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Cryptocurrency is defined as the money of the future or a 21st-century unicorn as some may joke. It has become a global phenomenon while being misunderstood by majority of financial institutions, governments and companies which are still working according to old standards. However, many of people working there have heard about virtual currencies such as Bitcoin which confused the society with its innovative approach to handling money flow in a form of digital cash.
The most popular cryptocurrencies of today The most popular cryptocurrencies nowadays are: Bitcoin (market cap $11, 382, 240, 050), Ethereum (market cap $904,848,975), Ripple (market cap $290,446,848), Litecoin (market cap $184,904,214), Monero (market cap $83,466,495), Ethereum Classic (market cap $80, 817, 441), Dash (market cap $66, 519, 213), Augur (market cap $52, 038, 360), NEM (market cap $37, 322, 550), Waves (market cap $35, 727, 500).
Bitcoin Is the first such currency which serves as a digital gold standard in the whole industry. Its price has increased from 0 to more than $650, while their transaction volume reached more than 200 thousand daily transactions.
Litecoin While Bitcoin is referred to as a digital gold, this cryptocurrency is referred to as digital silver. It has an updated algorithm, is even faster and has a larger amount of token than the Bitcoin. However, it is still called „a smaller brother of of bitcoin”.
Ethereum Is very flexible family of cryptocurrencies as it validates a set of accounts, balances and states as well being able to process complex programs and contracts.
Monero This cryptocurrency raised a lot of awareness when its popularity peaked in Summer 2016. It happened for the reason of darknetmarkets deciding not to accept it as a currency. The consequences were its price increase and a decrease of its actual usage.
Ripple Has a bigger tendency to process IOUs than to be a cryptocurrency, it doesn’t serve as a medium to store and exchange value while having a XRP as a store of value. It is more like a token to protect the network about spam. However, such financial institutions as banks can use them and are using today as well on a daily basis.
Cryptocurrencies’ working mechanism Professional people refer cryptocurrencies as some sort of limited entries in a database no one can change without fulfilling specific conditions. In addition, it is a definition of any currency as well. This is true due to the structure of a cryptocurrency. For example Bitcoin consists of a network of peers each of them having a record of the history of all transactions and the balance of every account. A transaction can be defined as a simple file which states that someone is transferring a certain amount of bitcoins to another person and seals the deal by signing the file with his or her private key. After signing the file, the transaction made is broadcasted in the network and sent from one peer to another.
The whole mechanism looks like: someone requests a transaction – it is then broadcasted to P2P network consisting of computers (nodes) – then validation comes into play as the user’s status must be validated by using known algorithms – after the verification the transaction is combined with other transactions in order to create a new block of data – it is then added to the existing block chain – and the transaction is complete.
So, basically cryptocurrencies working mechanism or better to say a technology can be called a p2p-technology where cryptocurrency itself becomes a medium of exchange which is created and stored electronically in the block chain by using some encryption techniques for controlling the creation of monetary units and verifying the transfer of funds. In general, cryptocurrency is digital money which was created from code which economy is monitored by a peer-to-peer internet protocol which has an encoded or encrypted string of data.
The increasing popularity of cryptocurrencies Nowadays cryptocurrencies are increasing in popularity mostly due to their revolutionary properties which make them similar to digital gold, while being also secure from political influence. They are pretty fast and comfortable means of monetary transactions. Cryptocurrencies can also serve as means of payment for black markets as they are anonymous. They are creating a dynamic market of investors as they daily trade volume exceeds that of major European stock exchanges. Every day more new cryptocurrencies are emerging and the old ones disappearing after a few months survival marathon at the cryptocurrency market.
Cryptocurrencies as an investment object Can be a good investment object because of such transactional properties as: being irreversible (after a confirmation, the transaction being made can’t be reversed), pseudonymous (transactions as well as accounts are not connected to real-world identities), fast and global (transactions are confirmed in a couple of minutes), secure (as they are locked in a public key cryptography system), permissionless (all is needed for their usage is a software which can be downloaded). Some say that later they will overtake the Western Union as a more preferable remittance tool.
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In general, all jurisdictions can be divided into classic offshore, low-tax jurisdictions and prestige jurisdictions. The prestige of a jurisdiction corresponds to its rank, which is determined by taking into account and evaluating information from the International Sanctions List, the OECD Gray or Black List and the EU Jurisdiction White List as well as data on the development of the financial markets and determining whether the jurisdiction ob FATF AML is deficient and whether there are money laundering concerns. These are the basic criteria that matter in determining whether the jurisdiction is prestigious or not. It cannot be considered prestigious if it is on a financial blacklist.
Austria, France, the United Kingdom, the United States of America and Switzerland are among the top five most reputable jurisdictions for incorporating a company.
