May 2004, it joined the EU as a full member state. The EU is a unique economic and political partnership between 28 European countries that together form a politico-economic union and cover much of the European continent. It covers an area of 4,324,782 km, with an estimated population of over 508 million. People can travel freely throughout most of the continent. Operating as a single market, the EU is a major world trading power. And it's become much easier to live, work and travel abroad in Europe.
International Monetary Fund Estonia is a member of International Monetary Fund. On 26 May 1992, it joined the IMF as a member. The IMF is an organization headquartered in Washington, D.C., of 189 countries working to foster global monetary cooperation, secure financial stability and facilitate international trade. The IMF now plays a central role in the management of balance of payments difficulties and international financial crises. The union is governed by and accountable to the all 189 member countries. As of 2010, the fund had SDR 476.8 billion (about US$ 755.7 billion).
North Atlantic Treaty Organization Estonia is a member of North Atlantic Treaty Organization. Estonia has been a part of NATO since 29 March 2004, and therefore has been a member of NATO for 19 years. The North Atlantic Treaty Organization (French: Organisation du Traité de l'Atlantique Nord; OTAN) is an intergovernmental military alliance based on the North Atlantic Treaty which. NATO's headquarters are located in Haren, Brussels, Belgium. NATO promotes democratic values and encourages cooperation on defence and security issues. The organization constitutes a system of collective defence whereby its member states agree to mutual defense in response to an attack by any external party. NATO is committed to the peaceful resolution of disputes.
Organisation for Economic Co-operation and Development Estonia is a member of Organisation for Economic Co-operation and Development. On 9 December 2010, it joined the OECD as a member. The Organisation for Economic Co-operation and Development (French: Organisation de coopération et de développement économiques, OCDE) is an international economic organisation of 34 countries, founded in 1961 to stimulate economic progress and world trade, and promote policies that will improve the economic and social well-being. It is a forum in which governments can work together to share experiences and seek solutions to common problems. OECD work with governments to understand what drives economic, social and environmental change. OECD measures productivity and global flows of trade and investment.
Schengen Area Estonia is a member of Schengen Area. On 21 December 2007, it was accepted into Schengen Area. The Schengen Agreement is a treaty which led to the creation of Europe's borderless Schengen Area. It entitles every EU citizen to travel, work and live in any EU country without special formalities. It was signed on 14 June 1985 by five of the ten member states of the then European Economic Community near the town of Schengen, Luxembourg. Schengen cooperation enhances free movement of persons by enabling more than 400 million EU citizens to cross internal borders without being subjected to border checks.
United Nations Estonia is a member of United Nations. On 17 September 1991, it joined the UN at its inception date as a full member state. Founded in 1945, the United Nations is an intergovernmental organization to promote international co-operation. The work of the United Nations are guided by the principles contained in its founding Charter. It is currently made up of 193 Member States. The headquarters of the United Nations is in Manhattan, New York City, further main offices are situated in Geneva, Nairobi and Vienna. Its objectives include maintaining international peace and security, promoting human rights, fostering social and economic development, protecting the environment, and providing aid.
World Bank Estonia is a member of World Bank. On 23 June 1992, it became a member of the World Bank Group. The World Bank is international financial institution that provides loans to developing countries. It's like a cooperative, made up of 189 member countries. These member countries are represented by a ministers of finance who are the ultimate policymakers at the World Bank. The World Bank's official goal is the reduction of poverty.
World Trade Organization Estonia is a member of World Trade Organization. On 13 November 1999, it joined the WTO as a member. The World Trade Organization is an intergovernmental organization which regulates international trade. At its core are the WTO agreements ratified in national parliaments. It is the only global international organization dealing with the rules of trade between nations. The goal is to help producers of goods and services, exporters, and importers conduct their business. The WTO deals with regulation of trade between participating countries by providing a framework for negotiating trade agreements and a dispute resolution process aimed at enforcing participants' adherence.
There are 24226 km² of cultivated land in Nepal, and it comprises 16% of the country's total territory. In Nepal, permanent crops occupy 1217 km² of the land. This comprises 1% of the country's total territory. There are 23009 km² of arable land in Nepal. and it comprises 16% of the country's total territory. 75% of the population are working in agriculture. There are around 4600 tractors in use in the country.
Historically, Malaysia has long benefited from its geographic position as a trading hub between different nations. Geopolitically well placed, the mainland part of Malaysia follows the coast of one of the most strategically important shipping routes in the world. Malaysia has used its geographical location to its advantage to become one of the largest exporters of various resources such as tin, rubber and palm oil.
Malaysia has managed to quickly transform its economy from being dependent on raw materials and agriculture into a fairly modern, competitive country. The service and manufacturing sector now accounts for about 75% of the country's GDP (51% in services and 22% in manufacturing in 2014), while the agricultural sector currently accounts for about 9% of GDP.
Overview of the Malaysian market The total trade value of Malaysia in 2015 was estimated at US$376 billion. China remains Malaysia's most important trading partner with a market share of almost 16%. Singapore ranks second with around 13% market share, closely followed by the European Union with 10%. Almost 55% of Malaysia's imported goods are imported from the eastern part of Asia, with most being imported from China. Other countries with global economies (the United States, the EU and Japan) account for an estimated 26% of Malaysia's total imports.