A general overview of Austria Registering a company or start-up in this jurisdiction allows the owner(s) to participate in all projects initiated by the Austrian government. The basic company types available are LLC, ULP, PJSC, PLLC, LLP, and JSC.
Taxes: The income tax rate is 25%, with a minimum corporation tax of EUR 500, plus 20% VAT and a capital tax that varies between 0.8% and 1%. If the subsidiary is registered within the EU, the tax rate on dividend income is 0%; if not, it is 25%.
Austria has agreements with more than 90 countries that enable companies to avoid double taxation. It has no exchange control. This jurisdiction ensures the confidentiality of business data.
A general overview of France France is a respectable jurisdiction that allows your company to offer products and services bearing the mark of a European company. The basic legal structures available are SP, GP, PJSC, PJSC, LLC, CLS and LLPE.
France offers a number of options: the ability to obtain credit from French banks, the ability to obtain a residence permit, no taxation for companies registered in the country doing business outside of France, and no exchange controls. France has agreements with more than 89 other countries that allow companies to avoid double taxation.
A general overview of the United Kingdom The UK is considered a respectable jurisdiction due to its high level of legal protection, a simple and transparent tax system, the ability to charge VAT and the availability of nominee services.
The basic company types available in the UK are PC, Limited Warranty Company, ULC and LLC. Again, there are no tax obligations for UK registered companies operating exclusively outside the country. Corporate tax rates depend on profit (between 20% and 24%). The UK has agreements with more than 100 countries that allow companies to avoid double taxation.
A general overview of the United States of America The US offers a respectable, highly trusted jurisdiction for a company to register, allowing it to offer products and services bearing a US company's trademark. This jurisdiction imposes no tax obligations on entities designated as non-resident and also permits nominee services. There is no taxation for companies incorporated in the country that do all their business outside of the United States.
The basic legal structures available are private contractor, corporation, branch of a foreign corporation, representative office of a foreign corporation, partnership, LLC, joint venture, or LLJSC.
A general overview of Switzerland The good reputation of this jurisdiction is based on several factors, such as strong business development, a dynamic economy and a track record of innovation. The most important corporate forms available in Switzerland are LLC, ULP, JSC, Commandite Partnership and Subsidiary.
Switzerland offers a high level of confidentiality, the world's leading currency, mechanisms to avoid double taxation, a reasonable tax system with tax rates depending on residence, income level and legal form of the company, tax optimization opportunities and the opportunity to set up service companies that can for the administration of the business activities of the parent company
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Material matters are becoming increasingly difficult for tax purposes in Europe and worldwide, therefore some clients may prefer a stronger physical presence at the place of exercise than virtual office services. One of the possible strategies for increasing substance is the establishment of a functional office. Content issues usually arise when local tax authorities require confirmation that the company's operations are taking place in the country where the company is registered: they want to see that commercial activity actually exists in the specified jurisdiction.
A company of substance is a company abroad that resembles a classic “offshore” company but has what is called “substance” (presence), which means it has local staff who are paid, a local physical office has and has real local expenses for running a business, in other words – an administrative office. It's more like a real local company but has ties to the onshore business.
For more and more entrepreneurs, the economic substance of their company is becoming too much for them. Creating economic substance has become quite the gamble as tax authorities, banks and state institutions delve ever deeper into the two main questions: "Where is the real place of management and control of the company?". and 'Who is the beneficial owner?'
Confidus Solutions can offer Substance Office in various jurisdictions worldwide including numerous famous offshore jurisdictions. However, considering the complexity and efficiency of content delivery, we would strongly recommend considering the following jurisdictions as your first choice: Latvia, Cyprus, Lithuania and Hungary - as we can offer more advanced services in these states instead of just a virtual office, as well more solid reasons to believe that the company operates in the specific location. The question of the actual place of management and control of the company has recently become not only for tax authorities, but also for business partners, suppliers, banks and opponents due to the implementation of interstate tax legislation and the rapid development of international trade and online trade of crucial importance.
Top selection:
Administrative office in Cyprus Administrative office in Latvia Administrative office in Bulgaria
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Austria is a sophisticated and prosperous economic center that serves as a trade bridge between Eastern Europe and the Balkans. Austria welcomes foreign investors and instead of fighting offshore countries, Austria enters into tax treaties with them. In addition, tax-minimising structures are being developed for all types of companies, which allow an effective tax rate of only 3-5%. These are just a few of the numerous advantages of founding a company in Austria.
Corporate structure in Austria Choosing the right business structure can have crucial consequences, so it is extremely important to review all available options before making this decision. Below are the four most popular types of companies that can be incorporated in Austria:
The joint-stock company is designed for large companies and its minimum share capital is EUR 70,000. The capital is broken down into shares and can be offered to the public. A shareholder is required to form a joint-stock company, and their liability is limited by their contribution to the capital. The limited liability company GmbH is the most popular type of company in Austria. The minimum share capital is EUR 35,000, of which EUR 17,500 or more must be deposited at the time of registration and each shareholder must contribute at least EUR 7,000 to the company's seed capital. Stocks of these types of companies cannot be publicly traded. General partnerships are formed by two or more legal or natural persons with the same economic purpose. It is important to note that all persons involved in the formation of a general partnership bear full liability for the debts of the partnership and have equal rights in managing the partnership. There is no minimum capital requirement for general partnerships. A limited liability company can be formed when at least one partner has full liability for the company's debts and can make essential business decisions and at least one partner has liabilities limited by the capital contributed and no decision-making power.
Procedure for founding a company in Austria The most important measure for all new companies is confirmation from the Chamber of Commerce that the company is indeed a new company. Then a document called Articles of Incorporation is drafted by a lawyer in front of a notary public and a seed capital is deposited into a bank account and a Deed of Funds is obtained.
After the above things are done, the company formation procedure can be initiated at the district court. For this process, shareholders must deposit the following documents:
application for registration; Notarized Statement of Incorporation; articles of incorporation; Certificate of confirmation that the seed capital is deposited with the bank; Sample signatures of the board of directors. After about seven days, when the business unit is registered with the district court and the information is published in the local newspaper, the company can be registered with the local tax office. There you have to fill out an application and explain the articles of association, the extract from the commercial register at the district court and the sample signatures of the company representatives. In return, the tax office issues a sales tax identification number and a tax identification number.
The final steps include registration in the commercial register, registration with the municipality and finally the registration of the company's employees with the social security authority.
The average duration of founding a company in Austria is 21 days, of which 12 days account for the longest waiting time for the tax identification number (the official period for obtaining the tax identification number is 1 month).
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The EU Blue Card is sometimes compared to the US Green Card. The blue color is said to be the color of the European Union flag, for this reason the map should be blue. Its purpose is to give non-EU/EEA citizens a work and residence permit. It offers people the right to fit into the socio-economic landscape and embark on a path that leads to permanent residence in Europe. Put simply, people can live and work in Europe without restrictions if they have a Blue Card.
Purpose of introducing an EU Blue Card It was introduced by the European Commission in 2007, proposed and implemented in 2009 and issued by 25 countries that are member states of the EU. According to Eurostat data, in 2016 most work permits issued were registered in Germany (more than 17,000), France (more than 700) and Poland (more than 600).
The second purpose of the EU Blue Card is to make Europe a more attractive destination for professionals from outside the European Union. A special EU Blue Card program has been created for all EU member states with the exception of Great Britain, Ireland and Denmark, which invites highly qualified people to the EU states. This scheme aims to make Europe the world's most popular migration destination.
This can be guaranteed through equal salaries and working conditions for foreigners, freedom of movement within the Schengen area, socio-economic rights, favorable conditions for family reunification, permanent residence prospects and freedom of association. Obtaining the EU Blue Card has several main benefits. These include very high chances of a permanent residence permit, which entitles you to any kind of employment under easier conditions, equal rights and equal opportunities to work in Europe's largest economy and a huge business market, and easy travel opportunities.
Prerequisites for applying for a Blue Card Although the same basic criteria can apply to all 25 member states of the EU, there are smaller additional criteria that are determined by each member state for itself. In principle, the Blue Card can be applied for if three main requirements are met. These are: non-EU nationality, educational or professional foreigners (highly qualified or skilled workers, researchers, students and trainees) and with an employment contract or binding job offer (seasonal workers, internal transfers). A person can be considered a highly skilled worker if they have an employment contract of at least one year and if they can meet the conditions listed below. If a person is able to meet these mandatory requirements, they will be given an online profile in the EU Blue Card network, which has a dual function – to consult foreigners with employers to offer them an employment contract and to allow foreigners to change their employment contract to submit applications.
In recent years there has been a shortage of workers, which is noticeable in areas such as medicine, technology, computer science (IT), natural sciences and mathematics. This means that foreigners who work in the areas mentioned usually have a better chance of receiving the EU Blue Card.
In addition, a person who is self-employed or an entrepreneur can receive the Blue Card if they have sufficient financial resources, have a business that has a positive impact on the economy of the host country and can generate an economic interest that is active in the host EU -Member State is low.
When applying, it is important to consider the time frame it will take to gather all the required documents. It usually takes 4-6 months to prepare all the required documents. Some countries arrange appointments with the relevant embassies or consulates in foreigners' home countries, others offer online applications that can be filled out by foreigners themselves or their employer or a law firm. It is expected that after applying, the person will have to wait up to 3 months for the processing to be completed.