Business challenges you may be facing Malaysia often restricts free trade industries with special protections, such as automotive and agriculture. The country stands ready to protect strategic industries by imposing higher tariffs and various excessive taxes. Malaysia uses a system of import permits to reduce imports into protected domestic sectors.
Government restrictions disrupt foreign participation in various sectors of the economy, including government-issued contracts; financial, business and banking services; and telecommunications. Very often it is imperative to maintain a local business partner, usually a Bumiputra (ethnic Malay owned) company, in order to compete effectively in the market.
Malaysia's level of economic development is a key driver of consumer and business demand for products and services. Malaysian consumers are very price sensitive, although they are currently accustomed to several decades of rapid economic development. As a result, consumers are attracted to and familiar with global branded products, high standards of education, quality healthcare products and services, and environmentally friendly and biologically clean products. The World Bank currently considers Malaysia to be an upper-middle-income country.
Strategy Guide for Malaysian Market Entry Many international business people think that hiring the services of a local dealer or agent is one of the most efficient first steps to entering the Malaysian market. A local distributor is usually responsible for taking care of customs matters, dealing with local wholesalers and retailers, marketing the goods directly to large companies with a large market share, and taking care of after-sales service. International service providers also usually benefit from dealing with local partners.
Sales direct to the Malaysian Government, Government Linked Companies (GLC) or for procurement in strategic economic sectors consistently favor Malaysian Agents or Joint Business Partners classified as Bumiputra (Malay) companies. The word Bumiputera itself defines a group of people who are ethnically Malay. A company can be classified as a Bumiputra company if it meets the following requirements:
Incorporated under the Companies Act, 1965; Share capital from RM25,000; Shareholders are 100% Bumiputra; Board of Directors are at least 51% controlled by Bumiputra; Upper management is at least 51% bumiputra; Supporting staff are at least 51% Bumiputra. In sectors of the economy that are not considered strategic and are not controlled by the government, companies, agents or dealers should be selected strictly on the basis of competitive considerations. However, as the Malaysian market is a very relational market, having a local presence or representative can impact the bottom line.
The total population of Zimbabwe is 16,913,261 people. The people of Zimbabwe speak the Shona, English and Ndebele languages. The linguistic diversity of Zimbabwe is diverse according to a fractionation scale which is 0.4472 for Zimbabwe. The average age is around 20.2 years. The life expectancy in Zimbabwe is 58. The female fertility rate in Zimbabwe is 4.3. Around 7% of Zimbabwe's population is obese. Ethnic diversity is diverse according to a fractionation scale, which for Zimbabwe is 0.3874. Details of the language, religion, age, gender distribution and advancement of the people of Zimbabwe can be found in the sections below, as well as the section on education in the country.
Population In Zimbabwe, the population density is 33 people per square kilometer (86 per square mile). Based on these statistics, this country is considered sparsely populated. The total population of Zimbabwe is 16,913,261 people. Zimbabwe has approximately 355,000 foreign immigrants. Immigrants in Zimbabwe account for 0.2 percent of the total number of immigrants worldwide. Immigrants in Zimbabwe account for 2.6 percent of the total number of immigrants worldwide. The ethnic diversity of Zimbabwe is diverse according to a fractionation scale based on ethnicity. Ethnic Fractionation (EF) deals with the number, size, socioeconomic distribution, and geographic location of diverse cultural groups, usually within a state or some other demarcated area. Specific cultural characteristics can refer to language, skin color, religion, ethnicity, customs and traditions, history, or other distinctive criteria, alone or in combination. These characteristics are often used for social exclusion and power monopolization. The index of ethnic fractionation in Zimbabwe is 0.3874. This means that there is some diversity in Zimbabwe, although all people still fall into a relatively small number of major ethnic groups. EF is usually measured as 1 minus the Herfindahl concentration index of ethnolinguistic group proportions, which reflects the probability that two randomly drawn individuals from the population belong to different groups. The theoretical maximum of EF of 1 means that each person belongs to a different group. Read below Zimbabwe statistics on mean age and gender distribution at different ages.
Age The average age is around 20.2 years. The average age of men is 19.9, the average age of women is 20.4.
Gender The sex ratio, or number of males per female (estimated at birth), is 1.03. It can be further broken down into the following categories: sex ratio below 15 - 1.02; sex ratio from 15 to 64 - 0.81; sex ratio over 64 - 0.78; Overall sex ratio - 0.91. The overall sex ratio differs from the sex ratio estimated at birth. This is because some newborns are included in the sex ratio estimated at birth, but die within the first few weeks of life and are not included in the overall sex ratio.
Religion The majority religion in Zimbabwe is Christianity, whose adherents make up 87% of all religious believers in the country. Christianity is an Abrahamic monotheistic religion based on the life and teachings of Jesus Christ as presented in the New Testament. Christianity is the largest religion in the world with over 2.4 billion followers known as Christians. Christians believe that Jesus is the Son of God and the Savior of mankind, whose coming as Christ or Messiah was prophesied in the Old Testament. Besides Christianity, there are several other religions in the country. Other religions in Zimbabwe are Islam, folk religions, Judaism. Zimbabwe's religious diversity is quite diverse according to a fractionation scale based on the number of religions in Zimbabwe. The index of religious fractionation in Zimbabwe is 0.7363. This score means that there are several major religions in Zimbabwe, evenly distributed.
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