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Germany's logistics performance index is 4.12. It indicates good performance - the logistics system is well prepared and organized, shipments mostly arrive on time and are not damaged, and the infrastructure is ready to handle even unpredictably large volumes of traffic as long as they are not overwhelming.
Customs performance is rated at 4.1. This indicates good performance - customs clearance is fast and effective, in some cases it may not exist at all (e.g. at the borders of the Schengen area), which encourages international business activity; The required documents and fees are predictable and publicly available and in some cases (mainly related to visas) can be arranged at the customs office.
The infrastructure quality in Germany is rated at 4.32. It indicates good quality - roads, railways, ports and other facilities are adapted and regularly maintained to be able to handle high traffic at all times, and most likely there are special facilities to deal with high-intensity and/or special traffic or vehicles ( e.g. highways a.k.a. freeways and deep-water ports).
International shipping quality is 3.74. It indicates satisfactory performance - the services are reasonable and the prices are not too high and usually correspond exactly to the quality, although there is still room for improvement.
The competence of logistics service providers is rated at 4.12. Providers are very competent – they ensure high quality of shipments and traffic management at all times, work quickly and reliably; Any errors that may occur are readily compensated.
Tracking options are rated 4.17. This indicates good performance – the tracking systems provide detailed and up-to-date information about most shipment parameters, often crossing national barriers (both political and linguistic) and can be qualified as international tracking systems.
Tracking options for shipments are rated at 4.36. This indicates good performance - shipments almost always arrive within scheduled time frames and often faster than expected.
In Germany, 100% of the population has access to electricity. Germany has 539 airports nationwide. There are 20,043,000 internet hosts in Germany.
Road network The total road length in Germany is 644,480 km (400,547 miles). Of these, 12,917 km (8,028 miles) of roads are classified as freeways, dual carriageways, or freeways.
Gas price On average, one liter of petrol costs USD 1.8 in Germany. A liter of diesel would cost $1.23.
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A savings account is a deposit account opened with a bank or other financial institution. This type of account is interest bearing, which means that you receive a certain amount of interest by keeping your cash in it. Compared to other accounts, this account type is flexible in terms of the number of transactions and the amount of funds invested, and does not have a specific end date. In addition, management fees and transaction costs are much lower than other account types. Unlike trading or merchant accounts, savings accounts are not intended for active use. They typically hold recurring loan payments over a period of time, at the end of which the entire amount saved and the interest payments are debited to a checking account.
Features of Savings Accounts As the name suggests, a person opens a savings account when they have excess funds and want to save them for the future. This type of account is used for cash that is not intended to be spent immediately and can serve as a long-term investment. Banks typically use these savings to fund other interest-bearing loans. So if the account holder wants to withdraw funds immediately, they may have to pay a transaction fee as banks often take some time to refinance.
One of the main reasons savings accounts may be preferred over other banking services is the fact that they pay interest. So you can not only invest part of your income as private savings, but also generate an additional monetary return. However, the banking industry has been affected by the sustained phase of low interest rates, particularly services such as savings accounts; That said, if your primary goal is to earn interest, it might be worth considering another financial service.
Savings accounts are easy to open with most banks, but costs vary from bank to bank. The best way to use your savings account is to set up an automatic payment on it every month or at another more convenient interval. It's important to weigh the reasonable amount of money that you can set aside each month and not take out at the end.
Pros and cons of savings accounts In order to understand the main advantages and disadvantages of savings accounts, it is helpful to analyze their main characteristics, especially when compared to other types of accounts.
Advantages As previously mentioned, one of the key features (and benefits) of a savings account is the ability to set aside a portion of your income for a specific future purchase or simply as a safety cushion. Additionally, this type of account offers a return in the form of interest, which provides additional motivation to top up your savings account on a monthly basis rather than keeping the money in a checking account.
In addition, savings accounts are more liquid compared to other interest-bearing banking services or financial instruments. In many cases, short-term access to the funds is possible. In contrast, it's more complicated and time-consuming (if not impossible) to withdraw a pension fund or sell a stock or other financial instrument.
If you're risk averse, a savings account is a great option to keep your savings in a totally secure environment while still earning a relatively low rate of return. Furthermore, given the current threat of negative interest rates, a savings account could be a better choice than Treasury bills or other short- and medium-term government bonds.
Disadvantages Liquidity can also be perceived as a disadvantage of savings accounts. Considering that the main goal of these types of accounts is to save for the future, the ability to access the balance almost immediately can lead you to spend it before you originally planned to.
Looking at savings accounts from a return on investment perspective, banks offer a lower interest rate on your savings compared to other financial instruments. So if you're a risk taker and looking to not only save but grow your capital significantly, other investment options may be better suited to you.